<SEC-DOCUMENT>0001292814-12-000215.txt : 20120203
<SEC-HEADER>0001292814-12-000215.hdr.sgml : 20120203
<ACCEPTANCE-DATETIME>20120203092320
ACCESSION NUMBER:		0001292814-12-000215
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20120331
FILED AS OF DATE:		20120203
DATE AS OF CHANGE:		20120203

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14906
		FILM NUMBER:		12568073

	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>6-K
<SEQUENCE>1
<FILENAME>ccufs4q11_6k.htm
<DESCRIPTION>FINANCIAL STATEMENTS FOR THE YEAR ENDED DEC 2011
<TEXT>

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<P style="TEXT-ALIGN: center"><B>UNITED STATES<BR></B><B>SECURITIES AND EXCHANGE COMMISSION<BR>WASHINGTON, D.C. 20549</B></P>

<P style="TEXT-ALIGN: center">FORM 6-K</P>

<P style="TEXT-ALIGN: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Report of Foreign Issuer <BR>Pursuant to Rule 13a-16 or 15d-16 of the <BR>Securities Exchange Act of 1934</P>

<P style="TEXT-ALIGN: center"><B><U>COMPANIA CERVECERIAS UNIDAS S.A. <BR></U></B>(Exact name of Registrant as specified in its charter)<BR><B><U>UNITED BREWERIES COMPANY, INC.<BR></U></B>(Translation of Registrant&#8217;s name into English)</P>

<P style="TEXT-ALIGN: center"><U>Republic of Chile <BR></U>(Jurisdiction of incorporation or organization)<BR><U>Vitacura 2670, 23</U><U><SUP>rd </SUP></U><U>floor, Santiago, Chile <BR></U>(Address of principal executive offices)<BR>&nbsp;_________________________________________</P>

<P style="TEXT-ALIGN: center">Securities registered or to be registered pursuant to section 12(b) of the Act.</P>

<P style="TEXT-ALIGN: justify">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</P>

<P style="TEXT-ALIGN: center">Form 20-F <U>X </U>Form 40-F ___</P>

<P style="TEXT-ALIGN: justify">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>

<P style="TEXT-ALIGN: center">Yes ___ No <U>X</U></P>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" face=arial,sans-serif>CCU - Management&#8217;s Report on Internal Controls over Financial Reporting</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Our management, including our Chief Executive Officer and Chief Financial Officer, are responsible for establishing and maintaining adequate internal controls over financial reporting and has assessed the effectiveness of the Company&#8217;s internal control over financial reporting as of December 31, 2011 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, 2011, our internal control over financial reporting is effective.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" 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&nbsp;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; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of the effectiveness of internal control to future periods are subject to the risk that controls may become inadequate because of changes in conditions, and that the degree of compliance with the policies or procedures may deteriorate. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>The effectiveness of our internal control over financial reporting as of December 31, 2011 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; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>There has been no change in our internal control over financial reporting during 2011 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=arial,sans-serif>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=arial,sans-serif>/s/&nbsp; Patricio Jottar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Chief Executive Officer</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>/s/&nbsp; Ricardo Reyes&nbsp;&nbsp;&nbsp;&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></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dated:&nbsp; February 1, 2012</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="COLOR: #008000; FONT-SIZE: 20pt" lang=ES-CL face=Arial,sans-serif>A WORLD OF FLAVOURS</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 16pt" lang=ES-CL face=Arial,sans-serif>COMPA&#209;&#205;A CERVECER&#205;AS UNIDAS S.A. AND SUBSIDIARIES</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 16pt" lang=EN-GB face=Arial,sans-serif>CONSOLIDATED FINANCIAL STATEMENTS</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-GB face=Arial,sans-serif>(Figures expressed in thousands of Chilean pesos)</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 14pt" lang=EN-GB face=Arial,sans-serif>for the year ended as of December 31, 2011</FONT></P></DIV></TD></TR>

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<P style="TEXT-ALIGN: center">F - 1</P>

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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman"><STRONG>Report of Independent Registered Public Accounting Firm</STRONG></FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">To the Board of Directors and Shareholders of Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income, comprehensive income, shareholders&#8217; equity and cash flows present fairly, in all material respects, the financial position of Compa&#241;&#237;a Cervecer&#237;as Unidas &nbsp;S.A. and its subsidiaries at December 31, 2011 and 2010 and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2011 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.&nbsp;&nbsp;Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on criteria established in </FONT><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Internal Control - Integrated Framework</FONT></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman"> issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).&nbsp;&nbsp;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&#8217;s Report on Internal Control over Financial Reporting.&nbsp;&nbsp;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.&nbsp;&nbsp;We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).&nbsp;&nbsp;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.&nbsp;&nbsp;Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation.&nbsp;&nbsp;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.&nbsp;&nbsp;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>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">A company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.&nbsp;&nbsp;A company&#8217;s internal control over financial reporting includes those policies and procedures that (i)&nbsp;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)&nbsp;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)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</FONT></P></DIV>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Because of its inherent limitations, internal control
over financial reporting may not prevent or detect
misstatements.&nbsp;&nbsp;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>
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      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">CONSOLIDATED
      STATEMENT OF FINANCIAL POSITION</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
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      STATEMENT OF INCOME</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
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      STATEMENT OF COMPREHENSIVE INCOME</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
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  <TR vAlign=bottom>
    <TD width="90%" colSpan=2 align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">STATEMENT
      OF CHANGES IN EQUITY</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">10</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" colSpan=2 align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">CONSOLIDATED
      STATEMENT OF CASH FLOW</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">11</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" colSpan=2 align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      1 GENERAL INFORMATION</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">12</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" colSpan=2 align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">16</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.1</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Basis
      of preparation</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">16</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.2</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Basis
      of consolidation</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">17</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.3</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Financial
      information as per operating segments</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">18</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.4</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Foreign
      currency and unidad de fomento (Adjustable unit)</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">18</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.5</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Cash
      and cash equivalents</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">19</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.6</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Financial
      instruments</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">19</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.7</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Financial
      asset impairment</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">21</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.8</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Inventories</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">21</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.9</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Other
      non-financial assets</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">21</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.10</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Property,
      plant and equipment</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">22</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.11</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Leases</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">22</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.12</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Investment
      property</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">22</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.13</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Biological
      assets</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">23</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.14</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Intangible
      assets other than goodwill</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">23</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.15</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Goodwill</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">23</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.16</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Impairment
      of non-current assets other different than goodwill</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">24</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.17</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Assets
      of a disposal group held for sale</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">24</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.18</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Income
      tax and deferred taxes</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">24</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.19</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Employees
      benefits</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">25</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.20</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Provisions</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">25</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.21</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Provisions
      for returns of bottles and containers</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">25</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.22</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Revenue
      recognition</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">26</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.23</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Commercial
      agreements with distributors and supermarket chains</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">26</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.24</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Cost
      of sales of products</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">26</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.25</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Other
      expenses by function</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">27</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.26</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Distribution
      expenses</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">27</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.27</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Administration
      expenses</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">27</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5px" width="8%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">2.28</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="82%" align=left><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">Environment</FONT></I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></TD>
    <TD width="10%" align=center><I><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">27</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" colSpan=2 align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      3 ESTIMATES AND APPLICATION OF PROFESSIONAL JUDGMENT</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">27</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" colSpan=2 align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      4 ACCOUNTING CHANGES</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">28</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" colSpan=2 align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      5 RISK ADMINISTRATION</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">28</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" colSpan=2 align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      6 FINANCIAL INSTRUMENTS</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">34</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" colSpan=2 align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      7 FINANCIAL INFORMATION AS PER OPERATING SEGMENTS</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">40</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" colSpan=2 align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      8 BUSINESS COMBINATIONS</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">46</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" colSpan=2 align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      9 NET SALES</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">47</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" colSpan=2 align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      10 NATURE OF THE COSTS AND EXPENSES</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">47</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" colSpan=2 align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      11 FINANCIAL RESULTS</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">48</FONT></B></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center">F - 4</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_6></A>
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      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="90%"></TD>
    <TD width="10%"></TD></TR>
  <TR height=20>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      12 OTHER INCOME BY FUNCTION</FONT></B></FONT></B></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">48</FONT></B></P></TD></TR>
  <TR height=20>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      13 OTHER GAIN AND LOSS</FONT></B></FONT></B></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">49</FONT></B></P></TD></TR>
  <TR height=20>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      14 CASH AND CASH EQUIVALENTS</FONT></B></FONT></B></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">49</FONT></B></P></TD></TR>
  <TR height=20>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      15 ACCOUNTS RECEIVABLES &#8211; TRADE AND OTHER
      RECEIVABLES</FONT></B></FONT></B></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">51</FONT></B></P></TD></TR>
  <TR height=20>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      16 ACCOUNTS AND TRANSACTIONS WITH RELATED
      COMPANIES</FONT></B></FONT></B></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">54</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      17 INVENTORIES</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">59</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      18 OTHER NON-FINANCIAL ASSETS</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">60</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      19 INVESTMENTS ACCOUNTED BY THE EQUITY METHOD</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">60</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      20 INTANGIBLE ASSETS (NET)</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">63</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      21 GOODWILL</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">64</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      22 PROPERTY, PLANT AND EQUIPMENT</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">65</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      23 INVESTMENT PROPERTY</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">67</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      24 ASSETS OF DISPOSAL GROUP HELD FOR SALE</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">68</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      25 BIOLOGICAL ASSETS</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">68</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      26 INCOME TAXES AND DEFERRED TAXES</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">69</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      27 OTHER FINANCIAL LIABILITIES</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">72</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      28 ACCOUNTS PAYABLE &#8211; TRADE AND OTHER PAYABLES</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">82</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      29 PROVISIONS</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">82</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      30 OTHER NON-FINANCIAL LIABILITIES</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">83</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      31 EMPLOYEE BENEFITS</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">83</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      32 NON-CONTROLLING INTERESTS</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">87</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      33 COMMON SHAREHOLDERS&#8217; EQUITY</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">87</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      34 EFFECTS OF CHANGES IN EXCHANGE RATE CURRENCY</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">90</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      35 CONTINGENCIES AND COMMITMENTS</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">94</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      36 ENVIRONMENT</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">96</FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="90%" align=left>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">NOTE
      37 SUBSEQUENT EVENTS</FONT></B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">&nbsp;</FONT></P></TD>
    <TD width="10%" align=center>
      <P style="MARGIN-TOP: 5px; MARGIN-BOTTOM: 5px"><B><FONT style="FONT-FAMILY: times new roman; COLOR: #003300; FONT-SIZE: 11pt">97</FONT></B></P></TD></TR></TABLE></DIV>
<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</H1></DIV>
<P style="TEXT-ALIGN: center">F - 5</P>
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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 6.3pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Consolidated <FONT style="FONT-SIZE: 9pt" face=Arial>S</FONT>tatement of&nbsp;Financial&nbsp;Position (Assets)&nbsp;<BR>(Figures ex<FONT style="FONT-SIZE: 9pt" face=Arial>p</FONT>ressed in thousands of Chilean pesos)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>
 <B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=ES-CL color=#003300 face="Times New Roman">&nbsp;</FONT></B><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-GB color=#003300 face="Times New Roman">CONSOLIDATED STATEMENT OF FINANCIAL POSITION</FONT></B></A></H1>

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

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="55%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ASSETS</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Notes</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2011</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center>&nbsp;<FONT color=#ffffff><FONT size=1 face=Arial><B>ThCh$</B></FONT> </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center>&nbsp;<FONT color=#ffffff><FONT size=1 face=Arial><B>ThCh$</B></FONT> </FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="70%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Current Assets</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cash and cash aquivalent</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>177,664,378</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>151,614,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other financial assets</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ccffcc" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,943,959</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,328,952</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other non-financial assets</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,565,924</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,489,913</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts receivable-trade and other receivables</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>193,065,162</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>153,013,546</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts receivable from related companies</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,984,206</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,833,634</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inventories</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>128,535,184</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>108,353,258</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Taxes receivables</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,277,288</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,150,987</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="70%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total current assets different from assets of disposal group held for sale</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>542,036,101</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>445,784,590</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Assets of disposal group held for sale</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>24</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>509,675</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>497,324</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="70%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total assets of disposal group held for sale</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>509,675</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>497,324</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="70%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total current assets</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>542,545,776</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>446,281,914</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=4 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Non-current assets</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other financial assets</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>194,669</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,813</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other non-financial assets</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,996,836</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,826,744</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts receivable from related companies</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>418,922</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>444,685</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Investment accounted by equity method</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>39,923,677</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>42,596,043</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Intangible assets other than goodwill</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>41,173,260</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>34,982,221</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Goodwill</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>21</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>69,441,207</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>67,761,406</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Property, plant and equipment (net)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>556,949,110</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>508,162,219</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Biological assets</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>25</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,320,548</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,668,630</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Investment property</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>23</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,720,575</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,403,275</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Deferred tax assets</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,806,779</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,546,061</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="70%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total non-current assets</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>755,945,583</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>705,407,097</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total Assets</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,298,491,359</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,151,689,011</B></FONT>&nbsp;</TD></TR></TABLE>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=gray face=Arial,sans-serif>The accompanying notes 1 to 37 are an integral part of these consolidated financial statements.</FONT></P></TD></TR></TABLE></FONT></P>

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<P style="TEXT-ALIGN: center">F - 6</P>

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   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>

   <P></P><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.<BR></FONT></FONT></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Consolidated <FONT style="FONT-SIZE: 9pt" face=Arial>S</FONT>tatement of&nbsp;Financial&nbsp;Position (<FONT style="FONT-SIZE: 9pt" face=Arial>Liabilities and Equity</FONT>)&nbsp;<BR>(Figures ex<FONT style="FONT-SIZE: 9pt" face=Arial>p</FONT>ressed in thousands of Chilean pesos)</FONT></FONT> </TD>

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   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=arial,sans-serif>CONSOLIDATED STATEMENT OF FINANCIAL POSITION</FONT></B></P>

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   <TD width="55%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

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   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="55%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>LIABILITIES AND EQUITY</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Notes</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=bottom rowSpan=3 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=bottom rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="55%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>LIABILITIES</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 5px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="70%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Current Liabilities</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other financial liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>27</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76,105,061</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,821,855</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts payable-trade and other payables</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>28</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>165,553,288</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>135,391,623</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts payable- to related companies</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,811,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,428,103</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other short-term provisions</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>29</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,169,126</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>992,811</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Tax liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,761,406</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,290,713</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Employee benefits provisons</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>31</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,906,409</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,069,052</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other non-financial liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>68,463,924</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>60,963,923</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="70%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total current Liabilities</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>350,770,714</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>236,958,080</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=4 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Non-current Liabilities</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other financial liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>27</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>170,955,440</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>220,145,167</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts payable to related companies</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,484,790</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>620,868</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other long-term provisions</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>29</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,824,021</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,139,891</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Deferred tax liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>60,147,021</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>53,454,015</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Employee benefits provisions</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>31</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,523,711</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,297,403</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="70%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total non-current Liabilities</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>262,934,983</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>299,657,344</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total Liabilities</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>613,705,697</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>536,615,424</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>EQUITY</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="55%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Equity attributable to equity holders of the parent</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>33</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Paid-in capital</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>231,019,592</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>231,019,592</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other reserves</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(35,173,607)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(37,119,228)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Retained earnings</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>373,129,952</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>311,754,155</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="70%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Subtotal equity attributable to equity holders of the parent</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>568,975,937</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>505,654,519</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non-controlling interests</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>32</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>115,809,725</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>109,419,068</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total Shareholders' Equity</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>684,785,662</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>615,073,587</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total Liabilities and Shareholders' Equity</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,298,491,359</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,151,689,011</B></FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=gray face=Arial,sans-serif>The accompanying notes 1 to 37 are an integral part of these consolidated financial statements.</FONT></P></TD></TR></TABLE></FONT></P>

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<P style="TEXT-ALIGN: center">F - 7</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 6.3pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Consolidated&nbsp;Statement of Income&nbsp;</FONT></FONT></P><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>(Figures ex<FONT style="FONT-SIZE: 9pt" face=Arial>p</FONT>ressed in thousands of Chilean pesos)</FONT></FONT>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif></FONT></FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=arial,sans-serif>CONSOLIDATED STATEMENT OF INCOME</FONT></B></H1>

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   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="40%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>CONSOLIDATED STATEMENT OF INCOME</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Notes</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 rowSpan=2 width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>For the years ended December 31,</FONT></B></FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2009</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Net Sales</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>969,550,671</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>838,258,327</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>776,544,195</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cost of Sales</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(450,563,274)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(383,812,866)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(365,098,371)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Gross Margin</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>518,987,397</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>454,445,461</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>411,445,824</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other income by function</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>21,312,287</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,432,003</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,362,077</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Distribution costs</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(150,071,122)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(129,079,325)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(110,020,778)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Administrative expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(77,095,019)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(63,995,182)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(67,833,191)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other expenses by function</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(122,373,310)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(108,544,472)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(98,571,931)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other gains (losses)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,010,058</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,136,250</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>21,924,632</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,076,849</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,380,886</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,075,957</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial costs</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(14,410,911)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(10,668,587)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(12,442,847)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Equity and income of joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,069,311</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>966,122</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,349,144</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foreign currency exchange differences</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,078,604)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,400,700)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,390,069)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Result as per adjustment units</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,734,379)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,079,737)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,190,023</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Income before taxes</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>179,692,557</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>147,592,719</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>153,088,841</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Income taxes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(44,890,356)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(27,656,049)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(11,723,673)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Income from continued activities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>134,802,201</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>119,936,670</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>141,365,168</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Net income attributable to:</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Equity holders of the parent</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #004811; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>122,751,594</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>110,699,515</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>128,037,473</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non-controlling interests</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>32</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,050,607</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,237,155</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,327,695</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Net income of year</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>134,802,201</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>119,936,670</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>141,365,168</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Net income per share (Chilean pesos) from:</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Continuing operations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>385.40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>347.56</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>402.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Discontinued operations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Diluted earnings per share (Chilean pesos) from:</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Continuing operations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>385.40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>347.56</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>402.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Discontinued operations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #004811; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=5 align=left>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=arial,sans-serif></FONT></B>&nbsp;</P><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=arial,sans-serif>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=gray face=Arial,sans-serif>The accompanying notes 1 to 37 are an integral part of these consolidated financial statements.</FONT></P><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=gray face=Arial,sans-serif>These cosolidated financial statement include an exceptional Items as describe in&nbsp;Note 7, 12 and 13.</FONT></FONT>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center">F - 8</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 6.3pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Consolidated Statement of Comprehensive Income</FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>(Figures ex<FONT style="FONT-SIZE: 9pt" face=Arial>p</FONT>ressed in thousands of Chilean pesos)</FONT></FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=arial,sans-serif>CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME</FONT></B></H1>

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<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=bottom rowSpan=4 width="40%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Notes</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 rowSpan=2 width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>For the years ended December 31,</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2009</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Net Income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>134,802,201</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>119,936,670</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>141,365,168</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Other income and expenses charged or credited againts equity</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cash flow hedge</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>33</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(239,524)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(429,445)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,507,854)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Exchange differences of foreign subsidiaries</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>33</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,372,063</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(11,900,089)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(34,738,644)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Income tax related to other income components and expense charged or</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>33</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>42,580</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>79,447</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,106,335</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>credited against equity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total other comprehensive income and expense</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,175,119</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(12,250,087)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(40,140,163)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Comprehensive income and expense</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>136,977,320</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>107,686,583</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>101,225,005</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Comprehensive income and expense originated by:</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Equity holders of the parent (1)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>124,757,085</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>99,349,765</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>90,646,599</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non-controlling interests</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,220,235</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,336,818</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,578,406</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Comprehensive income and expense</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>136,977,320</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>107,686,583</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>101,225,005</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" colSpan=4 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1) Corresponds to the income (loss) for the year in case no income or expenses have been recorded directly against shareholders&#180;s equity.</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=arial,sans-serif>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=gray face=Arial,sans-serif>The accompanying notes 1 to 37 are an integral part of these consolidated financial statements.</FONT></P><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=gray face=Arial,sans-serif>These cosolidated financial statement include an exceptional Items as describe in&nbsp;Note 7, 12 and 13.</FONT></FONT>

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

<P style="TEXT-ALIGN: center">F - 9</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 6.3pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Statement of Changes in Equity&nbsp;</FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>(Figures ex<FONT style="FONT-SIZE: 9pt" face=Arial>p</FONT>ressed in thousands of Chilean pesos)</FONT></FONT></P></TD>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=arial,sans-serif>STATEMENT OF CHANGES IN EQUITY</FONT></B></H1>

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   <TD width="28%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

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   <TD width="8%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=7 width="28%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>STATEMENT OF CHANGES IN EQUITY</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="16%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Paid-in Capital</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="24%" colSpan=3 align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Other Reserves</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=6 width="8%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Retained earnings</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=6 width="8%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Equity attributable to </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>equity holders of the </FONT></B></FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>parent</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=6 width="8%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Non-controlling interest</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=6 width="8%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total Shareholder's</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT></FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Equity</FONT></B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Common Stock</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Shares premium</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Currency translation<BR></FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>difference</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Hedge reserves</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Other reserves</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="8%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="8%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="8%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="8%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="8%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="8%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="8%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="8%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="8%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>Balance as of January 1, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>215,540,419</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>15,479,173</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>15,817,197</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>6,363,663</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(10,016,131)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>200,680,243</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>443,864,564</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>104,097,806</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>547,962,370</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="100%" colSpan=10 align=left><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>Changes</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Final dividends (1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(8,263,070)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(8,263,070)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(8,263,070)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Interim dividends (2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(19,110,172)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(19,110,172)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(19,110,172)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Interim dividends according to policy (3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(44,908,565)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(44,908,565)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(44,908,565)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Other increases (decreases) in Equity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>31,700</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(31,511)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>189</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(3,699,240)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(3,699,051)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Comprehensive income and expense</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(31,989,355)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(5,401,519)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>128,037,473</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>90,646,599</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>10,578,406</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>101,225,005</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="28%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Total changes in equity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(31,989,355)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(5,401,519)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>31,700</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>55,724,155</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>18,364,981</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>6,879,166</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>25,244,147</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="28%" align=left><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>AS OF DECEMBER 31, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>215,540,419</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>15,479,173</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(16,172,158)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>962,144</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(9,984,431)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>256,404,398</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>462,229,545</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>110,976,972</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>573,206,517</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 2px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>Balance as of January 1, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 2px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>215,540,419</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 2px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>15,479,173</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 2px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(16,172,158)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 2px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>962,144</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 2px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(9,984,431)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 2px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>256,404,398</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 2px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>462,229,545</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 2px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>110,976,972</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 2px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>573,206,517</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="100%" colSpan=10 align=left><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>Changes</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Interim dividends (2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(18,473,167)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(18,473,167)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(18,473,167)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Interim dividends according to policy (3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(36,876,591)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(36,876,591)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(36,876,591)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Other increases (decreases) in Equity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(575,033)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(575,033)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(9,894,722)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(10,469,755)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Comprehensive income and expense</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(10,999,752)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(349,998)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>110,699,515</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>99,349,765</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>8,336,818</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>107,686,583</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#92d050 width="28%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Total changes in equity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#92d050 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#92d050 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#92d050 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(10,999,752)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#92d050 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(349,998)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#92d050 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(575,033)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#92d050 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>55,349,757</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#92d050 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>43,424,974</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#92d050 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(1,557,904)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#92d050 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>41,867,070</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="28%" align=left><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>AS OF DECEMBER 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>215,540,419</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>15,479,173</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(27,171,910)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>612,146</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(10,559,464)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>311,754,155</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>505,654,519</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>109,419,068</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>615,073,587</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>Balance as of January 1, 2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>215,540,419</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>15,479,173</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(27,171,910)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>612,146</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(10,559,464)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>311,754,155</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>505,654,519</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>109,419,068</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>615,073,587</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="100%" colSpan=10 align=left><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>Changes</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Interim dividends (2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(19,428,675)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(19,428,675)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(19,428,675)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Interim dividends according to policy (3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(41,947,122)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(41,947,122)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(41,947,122)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Effect business combination</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>4,382,116</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>4,382,116</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Other increases (decreases) in Equity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(59,870)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(59,870)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(10,211,694)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(10,271,564)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Comprehensive income and expense</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>2,133,205</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(127,714)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>122,751,594</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>124,757,085</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>12,220,235</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>136,977,320</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#92d050 width="28%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Total changes in equity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#92d050 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#92d050 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#92d050 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>2,133,205</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#92d050 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(127,714)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#92d050 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(59,870)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#92d050 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>61,375,797</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#92d050 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>63,321,418</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#92d050 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>6,390,657</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#92d050 width="8%" align=right><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>69,712,075</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="28%" align=left><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>AS OF DECEMBER 31, 2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>215,540,419</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>15,479,173</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(25,038,705)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>484,432</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>(10,619,334)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>373,129,952</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>568,975,937</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>115,809,725</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>684,785,662</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=10 align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(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.</FONT></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=gray face=Arial,sans-serif>The accompanying notes 1 to 37 are an integral part of these consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</H1></DIV>

<P style="TEXT-ALIGN: center">F - 10</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_12></A>
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<a name="_bclHeader12"></a><DIV>
<DIV align=center>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 44.25pt">
    <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 6.3pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif><FONT style="FONT-SIZE: 9pt" face=Arial>Consolidated
      Statement of Cash Flow</FONT>&nbsp;</FONT></FONT></P>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>(Figures ex<FONT style="FONT-SIZE: 9pt" face=Arial>p</FONT>ressed in thousands of Chilean
    pesos)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>
<H1 style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=ES-CL color=#003300 face=arial,sans-serif>CONSOLIDATED STATEMENT OF CASH FLOW</FONT></B></H1>
<TABLE style="WIDTH: 100%" border=0 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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="40%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>CONSOLIDATED STATEMENT OF CASH FLOW</FONT></B></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Note</FONT></B></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=2 width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>For
      the years ended December 31,</FONT></B></FONT></TD></TR>
  <TR vAlign=bottom></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2009</FONT></B></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="100%" colSpan=5 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Net cash flows from
      (used in) operational activities</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Collection
      classes:</B></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Proceeds from goods sold and
      services rendered</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,096,972,292</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,109,343,102</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,049,098,622</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other proceeds from operating
      activities</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20,524,955</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>21,054,319</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,092,344</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Types of
      payments:</B></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Payments of operating
      activities</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(671,823,189)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(743,733,742)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(656,127,896)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Payments of
    salaries</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(104,241,713)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(88,440,973)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(79,161,980)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other payments for operating
      activities</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(147,127,916)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(130,673,513)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(139,937,632)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Dividends
    received</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,710,625</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,147,778</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>951,045</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interest paid</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(12,022,016)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(9,214,835)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(9,377,031)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interest
received</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,748,317</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,056,066</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,297,780</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Income tax reimbursed
      (paid)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(32,307,744)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(19,438,054)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,360,477)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other cash
    movements</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>14</B></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,936,842</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,165,032</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(31,630,325)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Net cash flows from
      (used in) operational activities</B></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>167,370,453</B></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>159,265,180</B></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>150,844,450</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="100%" colSpan=5 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Cash flows from (used
      in) investing activities</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Proceeds from sale and
      investment in a subsidiary</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD>
    <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>29,874,428</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cash flows used for control of
      subsidiaries or other businesses</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD>
    <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,257,272)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(10,646,456)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,036,500)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cash flow used in the purchase
      of associates</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19</FONT>&nbsp;</TD>
    <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,456,489)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Proceeds from sale of property,
      plant and equipment</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>931,714</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,162,012</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>262,461</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Acquisition of property, plant
      and equipment</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(77,846,927)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(64,396,164)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(57,892,476)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others cash
    movements</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,389,344</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,467,752)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,939,974)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Net cash flows from
      (used in) investing activities</B></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(76,239,630)</B></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(65,348,360)</B></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(30,732,061)</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Cash flows from (used
      in) financing activities</B></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="15%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="15%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="15%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="15%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Proceeds from term
    loans</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD>
    <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,680,256</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>118,031,844</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Proceeds from short-term
      loans</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,963,056</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,570,740</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total amount from
      loans</B></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>24,643,312</B></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>8,570,740</B></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>118,031,844</B></FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Loans to related
    entities</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,722,942</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Loan payments</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,024,782)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(7,038,439)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(97,608,004)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Payments of finance lease
      liabilities</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,520,235)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,476,189)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,455,592)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Payments of loan to related
      entities</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(7,169,295)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,341,762)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,482,778)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Dividends paid</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>
    <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(62,793,418)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(72,370,536)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(50,709,762)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others cash
    movements</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(15,096,775)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,707,315)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,832,556)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Net cash flows from (used in) financing
      activities</FONT></B></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>(65,238,251)</FONT></B></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>(79,363,501)</FONT></B></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>(37,056,848)</FONT></B></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 rowSpan=3 width="55%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Net
      Increase (Decrease) in cash and cash equivalents, before the effect of
      </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>changes in exchange rate</FONT></B></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 rowSpan=3 width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>25,892,572</FONT></B></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 rowSpan=3 width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>14,553,319</FONT></B></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 rowSpan=3 width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>83,055,541</FONT></B></FONT></TD></TR>
  <TR vAlign=bottom></TR>
  <TR vAlign=bottom></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Effects of changes in exchange rates on cash and cash
      equivalents</FONT></B></FONT> </TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>157,506</FONT></B></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>(292,688)</FONT></B></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>(1,001,857)</FONT></B></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=5><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Cash and cash equivalents, initial
    balance</FONT></B></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>151,614,300</FONT></B></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>137,353,669</FONT></B></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>55,299,985</FONT></B></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Cash and cash equivalents, final
      balance</FONT></B></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>14</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>177,664,378</FONT></B></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>151,614,300</FONT></B></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>137,353,669</FONT></B></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=ES-CL color=#003300 face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=gray face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=gray face=Arial,sans-serif>The accompanying notes 1 to 37 are
an integral part of these consolidated financial statements.</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center">F - 11</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_13></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader13"></a><DIV>
<DIV align=center>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 44.25pt">
    <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 6.3pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial
      Statements<BR></FONT></FONT></P><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></TD>
    <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>
<H1 style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=ES-CL color=#003300 face=Arial,sans-serif><FONT style="FONT-FAMILY: Arial">Note 1 </FONT></FONT></B><FONT style="FONT-FAMILY: Arial"><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>General
Information</FONT></B></A></FONT></H1>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A. (CCU, or the
Company or the 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, SVS)
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></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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, cider and non-alcoholic
beverages, 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. Argentina is also involved in
the business of cider and in the rest of the businesses the Company participates
only in the Chilean market. Additionally, through the joint business Foods
Compa&#241;&#237;a de Alimentos CCU S.A. (Foods) it participates in the ready-to-eat
market. CCU, either directly or through its subsidiaries, sells goods or provide
services to other business units such as plastic bottles and caps, shared
services management, logistics, distribution of finished products and marketing
services.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company is the second largest 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, among others, beers Negra Modelo, Corona, Guinness and
Paulaner.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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, Vi&#241;a Leyda, Tamar&#237;
and Finca La Celia, the two latter of Argentine origin.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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. The
proprietary brands include 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 brands under license include PepsiCo (Pepsi, Seven Up,
Lipton Tea and Gatorade), Schweppes Holding Limited (Orange Crush and Canada
Dry), Nestl&#233; S.A. (Nestl&#233; Pure Life and Perrier) and Promarca (Watts). The
Company&#8217;s soft drinks, purified waters 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></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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.
Company-owned brands include: Control C, Mistral and Campanario in pisco and
Sierra Morena in rum. &nbsp;CPCh also sells and distributes Bauz&#225; and Pernod
Ricard&#8217;s products including the brands Pisco Bauz&#225; and Havana Club, Chivas Regal
and Absolut Vodka, respectively.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center">F - 12</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_14></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader14"></a><DIV>
<DIV align=center>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 44.25pt">
    <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 6.3pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements
      </FONT></FONT></P>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P></TD>
    <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The detail of the described licenses situation
appears below:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="76%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 54px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="100%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Main brands under
      license</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 49px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="76%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif>Licenses</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="24%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Validity
    Date</B></FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="76%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Watt's rigid packaging, except
      carton</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="24%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Indefinite</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="76%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Pisco Bauz&#225;</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="24%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Indefinite</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="76%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Budweiser for Argentina and
      Uruguay</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="24%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>December 2025</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="76%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Pepsi, Seven Up and T&#233;
      Lipton</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="24%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>March 2020</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="76%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Crush, Canada Dry (Ginger Ale,
      Agua T&#243;nica and Lim&#243;n Soda)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="24%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>December 2018</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="76%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Budweiser for
    Chile</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="24%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>December 2015</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="76%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Austral</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="24%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>September
2015</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="76%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Negra Modelo and Corona for
      Argentina</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="24%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>December 2014</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="76%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Heineken for Chile and Argentina
      (1)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="24%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Rolling
  Contract</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="76%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Nestl&#233; Pure Life
    (2)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="24%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>December 2012</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="76%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Gatorade (3)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="24%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>March 2012</FONT>&nbsp;</TD></TR>
  <TR height=20>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #004811; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=2 align=left>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>(1) License for 10 years
renewable every year automatically under identical conditions (Rolling
Contract), unless notice of non-renewal. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>(2) Renewable License for periods of five
years, subject to compliance with the conditions agreed in the
contract.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>(3) Renewable License for 2 or 3 year period,
subject to compliance with the conditions agreed in the contract.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011 the Company had a total
5,758 employees according to the following detail:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="70%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 2px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="30%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Number of
      employees</B></FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Parent
      Company</B></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Consolidated</B></FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Main Executives</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>74</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>249</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Professionals and
      Techniciens</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>267</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,529</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Workers</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>55</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,980</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>396</B></FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>5,758</B></FONT>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></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" lang=EN-GB face=Arial,sans-serif>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></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center">F - 13</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name="page_15"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader15"></a><DIV>

<DIV align=center>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 44.25pt">

   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 6.3pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements </FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The consolidated financial statements include the following significant subsidiaries direct and indirect and where the percentage of participation represents the economic interests at the consolidated level:</FONT></P>

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



<TR>

   <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>

   <TD width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=6 width="30%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Subsidiary</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=6 width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff><FONT size=1 face=Arial>TAX ID</FONT></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=6 width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Country of</FONT></FONT><FONT><FONT color=#ffffff><BR><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>origin</FONT></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=6 width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Functional</FONT></FONT><FONT><FONT color=#ffffff><BR><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>currency</FONT></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="40%" colSpan=4 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Share percentage direct and indirect</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="30%" colSpan=3 align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2011</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31,</FONT></B></FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Direct</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Indirect</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecera CCU Chile Ltda.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.989.120-4</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,7500</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0,2499</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9999</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9999</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Embotelladoras Chilenas Unidas S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.501.760-1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96,8291</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,1124</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9415</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9415</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>C&#237;a. Cervecer&#237;as Unidas Argentina S.A.(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Argentina</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Argentinean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9907</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9907</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vi&#241;a San Pedro Tarapac&#225; S.A. (2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>91.041.000-8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>49,9920</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>49,9920</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>49,9917</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Pisquera de Chile S.A. (3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.586.280-8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>46,0000</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>34,0000</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>80,0000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>80,0000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Transportes CCU Limitada</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>79.862.750-3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>98,0000</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,0000</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CCU Investments Limited</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Islas Cayman</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9999</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0,0001</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inversiones INVEX DOS CCU Limitada</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.126.311-0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,0000</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0,9997</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9997</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financiera CRECCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.041.227-9</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9602</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0,0398</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9972</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>F&#225;brica de Envases Pl&#225;sticos S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>86.150.200-7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>90,9100</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,0866</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9966</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9966</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" rowSpan=3 width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Southem Breweries Establishment</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" rowSpan=3 width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" rowSpan=3 width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vaduz- </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Liechtenstein</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" rowSpan=3 width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT></TD>

   <TD bgColor=#ccffcc rowSpan=3 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,0000</FONT></TD>

   <TD bgColor=#ccffcc rowSpan=3 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>49,9950</FONT></TD>

   <TD bgColor=#ccffcc rowSpan=3 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9950</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" rowSpan=3 width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9950</FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Comercial CCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.554.560-8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,0000</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>49,9862</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9862</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9859</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CCU Inversiones S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.593.550-4</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>98,8396</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,1328</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9724</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9719</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Millahue S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>91.022.000-4</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9621</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9621</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9621</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Aguas CCU-Nestl&#233; Chile S.A. (4)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.003.431-2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,0707</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,0707</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,0707</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Cervecera Kunstmann S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.981.310-6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,0007</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,0007</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,0007</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #004811; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=8 align=left>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 14</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_16></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader16"></a><DIV>
<DIV align=center>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 44.25pt">
    <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 6.3pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements
      </FONT></FONT></P>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P></TD>
    <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In addition to the table presented above, below
are the percentages of participation with right to vote, in each of the
subsidiaries to December 31, 2011 and 2010, respectively. We note that each
shareholder has one vote per share which owns or represents. The percentage of
participation with voting power represents the sum of the direct participation
and indirect participation via a subsidiary.</FONT></P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="40%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=8 width="40%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Subsidiary</FONT></B></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=8 width="12%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Rut</FONT></B></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=8 width="12%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Country of origin</FONT></B></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=8 width="12%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Functional</FONT></B></FONT><FONT size=+0><FONT color=#ffffff><BR></FONT></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>currency</FONT></B></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=2 width="24%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Share percentage with voting</FONT></B></FONT><FONT size=+0><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>rights</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="12%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of</FONT></B></FONT><FONT size=+0><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31,</FONT></B></FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="12%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of</FONT></B></FONT><FONT size=+0><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31,</FONT></B></FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom></TR>
  <TR vAlign=bottom></TR>
  <TR vAlign=bottom></TR>
  <TR vAlign=bottom></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>%</FONT></B></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>%</FONT></B></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecera CCU Chile
    Ltda.</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.989.120-4</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>
    <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Embotelladoras Chilenas Unidas
      S.A.</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.501.760-1</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>
    <TD bgColor=#ccffcc width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9426</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9426</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>C&#237;a. Cervecer&#237;as Unidas
      Argentina S.A.(1)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Argentina</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Argentinean peso</FONT>&nbsp;</TD>
    <TD bgColor=#ccffcc width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vi&#241;a San Pedro Tarapac&#225; S.A.
      (2)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>91.041.000-8</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>
    <TD bgColor=#ccffcc width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,0058</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,0058</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Pisquera de Chile S.A.
      (3)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.586.280-8</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>
    <TD bgColor=#ccffcc width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>80,0000</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>80,0000</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Transportes CCU
    Limitada</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>79.862.750-3</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>
    <TD bgColor=#ccffcc width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CCU Investments
    Limited</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Islas Cayman</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>
    <TD bgColor=#ccffcc width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inversiones INVEX DOS CCU
      Limitada</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.126.311-0</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>
    <TD bgColor=#ccffcc width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financiera CRECCU
    S.A.</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.041.227-9</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>
    <TD bgColor=#ccffcc width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>F&#225;brica de Envases Pl&#225;sticos
      S.A.</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>86.150.200-7</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>
    <TD bgColor=#ccffcc width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Southem Breweries
      Establishment</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vaduz-Liechtenstein</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>
    <TD bgColor=#ccffcc width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Comercial CCU
    S.A.</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.554.560-8</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>
    <TD bgColor=#ccffcc width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,0000</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CCU Inversiones
    S.A.</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.593.550-4</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>
    <TD bgColor=#ccffcc width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9729</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9723</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Millahue S.A.</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>91.022.000-4</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>
    <TD bgColor=#ccffcc width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9621</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,9621</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Aguas CCU-Nestl&#233; Chile S.A.
      (4)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.003.431-2</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>
    <TD bgColor=#ccffcc width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,1000</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,1000</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Cervecera Kunstmann
      S.A.</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.981.310-6</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,0007</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,0007</FONT>&nbsp;</TD></TR>
  <TR height=20>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #004811; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=6 align=left>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The main movements in the ownership of the
subsidiaries included in these financial statements are as follows:</FONT></P>
<H3 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 3pt"><B><I><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=ES color=#003300 face="Times New Roman">(1) Compa&#241;&#237;a Cervecer&#237;as Unidas Argentina S.A. (CCU
Argentina)</FONT></I></B></H3>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As explained in Note 8, on December 27, 2010,
the subsidiary Compa&#241;&#237;a Industrial Cervecera S.A. (CICSA), entered in the
business of cider by acquiring control of the companies Do&#241;a A&#237;da S.A. and Don
Enrique Pedro S.A. whose also own of the productive and trading companies S&#225;enz
Briones &amp; C&#237;a. S.A.I.C. and C. and Sidra La Victoria S.A. Later, on April 6
and September 20, 2011, CICSA acquired the remaining shares of these companies,
and as a consequence, CICSA became 100% owner in both subsidiaries. During
December 2011, CICSA sold 5% of Do&#241;a A&#237;da S.A. y Don Enrique Pedro S.A. to CCU
Argentina.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>On December 20, 2010, the Company, through its
subsidiary Inversiones Invex CCU Limitada, acquired the 4.0353% of the stake
Anheuser-Busch Investments, S.L. had in the subsidiary CCU Argentina, As a
consequence the Company became 100% owner of the before mentioned subsidiaries.
During March 2011, Inversiones Invex CCU Limitada sold 5% of CCU Argentina to
Inversiones Invex Dos CCU Limitada.</FONT></P>
<H3 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 3pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face="times new roman">(2)Vi&#241;a
Valles de Chile S.A.</FONT></I></B></H3>
<H3 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=windowtext face=Arial,sans-serif>As explained in Note 19, on December 29,
2011, it was concluded, through a stock swap contract, the division of the joint
venture Vi&#241;a Valles de Chile S.A. (VDC). As a result of this division the net
assets of Vi&#241;a Leyda remained in VDC and this latter company became a subsidiary
of Vi&#241;a San Pedro Tarapaca S.A. with a percentage of direct and indirect
participation of a 100%.</FONT></H3>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center">F - 15</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<A name="page_17"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader17"></a><DIV>

<DIV align=center>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 44.25pt">

   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 6.3pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES color=#003300 face="times new roman">(3) Compa&#241;&#237;a Pisquera de Chile S.A.</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On December 2, 2011, the subsidiary Compa&#241;&#237;a Pisquera de Chile S.A. (CPCh) signed a licence agreement for the commercialization and distribution of brand of pisco Bauz&#225; in Chile. In addition, this transaction also considers the acquisition by CPCh of 49% of the licensor society Compa&#241;&#237;a Pisquera Bauz&#225; S.A., owner of the brand Bauz&#225; in Chile. </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>(See Note 19)</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#003300 face="times new roman">(4) Aguas CCU-Nestl&#233; Chile S.A.</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>(Note 13)</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>This purchase and sale operation was effected on July 9, 2009, through the payment of ThCh$ 29,874,428 for the purchase of the shares (Ch$ 9.48763 per share).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 50.100%, a 49.401% 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></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 12pt" lang=EN-GB color=#003300>Note 2 </FONT></B><FONT style="FONT-FAMILY: Arial">
<B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>&nbsp;</FONT></B><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-GB color=#003300>Summary of significant accounting policies</FONT></B></A></FONT></H1>

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<B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-GB color=#003300 face="Times New Roman"></FONT></B></A>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Significant accounting policies adopted for the preparation of these consolidated financial statements are described below: </FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>2.1</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=ES-CL color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Basis of preparation</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The accompanying consolidated financial statements have been prepared and are in compliance with the International Financial Reporting Standards (IFRS), issued by the International Accounting Standard Board (IASB) which have been applied uniformly to the periods presented.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The consolidated financial statements cover the following periods: Statement of Financial Position as of December 31, 2011 and 2010, Statement of changes in Equity, Statement of Income, Statement of Comprehensive Income and Statement of Cash Flow for the years ended December 31, 2011, 2010 and 2009.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Note 3</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif> for disclosure of significant accounting estimates and judgments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 2011 and the Company has adopted and implemented as appropriate. These were made mandatory from the following dates:</FONT></P>

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<P style="TEXT-ALIGN: center">F - 16</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Mandatory for years beginning</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>in:</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>IFRIC 14 Amendment</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="70%" colSpan=2 align=left><FONT size=1 face=Helvetica>Prepayments of in a minimum level of funding requeriment</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>January 1, 2011</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>IAS 24 Revised</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="70%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related Party Disclosures</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>January 1, 2011</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>IFRS 7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="70%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial Instruments: Disclosures</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>July 1, 2011</FONT>&nbsp;</TD></TR>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The adoption of these standards, as per their mandatory application date, had no significant impact on the consolidated financial statements. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 effective and the Company has not early adopted. The following standards are required to be applied as from the dates indicated below:</FONT></P>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Mandatory for years beginning</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>in:</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Disclosures - Offsetting Financial Assets and Financial Liabilities</FONT>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Consolidation of Finantial Statements</FONT>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Disclosure of Interest in Other Entities</FONT>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Fair Value Measurement</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>January 1, 2013</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Amendment IAS 19</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Employee Benefits</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>January 1, 2013</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Amendment IAS 27</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Separete Financial Statements</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>January 1, 2013</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Improvement IAS 28</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Investments in Associates and Join Ventures</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>January 1, 2013</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>IFRS 9</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial instruments: Classification and Measurement</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>January 1, 2015</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #004811; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=3 align=left>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company estimates that the adoption of the aforedescribed Standards, Amendments and Interpretations will not have a material impact on the consolidated financial statements of the group at their initial application. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>2.2</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=ES-CL color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Basis of consolidation</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Subsidiaries</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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. </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized in profit or loss.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Transaction </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

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<P style="TEXT-ALIGN: center">F - 17</P>

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    <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial
      Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Non-controlling Interest</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The non-controlling interest is presented in
the Equity section of the Statement of Financial Position. The net income
attributable to equity holder of the parent and the non-controlling interest are
each disclosed separately in the Consolidated Statement of Income after net
income. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Investments accounted by the equity
method</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Joint
ventures and associates</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The company maintains investments in joint
venture and they correspond to 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. In addition the Company maintains
investments in associates which are defined as those entities that investor has
no significant influence and is not a subsidiary or is a joint
venture.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company accounts for its participation in
joint ventures and associates using the equity method. The financial statements
of the joint ventures and associates, in which the Company participates, are
prepared for the same year, using accounting policies consistent with those of
the Company. Adjustments are made to conform any different accounting policies
that may exist.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Whenever the Company contributes or sells
assets to the companies under joint control or associate, any part of the income
or loss originated by the transaction is recognized based on how the asset is
realized. Whenever the Company purchases assets of such companies, it does not
recognize its share in the income or loss of the joint venture or associate as
regards to such transaction until the asset is sold or realized. </FONT></P>
<H3 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>2.3</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-GB color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Financial information as per operating
segments</FONT></I></B></H3>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 subsidiaries that develop such business activities and which EBIT
(Earnings Before Interest and Taxes) and EBITDA (Earnings Before Interest,
Taxes, Depreciation and Amortization) are regularly reviewed by its respective
the Board of Directors of the respective subsidiaries 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 </FONT><B><I><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-GB color=#339966 face="Times New Roman">(See Note 7)</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=green face=Arial,sans-serif></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The segments performance is appraised according
to several indicators, of which EBIT, EBITDA, 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></P>
<H3 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>2.4</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=ES-CL color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Foreign currency and unidad de fomento (Adjustable
unit)</FONT></I></B></H3>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Presentation and functional currency</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company uses the Chilean peso ($ or CLP) 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></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Transactions and balances</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Transactions in foreign currency and adjustable
units (&#8220;Unidad de Fomento&#8221; or &#8220;UF&#8221;) are initially recorded at the exchange rate
of the corresponding currency or adjustable unit as of the date on which the
transaction occurs. 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 transactions, 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></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT face=Arial></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT face=Arial></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center">F - 18</P>
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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>For consolidation purposes, the assets and liabilities of the subsidiaries whose 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The exchange rates of the main foreign currencies and adjustment units used in the preparation of the consolidated financial statements as of December, 2011, 2010 and 2009 are as follows:</FONT></P>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="55%" colSpan=2 align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Chilean Pesos as per unit of foreign currency or adjustable unit</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2009</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Ch$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Ch$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Ch$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=5 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Foreign currencies</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>US Dollar</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>519.20</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>468.01</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>507.10</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Euro</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>EUR</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>672.97</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>621.53</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>726.82</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Argentine Peso</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARS</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>120.63</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>117.71</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>133.48</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Canadian Dollar</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CAD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>511.12</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>467.87</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>481.12</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sterling Pound</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>GBP</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>805.21</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>721.01</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>814.49</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Swiss Franc</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHF</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>553.64</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>499.37</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>489.10</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Australian Dollar</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>AUD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>531.80</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>474.56</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>453.09</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Danish Krone</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>DKK</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>90.53</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>83.39</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97.69</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Japanese Yen</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>JPY</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6.74</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5.73</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5.48</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Brazilian Real</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>BRL</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>278.23</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>281.31</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>290.94</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=5 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Adjustment Units</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Unidad de fomento *</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22,294.03</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>21,455.55</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20,942.88</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #004811" bgColor=#fdfdfd width="100%" colSpan=5 align=left>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-GB face=Arial,sans-serif>* 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></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>2.5</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=ES-CL color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Cash and cash equivalents</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=arial,sans-serif>Cash and cash equivalents includes cash available, bank balances, time deposits at financial entities, investments in mutual funds and financial instruments acquired under re-sale agreements, as well as short-term investments with a high liquidity, normally with an original maturity of up to three months. </FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>2.6</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=ES-CL color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Financial instruments</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Financial assets</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company recognizes a financial asset in its consolidated statement of financial position according to the following: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of the date of the initial recognition, Management classifies its financial assets (i) at fair value through profit and loss and (ii) collectible credits and accounts, depending on the purpose for which the financial assets were acquired. 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>After the initial recognition, the Company values the financial assets as described below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Financial assets at fair value through profit and loss</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 19</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

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   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The assets at fair value through profit and loss include 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Accounts receivable</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The accounts receivables correspond to 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.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The current trade receivable credits and accounts are initially recognized at their nominal value and are not discounted because they do not differ significantly from its fair value. 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 associated costs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#339966 face=Arial,sans-serif>Financial liabilities</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company recognizes a financial liability in its consolidated statement of financial position according to the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Debts and financial liabilities that accrue interests</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Loans and financial obligations accruing interest are initially recognized at the fair value of the resources obtained, less costs incurred directly attributable to the transaction. After initial recognition, loans and obligations accruing interest are valued at their amortized cost. The difference between the net amount received and the value to be paid is recognized in the Consolidated Statement of Income during the term of the loan, using the effective interest rate method.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Interest paid and accrued related to debts and obligations used in the financing of its operations appear under financial expense.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Trade accounts payable and other payables</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Accounts payable and other accounts payable are initially recognized at their nominal value, because they do not differ significantly from fair value. The Company has determined that no significant difference exist from not calculating amortized cost using the effective interest method.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Derivative Instruments</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>All derivative financial instruments are initially recognized as of the date of the agreement, and then revalued at their fair value as of the date of the financial statements. Gains and losses resulting from the fair value measurement are recorded in the Statement of Income as gain or losses due to fair value of financial instruments, unless the derivative instrument qualifies, is designated and be effective as a hedging instrument.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 designation 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 hedged item. A hedge is considered effective when changes in the fair 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Derivative instruments classified as hedges are accounted for as cash flow hedges.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 20</P>

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<A name="page_22"></A>

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<DIV align=center>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 44.25pt">

   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The total fair value hedging derivatives are classified as assets or financial liabilities in 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 Income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 hedged item is reflected in 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 gain or loss recorded in Equity is immediately recognized in the Statement of Income.</FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>2.7</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=ES-CL color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>&nbsp;Financial asset impairment</FONT></I></B></H3>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-GB color=windowtext face=Arial,sans-serif>At each financial statement date the Company assesses if a financial asset or financial group of assets is impaired.</FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company assesses impairment of accounts receivable collectively, grouping the financial assets according to similar risk characteristics, which indicate the debtor&#8217;s 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 Income, under the Administration Expense item.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>2.8</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=ES-CL color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Inventories</FONT></I></B></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" lang=EN-GB color=windowtext face=Arial,sans-serif>Inventories are stated at the lower of 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 place the products at the locations and in the conditions necessary for sale, net of discounts attributable to inventories.</FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 production cost to be higher than its 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Costs 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></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>2.9</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=ES-CL color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Other non-financial assets</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Other non-financial assets</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif> 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt">&nbsp;</H3></DIV>

<P style="TEXT-ALIGN: center">F - 21</P>

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<A name="page_23"></A>

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<TR style="HEIGHT: 44.25pt">

   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>2.10</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=ES-CL color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Property, plant and equipment</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 related to repairs and maintenance are recorded as expense when incurred.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Property, plant and equipment estimated useful lives are as follows:</FONT></P>

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<TR>

   <TD width="82%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="82%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Type of Assets</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="18%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Number of years</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="82%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Land</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Indefinite</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="82%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Buildings and Construction</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20 to 60</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="82%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Machinery and equipment</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10 to 25</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="82%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Furniture and accesories</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5 to 10</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="82%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other equipment (coolers and mayolicas)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5 to 8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="82%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bottles and containers</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3 to 12</FONT>&nbsp;</TD></TR>

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   <TD style="BACKGROUND-COLOR: #004811" width="100%" colSpan=2 align=left>&nbsp;</TD></TR></TABLE>

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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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Gain</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif> 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif> (See Note 2.16).</FONT></I></B></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>2.11</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=ES-CL color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Leases</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 No. 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>2.12</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=ES-CL color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>&nbsp;Investment property</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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. Investment property depreciation is calculated on a straight line basis over the estimated useful life of such property, taking into account their estimated residual value of such property.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt">&nbsp;</H3></DIV>

<P style="TEXT-ALIGN: center">F - 22</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>2.13</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=ES-CL color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>&nbsp;Biological assets </FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Depreciation of under production vines is recorded on a straight-line basis, and it is based on the 25-years estimated production useful life, which is periodically assessed. Vines under formation are not depreciated until they start production. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Costs incurred in acquiring and planting new vines are capitalized.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company uses the amortized historical cost to value its biological assets, on that basis management considers that it represents a reasonable approximation of fair value.</FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#003300 face=Arial,sans-serif>2.14</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#003300 face=Arial,sans-serif>Intangible assets other than goodwill</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Commercial Trademarks</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>(Note 2.16).</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Software Programs</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Research and development</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The research and development expense is recognized as an expense in the period incurred. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Water Rights</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>2.15</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-GB color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Goodwill &nbsp;</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Goodwill represents the excess of cost of a business combination over the Company&#8217;s 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>See Note 21)</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif> 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

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<P style="TEXT-ALIGN: center">F - 23</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>2.16</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-GB color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Impairment of non-current assets other different than goodwill</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The recoverable amount is defined as the highest between the fair value, less cost 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 the Statement of Income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 the Statement of Income as reversal of impairment losses. The increase in the value of the previously impaired asset is recognized only when it is originated by 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></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>2.17</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-GB color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Assets of a disposal group held for sale</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 assets of a disposal group held for sale. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>These assets are measured at the lower of their book value and the estimated fair value, less costs to sell. From the moment in which the assets are classified as assets of a disposal group held for sale they are no longer depreciated.</FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>2.18</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-GB color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Income tax and deferred taxes </FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Income Tax Obligation</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Deferred Tax</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>that they will not be reverted in the 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></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"><FONT face=Arial></FONT>&nbsp;</P>

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

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

<P style="TEXT-ALIGN: center">F - 24</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

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

<FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>2.19</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=ES-CL color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Employees benefits</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Employees Vacation</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company accrues the expense associated with staff vacation when the employee earns the benefit.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Employees Bonuses</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Severance Indemnity</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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. The current losses and gains originated by the valuation of the liabilities subject to such plans are directly recorded in Income.</FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>2.20</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=ES-CL color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Provisions&nbsp;</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>(Note 29).</FONT></I></B></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#003300 face=Arial,sans-serif>2.21</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#003300 face=Arial,sans-serif>Provisions for returns of bottles and containers</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>In Chile, the provisions for returns of 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Such obligation is mainly disclosed in non-current liabilities as the estimated payment is beyond one year. Such liability is not discounted, since it is considered a payable on sight, with the original invoice and the return of the respective container, and it does not have adjustability or interest clauses of any kind in its origin.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>In Argentina, all companies use the same returnable bottles and do not require a deposit, because bottles are provided to the customers using a contract on consignment. </FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt">&nbsp;</H3>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 25</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

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   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>2.22</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=ES-CL color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Revenue recognition</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Sale of products in the domestic market</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company obtains its revenues mainly from the sales, both in Chile and Argentina, of beers, soft drinks, mineral waters, purified water, nectars, wines, cider 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Exports</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>In general, the Company&#180;s delivery conditions for sale are basis for revenue recognition related to exports.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The structure of income recognition is based on the grouping of Incoterms, mainly in the following groups:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB 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: 9pt" lang=EN-GB face=Arial,sans-serif>&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "FOB (Free on Board) shipping point", 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB 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: 9pt" lang=EN-GB face=Arial,sans-serif>&#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 at the port of destination.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>In the event of discrepancies between the commercial agreements and delivery conditions those established in the agreements shall prevail.</FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>2.23</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-GB color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Commercial agreements with distributors and supermarket chains</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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, under Other expenses by function.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The commitments with distributors or importers in the exports area are recognized on the basis of existing trade agreements. </FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>2.24</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-GB color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Cost of sales of products</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

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<P style="TEXT-ALIGN: center">F - 26</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</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"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>2.25</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=EN-GB color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>&nbsp;</FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Other expenses by function</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Other expenses by function include, mainly advertising and promotion expenses, depreciation of assets sold, selling expenses, marketing costs (sets, signs, neon signs at client&#8217;s facilities) and marketing and sales staff remuneration and compensations.</FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>2.26</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=ES-CL color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>&nbsp;Distribution expenses </FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Distribution costs include all the necessary costs to deliver products to clients.</FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>2.27</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=ES-CL color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Administration expenses</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 12pt 0cm 3pt 35.25pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>2.28</FONT></I></B><B><I><FONT style="FONT-SIZE: 7pt" lang=ES-CL color=#003300 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Environment</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Environmental liabilities are 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Disbursements related to environmental protection are charged to the Consolidated Statements of Income as incurred, except, investments in infrastructure designed to comply with environmental requirements, are recorded following the accounting policies for property, plant and equipment .</FONT></P>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Note 3 </FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 11pt">
<B><FONT style="TEXT-DECORATION: none" lang=EN-GB color=#003300><EM>Estimates and application of professional judgment</EM></FONT></B></A></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The main estimates and professional judgments are related to the following concepts:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB 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: 9pt" lang=EN-GB face=Arial,sans-serif>&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The valuation of goodwill acquired to determine the existence of losses due to potential impairment </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>(Note 2.15 and Note 21)</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&#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><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif> (Note 2.14 and Note 20)</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&#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><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>(Note 2.19 and Note 31)</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Useful life of property, plant and equipment</FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif> (Note 2.10 and Note 22)</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>, biological assets</FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif> (Note 2.13 and Note 25)</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif> and intangibles (software programs)</FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif> (Note 2.14 and Note 20)</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&#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><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>(Note 2.6 and Note 6)</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&#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><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>(Note 2.20, Note 29, </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Such estimates are based on the best available information on the events analyzed to date of these consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>However, it is possible that events that may occur in the future result in adjustments to such estimates, which would be done prospectively.</FONT></P>

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<P style="TEXT-ALIGN: center">F - 27</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=Arial,sans-serif><FONT style="FONT-FAMILY: Arial">Note 4 </FONT></FONT></B><FONT style="FONT-FAMILY: Arial">
<B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-GB color=#003300>Accounting changes</FONT></B></A></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=arial,sans-serif>During the year ended on December 31, 2011, 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 have affected these consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face="Times New Roman"></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 12pt" lang=ES-CL color=#003300>Note 5 </FONT></B><FONT style="FONT-FAMILY: Arial">
<B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>&nbsp;Risk Administration </FONT></B></A></FONT></H1>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Risk administration</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 establishing 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>According to the financial risk policies, the Company uses derivative instruments only for 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 Finance Management and the Internal Audit Management regularly reviews the control environment of this function. The relationship with Credit Rating Agencies and the monitoring of financial restrictions (covenants) are also administered by the Finance Management.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company&#8217;s main risk exposure is related to the exchange rates, interest rates, inflation and raw material prices (commodities), client&#8217;s accounts receivable and liquidity. For the purpose of containing the risk originated by such exposures, several financial instruments are used.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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.</FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Exchange rate risk</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011, the Company maintained foreign currency obligations amounting to ThCh$ 78,152,511 (ThCh$ 52,560,458 in 2010), mostly denominated in US dollars. Foreign currency obligations accruing variable interest (ThCh$ 51,998,403 in 2011 and ThCh$ 32,785,328 in 2010) represent 21% (15% in 2010) of the total of such obligations. The remaining 79% (85% in 2010) is denominated in inflation-indexed Chilean pesos (see inflation risk section). The ThCh$ 78,152,511 foreign currency obligations include loans for US$ 70 million (ThCh$ 36,381,447 in 2011 and ThCh$ 32,785,328 in 2010) 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$ 43,099,381 (ThCh$ 25,049,513 in 2010) that mainly correspond to exports accounts receivable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Regarding the Argentine subsidiaries operations, the liability net exposure in US dollars and other currencies amounts to ThCh$ 2,199,284&nbsp; (ThCh$ 5,245,182 in 2010).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

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<P style="TEXT-ALIGN: center">F - 28</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011, the Company&#8217;s assets (liabilities) net exposure in foreign currencies in Chile, after the use of derivative instruments, is a liability amounted to ThCh$ 1,789,322 (ThCh$ 1,532,631 in 2010).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Of the Company&#8217;s total sales, both in Chile and Argentina, 9% (11% in 2010) corresponds to export sales made in foreign currencies, mainly US dollars, euro, pound sterling, and of the total costs 60% (61% in 2010) corresponds to raw material and products purchased in foreign currencies, or indexed to such currencies. The Company does not 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="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 hedge the risks related to the subsidiaries conversion, which effects are recorded in Equity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011, the net investment in Argentine subsidiaries amounted to ThCh$ 94,073,030 (ThCh$ 86,527,472 in 2010).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Exchange rate sensitivity analysis</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The exchange rate differences effect recognized in the Consolidated Statement of Income for the&nbsp; year ended as of December 31, 2011, related to the foreign currency denominated assets and liabilities, was a loss of ThCh$ 1,078,604 (ThCh$ 1,400,700 in 2010 and ThCh$ 1,390,069 in 2009). Considering the exposure as of December 31, 2011, 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$ 143,146 (income (loss) of ThCh$ 127,208 in 2010 and 48,101 in 2009).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Considering that approximately 9% 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 56% (57% in 2010 and 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$ 8,807,019 (income (loss) from ThCh$ 5,623,470 in 2010 and ThCh$ 4,977,427 in 2009).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The net investment maintained in subsidiaries that operate in Argentina amounts to ThCh$ 94,073,030 as of December 31, 2011 (ThCh$ 86,527,472 in 2010). 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$ 9,407,303 (income (loss) ThCh$ 8,652,747 in 2010 and ThCh$ 8,608,943 in 2009) recorded as a credit (charge) against equity.</FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Interest rates risk</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011, the Company had a total ThCh$ 51,998,403 in debt indexed to LIBOR (ThCh$ 32,785,328 as of December 31, 2010). Consequently, as of December 31, 2011, the company&#8217;s financing structure is made up (without considering the effects of cross currency swaps effect) of approximately 21% (15% in 2010) debt with variable interest rates, and 79% (85% in 2010) debt with fixed interest rates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011, after considering the effect of interest rates and currency swaps, approximately 98% (100% in 2010) of the Company&#8217;s long-term debt has fixed interest rates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The terms and conditions of the Company&#8217;s obligations as of December 31, 2011, including exchange rates, interest rates, maturities and effective interest rates are detailed in </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Note 27</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 29</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Interest rates sensitivity analysis</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The total financial expense recognized in the Consolidated Statement of Income for the twelve month ended period as of December 31, 2011, related to short-term and long-term debts amounted to ThCh$ 14,410,911 (ThCh$ 10,668,587 in 2010 and ThCh$ 12,442,847 in 2009). Whereas only 2% of total debt (net of derivatives) is subject to variable interest rate, assuming an increase or decrease in interest rates in pesos and U.S. dollars of approximately 100 basis points, and keeping all other variables constant, such as the exchange rate, the increase (decrease) above hypothetically result in a loss (gain) of ThCh$ 57,374 (at December 31, 2010 and 2009 we were 100% covered against rate fluctuations interest) in the Consolidated Statement of Income.</FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Inflation risk</FONT></I></B></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-GB face=Arial,sans-serif>* The Unidad de Fomento (UF) is a Chilean inflation-indexed, peso-denominated monetary unit. The UF rate is set daily based on changes in the previous month&#180;s inflation rate. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Inflation sensitivity analysis</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The income for total adjustment unit recognized in the consolidated statement of comprehensive income for the twelve month ended as of December 31, 2011, related to UF indexed short-term and long-term debt, and resulted in a loss ThCh$ 6,734,379 (ThCh$ 5,079,737 in 2010 and a profit of ThCh$ 4,190,023 in 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$ 6,132,818 (ThCh$ 6,288,142 in 2010 and ThCh$ 6,661,378 in 2009) in the Consolidated Statement of Income.</FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Raw material price risk</FONT></I></B></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 and spirits.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Barley and malt</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 2011 the Company purchased 12,000 tons (27,000 tons in 2010) of barley and 24,300 tons (30,052 tons in 2010) of malt. On the other hand, CCU Argentina acquires the whole demand of malt from local producers. Such raw material represents approximately 29% (29% in 2010 and 30% in 2009) of the beer direct cost.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Concentrates, Sugar and plastic containers</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 materials, which jointly represent 55% (52% in 2010 and 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Grapes and wine</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The main raw materials used by the subsidiary VSPT for wine production are its own production grapes and third-party grapes and wine. Approximately 47% (48% in 2010) of the export wine supply comes from its own vineyards, thus reducing the effect of price volatility and ensuring the products quality consistence. Approximately 90% (92% in 2010 and 95% in 2009) of the wine or grape supply for the wine for local market is acquired from third parties. </FONT></P>

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<P style="TEXT-ALIGN: center">F - 30</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

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   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>During 2011, the subsidiary VSPT acquired 65% (57% in 2010) 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Raw material price sensitivity Analysis</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The total direct cost in the consolidated statement of income for 2011 amounts to ThCh$ 372,626,307 (ThCh$ 275,058,113 in 2010 and 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$ 6,783,393 (ThCh$ 6,175,942 in 2010 and ThCh$ 6,181,816 in 2009) for Beer Chile, ThCh$ 4,867,084 (ThCh$ 3,510,028 in 2010 and ThCH$ 3,221,765 in 2009) for Beer Argentina, ThCh$ 7,655,225 (ThCh$ 6,581,027 in 2010 and ThCH$ 6,104,023 in 2009) for non-alcoholic beverages, ThCh$ 6,076,016 (ThCh$ 5,607,456 in 2010 and ThCh$ 5,100,349 in 2009) for Wines and ThCh$ 1,825,378 <BR>(ThCh$ 1,368,445 in 2010 and ThCH$ 1,283,360 in 2009) for Spirits.</FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Credit risk</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Domestic market</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The credit risk related to commercial collectible accounts of domestic markets is administered by the Loan and Collection Administration Officer, and it is monitored by the Loan Committee of each business unit. The Company has a wide client base that is subject to the policies, procedures and controls established by the Company. The loan limits are established for all clients on the basis of an internal qualification and payment performance. The pending for payment commercial accounts receivable are regularly monitored. In addition, the Company acquires loan insurances covering 90% of the individually significant accounts receivable balances, a coverage that as of December 31, 2011, amounts to 84% (83% as of December 31, 2010) of the total accounts receivable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Overdue but not impaired commercial accounts receivable correspond to clients that show delays of less than 18.1 days (18.3 days in 2010).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011, the Company had approximately 811 clients (694 clients as of December 31, 2010) indebted in over Ch$ 10 million each that together represent approximately 85% (84% in 2010) of the total commercial accounts receivable. There were 194 clients (171 clients as of December 31, 2010) with balances over Ch$ 50 million each, representing approximately 74% (73% in 2010) of the total accounts receivable. The 92% (92% in 2010) of such accounts receivable are covered by the aforesaid loan insurance, or by mortgage guarantees.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company believes that no additional credit risk provisions are needed to the individual and collective provisions determined at December 31, 2011, since as mentioned above a large percentage of these are covered by insurance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Exports market</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 98% (96% in 2010) of the individually significant accounts receivable, a coverage that as of December 31, 2011, amounts to 81% (80% in 2010) of the total accounts receivable. Pending payment of commercial accounts receivable are regularly monitored. Apart from the loan insurance, the fact of having diversified sales in different countries decreases the loan risk.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011, there were 78 clients (62 clients in 2010) indebted for over Ch$ 65 million each, which represent 88% (84% in 2010) of the total accounts receivable of the export market.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Overdue but not impaired commercial accounts receivable correspond to clients that show delays of less than 28 days (44 days in 2010).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center">F - 31</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

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   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company estimates that no loan risk provisions are necessary in addition to the individual and collective provisions determined as of December 31, 2011. See analysis of accounts receivables maturities and losses due to impairment of accounts receivables (</FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Note 15</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt">&nbsp;</H3></DIV>

<P style="TEXT-ALIGN: center">F - 32</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Liquidity risk</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company administers liquidity risk at a consolidated level, the cash flows originated by its operational activities being the main liquidity source. Additionally, the Company has the ability to issue debt and equity instruments in the capital market according to their needs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>To manage short-term liquidity, the Company considers projected cash flows for a twelve months moving period and maintains cash and cash equivalents available to meet its obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>A summary of the Company&#8217;s financial liabilities and financial liabilities originated by derivatives with their maturities as of December 31, 2011 and 2010, based on the non discounted contractual cash flows appears below:</FONT></P>

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<TR>

   <TD width="40%">&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="40%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2011</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="12%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Book value</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="48%" colSpan=4 align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Contractual flows maturities</FONT></B></FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Less than 1 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>year</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Between 1 and </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>5 years</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>More than 5 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>years</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="12%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total</FONT></B></FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=6 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Financial Liabilities</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bank borrowings</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>74,089,495</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>66,634,850</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,546,233</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>75,181,083</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bonds payable</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>151,973,634</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,481,485</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>94,631,248</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>89,435,285</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>192,548,018</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial leases obligations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,078,576</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,558,994</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,002,130</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>28,318,094</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>35,879,218</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Sub-Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="12%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>242,141,705</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="12%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>76,675,329</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="12%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>109,179,611</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="12%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>117,753,379</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="12%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>303,608,319</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=6 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Derivative financial liabilities</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Liability coverage</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,513,397</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,649,112</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97,631</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,746,743</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative hedge liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>405,399</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>626,632</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>626,632</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Sub-Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="12%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>4,918,796</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="12%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,275,744</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="12%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>97,631</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="12%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="12%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,373,375</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>247,060,501</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>82,951,073</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>109,277,242</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>117,753,379</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>309,981,694</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=PT-BR face=arial,sans-serif>View current and non current book value in Note 6.</FONT>&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT face=Calibri></FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

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

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



<TR>

   <TD width="40%">&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="40%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2010</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="12%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Book value</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="48%" colSpan=4 align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Contractual flows maturities</FONT></B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Less than 1 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>year</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Between 1 and </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>5 years</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>More than 5 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>years</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="12%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=6 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Financial Liabilities</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bank borrowings</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>48,551,296</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,535,438</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>43,994,210</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,529,648</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bonds payable</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>160,899,845</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,489,737</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97,994,944</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,066,247</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>207,550,928</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial leases obligations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,856,614</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,494,201</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,152,353</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>29,329,197</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>35,975,751</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Sub-Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="12%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>225,307,755</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="12%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>17,519,376</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="12%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>147,141,507</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="12%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>129,395,444</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="12%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>294,056,327</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=6 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Derivative financial liabilities</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Liability coverage</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,275,325</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>751,978</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,335,018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,086,996</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative hedge liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,383,942</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,383,942</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,383,942</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Sub-Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="12%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>7,659,267</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="12%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,135,920</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="12%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>7,335,018</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="12%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="12%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>9,470,938</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>232,967,022</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>19,655,296</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>154,476,525</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>129,395,444</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>303,527,265</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7.5pt" lang=PT-BR face=arial,sans-serif>View current and non current book value in Note 6.</FONT>&nbsp;</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 33</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <IMG border=0 src="logo.gif"></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"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 12pt" lang=ES-CL color=#003300>Note 6 </FONT></B><FONT style="FONT-FAMILY: Arial">
<B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>Financial Instruments</FONT></B></A></FONT></H1>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Financial instruments categories</FONT></I></B></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The following are the book values of each financial instrument category at the closing of each year: </FONT></P>

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<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="40%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="30%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="30%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Current</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Non current</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Current</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Non current</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>177,664,378</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>151,614,300</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other financial assets</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,943,959</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>194,669</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,328,952</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,813</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts receivable trade and other receivable (net)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>193,065,162</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>153,013,546</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts receivable from related companies</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,984,206</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>418,922</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,833,634</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>444,685</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total financial assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>384,657,705</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>613,591</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>313,790,432</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>460,498</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bank borrowings</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>66,488,280</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,601,215</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,829,482</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>42,721,814</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bonds payable</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,311,026</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>147,662,608</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,086,821</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>155,813,024</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial leases obligations</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>479,928</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,598,648</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>431,007</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,425,607</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivatives</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>405,399</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,383,942</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative hedge liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,420,428</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>92,969</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>90,603</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,184,722</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total Other non-financial liabilities (*)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>76,105,061</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>170,955,440</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>12,821,855</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>220,145,167</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Account payable - trade and other payable</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>165,553,288</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>135,391,623</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts payable to related entities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,811,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,484,790</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,428,103</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>620,868</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total financial liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>250,469,849</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>173,440,230</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>155,641,581</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>220,766,035</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #004811; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(*) See Note 27 Others financial liabilities.</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: center">F - 34</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Financial instruments fair value</FONT></I></B></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Composition of financial assets and liabilities:</FONT></P>

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   <TD width="40%">&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="40%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="30%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="30%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Book Value</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Fair Value</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Book Value</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Fair Value</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>177,664,378</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>177,664,378</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>151,614,300</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>151,614,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other financial assets</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,138,628</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,138,628</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,344,765</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,344,765</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts receivable trade and other receivable (net)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>193,065,162</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>193,065,162</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>153,013,546</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>153,013,546</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts receivable from related companies</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,403,128</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,403,128</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,278,319</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,278,319</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total financial assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>385,271,296</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>385,271,296</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>314,250,930</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>314,250,930</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bank borrowings</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>74,089,495</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>73,841,032</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>48,551,296</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>49,574,990</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bonds payable</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>151,973,634</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>145,222,665</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>160,899,845</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>166,550,557</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial leases obligations</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,078,576</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,197,614</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,856,614</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19,906,919</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivatives</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>405,399</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>405,399</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,383,942</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,383,942</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative hedge liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,513,397</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,513,397</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,275,325</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,275,325</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total Other non-financial liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>247,060,501</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>242,180,107</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>232,967,022</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>243,691,733</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts payable - trade and others payable</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>165,553,288</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>165,553,288</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>135,391,623</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>135,391,623</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts payable to related companies</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,296,290</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,296,290</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,048,971</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,048,971</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total financial liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>423,910,079</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>419,029,685</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>376,407,616</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>387,132,327</B></FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #004811; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=5 align=left>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 instruments 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Financial instruments as per category:</FONT></P>

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

<TABLE style="WIDTH: 100%" border=0 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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=8 width="40%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2011</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=7 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Fair value with </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>changes in </FONT></B></FONT></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>income</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=7 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Cash and cash </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>equivaletns </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>and Loans and </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>accounts </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>receivables</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=7 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Hedge </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>derivatives</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=7 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,607,349</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>396,459</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,003,808</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Marketable securities and Investment in other companies</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,134,820</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,134,820</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total Others financial assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>3,742,169</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>396,459</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>4,138,628</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>177,664,378</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>177,664,378</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts receivable trade and other receivable (net)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>193,065,162</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>193,065,162</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts receivable from to related companies</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,403,128</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,403,128</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>3,742,169</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>381,132,668</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>396,459</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>385,271,296</B></FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: center">F - 35</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

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<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=8 width="40%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2011</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=7 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Fair value with </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>changes in </FONT></B></FONT></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>income</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=7 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Hedge </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>derivatives</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=7 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Financial </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>liabilities </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>measured<BR>at </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>amortized cost</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=7 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bank borrowings</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>74,089,495</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>74,089,495</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bonds payable</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>151,973,634</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>151,973,634</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial leases obligations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,078,576</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,078,576</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>405,399</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,513,397</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,918,796</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total Others financial liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>405,399</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>4,513,397</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>242,141,705</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>247,060,501</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts payable - trade and other payable</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>165,553,288</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>165,553,288</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts payable to related entities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,296,290</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,296,290</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>405,399</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>4,513,397</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>418,991,283</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>423,910,079</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

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

<TABLE style="WIDTH: 100%" border=0 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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=8 width="40%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2010</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=7 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Fair value with </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>changes in </FONT></B></FONT></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>income</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=7 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Cash and cash </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>equivaletns</FONT></B></FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>and Loans and&nbsp; </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>accounts </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>receivables</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=7 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Hedge </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>derivatives</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=7 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>968,785</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 13px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>968,785</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Marketable securities and Investment in other companies</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,375,980</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 13px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,375,980</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total others financial assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,344,765</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 13px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,344,765</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>151,614,300</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 13px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>151,614,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts receivable trade and other receivable (net)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>153,013,546</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 13px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>153,013,546</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts receivable from related companies</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,278,319</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 13px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,278,319</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,344,765</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>311,906,165</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 13px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>314,250,930</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</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>

<TABLE style="WIDTH: 100%" border=0 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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=8 width="40%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2010</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=7 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Fair value with </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>changes in </FONT></B></FONT></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>income</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=7 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Hedge&nbsp;</FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>derivatives</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=7 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Financial </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>liabilities </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>measured <BR>at </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>amortized cost</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=7 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total</FONT></B></FONT></TD></TR>

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<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bank borrowings</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>48,551,296</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>48,551,296</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bonds payable</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>160,899,845</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>160,899,845</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial leases obligations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,856,614</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,856,614</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,383,942</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,275,325</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,659,267</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total others financial liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,383,942</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,275,325</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>225,307,755</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>232,967,022</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts payable - trade and other payable</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>135,391,623</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>135,391,623</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts payable to related entities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,048,971</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,048,971</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,383,942</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,275,325</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>368,748,349</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>376,407,616</B></FONT>&nbsp;</TD></TR></TABLE>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt">&nbsp;</H3></DIV>

<P style="TEXT-ALIGN: center">F - 36</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Derivative Instruments</FONT></I></B></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The detail of maturities, number of derivative agreements, contracted nominal amounts, fair values and the classification of such derivative instruments as per type of agreement at the closing of each year is as follows:</FONT></P>

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<TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="28%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="36%" colSpan=4 align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>As of December 31, 2011</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="36%" colSpan=4 align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>As of December 31, 2010</FONT></FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Number</FONT></FONT><FONT><FONT color=#ffffff><BR><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Agreements</FONT></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Nominal</FONT></FONT><FONT><FONT color=#ffffff><BR><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>thousand</FONT></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=2 width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Asset</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=2 width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Liability</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Number</FONT></FONT><FONT><FONT color=#ffffff><BR><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Agreements</FONT></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Nominal</FONT></FONT><FONT><FONT color=#ffffff><BR><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>thousand</FONT></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=2 width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Asset</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=2 width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Liability</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>ThCh$</FONT></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>ThCh$</FONT></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>ThCh$</FONT></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>ThCh$</FONT></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="28%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Cross currency </B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>interest rate swaps </B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>USD/EURO</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>4,461</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>201,928</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Less than a year</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,461</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>201,928</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Between 1 and 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>More than 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="28%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Cross currency </B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>interest rate swaps </B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>USD/EURO</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>4,476</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>194,531</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>35,005</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Less than a year</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>35,005</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Between 1 and 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,436</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>194,531</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>More than 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="28%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Cross currency </B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>interest rate swaps </B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>USD/UF</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>70,089</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>4,306,834</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>70,053</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,275,325</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Less than a year</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>70,089</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,306,834</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>53</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>90,603</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Between 1 and 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>70,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,184,722</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>More than 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=2 width="28%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Cross interest rate </B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>swaps USD/USD</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=2 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=2 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>10,091</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=2 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=2 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>171,558</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=2 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=2 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=2 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=2 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Less than a year</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>91</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>78,590</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Between 1 and 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>92,968</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>More than 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="28%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Forwards USD</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>23</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>59,609</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,532,570</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>390,213</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>21</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>55,776</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>556,773</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,237,761</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Less than a year</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>23</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>59,609</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,532,570</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>390,213</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>21</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>55,776</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>556,773</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,237,761</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Between 1 and 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>More than 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="28%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Forwards Euro</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>9</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(57)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>67,807</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>8,406</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>12</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(4,425)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>347,900</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>145,922</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Less than a year</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(57)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>67,807</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,406</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(4,425)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>347,900</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>145,922</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Between 1 and 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>More than 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="28%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Forwards CAD</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>4</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,480</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>3,642</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,545</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>5</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(2,230)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>12,979</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Less than a year</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,480</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,642</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,545</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,230)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,979</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Between 1 and 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>More than 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="28%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Forwards GBP</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>4</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,438</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>3,330</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>235</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>3</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(1,145)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>51,133</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>259</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Less than a year</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,438</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,330</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>235</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,145)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>51,133</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>259</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Between 1 and 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>More than 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="28%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total investment </B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>derivative instrument</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>44</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>3,003,808</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>4,918,796</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>42</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>968,785</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 rowSpan=3 width="9%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>7,659,267</B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR height=20>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #004811; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="100%" colSpan=9 align=left>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 37</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_39></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader39"></a><DIV>
<DIV align=center>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 44.25pt">
    <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial
      Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>In the case of Cross Currency Interest Rate
Swaps and Cross Interest Rate Swap, these qualify as cash flow hedges of the
flows related to the liability of the loan from BBVA S.A. New York Branch and
the loans from Banco de Chile, disclosed in </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Note
27</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=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 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="100%" colSpan=8 align=left><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif>As of December 31,
      2011</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Entity</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="30%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Nature of risks covered</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="20%" colSpan=2 align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Rights</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="20%" colSpan=2 align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Obligations</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Fair value of</FONT></FONT><FONT size=+0><FONT color=#ffffff><BR><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>net asset</FONT><BR><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(liabilities)</FONT>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Maturity</FONT></FONT></TD></TR>
  <TR vAlign=bottom></TR>
  <TR vAlign=bottom></TR>
  <TR vAlign=bottom></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Currency</FONT></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 5px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>ThCh$</FONT></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Currency</FONT></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>ThCh$</FONT></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>ThCh$</FONT></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco BBVA</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interest rate flow and exchange
      rate in loans</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>36,602,431</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>40,909,265</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(4,306,834)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11.23.2012</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco de Chile</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interest rate flow and exchange
      rate in loans</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,318,851</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>EUR</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,116,924</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>201,928</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>07.11.2012</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco de Chile</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interest rate flow and exchange
      rate in loans</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,341,092</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>EUR</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,181,566</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>159,526</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>07.11.2016</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco de Chile</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interest rate flow in
      loans</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,278,465</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,450,024</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(171,558)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>07.07.2016</FONT>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #004811; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 4px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="100%" colSpan=8 align=left><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif>As of December 31,
      2010</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Entity</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="30%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Nature of risks covered</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="20%" colSpan=2 align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Rights</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="20%" colSpan=2 align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Obligations</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Fair value of</FONT></FONT><FONT size=+0><FONT color=#ffffff><BR><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>net asset</FONT><BR><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(liabilities)</FONT>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Maturity</FONT></FONT></TD></TR>
  <TR vAlign=bottom></TR>
  <TR vAlign=bottom></TR>
  <TR vAlign=bottom></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Currency</FONT></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 5px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>ThCh$</FONT></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Currency</FONT></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>ThCh$</FONT></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>ThCh$</FONT></FONT><FONT size=+0><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco BBVA</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interest rate flow and exchange
      rate in loans</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>33,197,990</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>39,473,315</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,275,325)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11.23.2012</FONT>&nbsp;</TD></TR>
  <TR height=20>
    <TD style="BACKGROUND-COLOR: #004811" width="100%" colSpan=8 align=left>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Consolidated Statement of Other
Comprehensive Income includes under the caption cash flow hedge, for the years
ended December 31, 2011, 2010 and 2009, a debit after income taxes of ThCh$
239,524, ThCh$ 429,445 and ThCh$ 6,507,854, respectively, relating to the fair
value of the Cross Currency Interest Swap derivative instruments.</FONT></P>
<H3 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 3pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Fair
value hierarchies</FONT></I></B></H3>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -70.5pt; MARGIN: 0cm 0cm 0pt 70.5pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Level
2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Fair value obtained through the use of valuation models accepted in the market
and based on prices different from those of Level 1, which may be directly or
indirectly observed as of the measurement date (adjusted prices).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -70.5pt; MARGIN: 0cm 0cm 0pt 70.5pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Level
3&nbsp;&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></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center">F - 38</P>
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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>At the closing of each year, the Company determined the fair value for its financial facilities recorded at fair value in the Statement of Financial Position, as follows:</FONT></P>

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<TR>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=middle width="45%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=middle width="14%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=middle width="14%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=middle width="14%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=middle width="13%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=7 width="45%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2011</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="14%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Recorded Fair </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Value</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="41%" colSpan=3 align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Fair Value Hierarchy</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="14%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="14%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Level 1</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="14%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Level 2</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="13%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Level 3</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="14%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="14%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="13%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="45%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,607,349</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,607,349</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="45%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Market securities and investments in other companies</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,134,820</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,134,820</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="45%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative hedge assets</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>298,415</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>298,415</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="45%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Fair value financial assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="14%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>4,040,584</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="14%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,134,820</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="14%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,905,764</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="45%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative hedge liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,513,397</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,513,397</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="45%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>405,399</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>405,399</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="45%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Fair value financial liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="14%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>4,918,796</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="14%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="14%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>4,918,796</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="13%" align=left>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #004811; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=5>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=7 width="45%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2010</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="14%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Recorded Fair </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Value</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="41%" colSpan=3 align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Fair Value Hierarchy</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="14%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="14%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Level 1</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="14%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Level 2</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="13%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Level 3</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="14%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="14%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="13%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="45%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>968,785</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>968,785</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="45%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Market securities and investments in other companies</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,375,980</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,375,980</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="45%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Fair value financial assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="14%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,344,765</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="14%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,375,980</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="14%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>968,785</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="45%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative hedge liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,275,325</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,275,325</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="45%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,383,942</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="14%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,383,942</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="45%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Fair value financial liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="14%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>7,659,267</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="14%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="14%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>7,659,267</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="13%" align=left>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #004811" bgColor=#8dc73f width="100%" colSpan=5 align=left>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>During year ended as of December 31, 2011, the Company has not made any significant instrument transfer between levels 1 and 2.</FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Credit Quality of financial assets</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt">&nbsp;</H1></DIV>

<P style="TEXT-ALIGN: center">F - 39</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <IMG border=0 src="logo.gif"></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"><B><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=Arial,sans-serif><FONT style="FONT-FAMILY: Arial">Note 7 </FONT></FONT></B><FONT style="FONT-FAMILY: Arial">
<B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-GB color=#003300>Financial Information as per operating segments</FONT></B></A></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company&#8217;s operations are presented in six 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><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Note 2.3</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></P>

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<TR>

   <TD width="1%">&nbsp;</TD>

   <TD width="100%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 10px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="1%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Segment</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 31px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="100%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Operations included in the segments</B></FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Beer Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecera CCU Chile Ltda. and Compa&#241;&#237;a Cervecera Kunstmann S.A.</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Beer Argentina</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CCU Argentina S.A.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non alcoholic</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Embotelladoras Chilenas Unidas S.A. , Aguas CCU-Nestl&#233; Chile S.A. and Vending CCU Ltda.</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Wine</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vi&#241;a San Pedro Tarapac&#225; S.A.</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Spirits</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Pisquera de Chile S.A.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others (*)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UES, UAC and <FONT size=1 face=Arial>Cider</FONT>.</FONT>&nbsp;</TD></TR>

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   <TD style="BACKGROUND-COLOR: #004811" width="100%" colSpan=2>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 align=left><FONT size=1 face=Helvetica,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>

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   <TD style="TEXT-INDENT: 2px; PADDING-LEFT: 15pt" width="100%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UAC: Corporate Support Units located in the Parent Company.</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2px; PADDING-LEFT: 15pt" width="100%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cider: It corresponds to the result of the period of the business of cider.</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2px; PADDING-LEFT: 15pt" width="100%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>In addition this segment presents the elimination of transactions between segments.</FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company&#8217;s operations are carried out in Chile and Argentina, the latter includes exclusively segments of beers and wines. The rest of the segments operate only in Chile. For the specific case of Cider, whose operations are carried out in Argentina, this is included in the Other segment.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 6.5pt" lang=EN color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company does not have clients representing more than 10% of consolidated revenues.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The segment&#8217;s evaluations are made based on EBIT, EBITDA level. For this purpose, the Consolidated Statement of Income information showing such information by segment is included below:</FONT></P>

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<P style="TEXT-ALIGN: center">F - 40</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

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   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

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   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Information as per operating segments for the year ended as of December 31, 2011 and 2010:</FONT></P>

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<TR>

   <TD width="17%">&nbsp;</TD>

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   <TD width="6%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 rowSpan=3 width="17%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="12%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Beer Chile</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="12%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Beer Argentina</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="12%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Non alcoholic</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="13%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Wines</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="12%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Spirits</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="11%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Others</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="11%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="7%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="7%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales revenue external customers</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>309,286,574</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>283,448,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>194,453,595</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>151,951,892</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>243,329,756</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>218,841,014</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>132,933,733</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>125,789,685</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>49,360,939</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>40,596,038</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>21,740,476</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>951,105,073</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>820,627,129</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>3,208,076</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,924,908</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,640,113</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,227,059</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,226,330</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,152,031</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,390,734</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,483,603</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>492,143</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,183,682</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,488,202</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,659,915</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,445,598</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,631,198</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales revenue between segments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>521,953</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,607,870</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>87,375</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,184,291</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,953,248</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,482,580</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>23,820</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19,228</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,082,518</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,437,904</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,668,914)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(8,731,873)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="17%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Net sales</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>313,016,603</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>287,981,278</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>198,181,083</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>156,363,242</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>248,509,334</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>223,475,625</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="7%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>138,348,287</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>132,292,516</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>50,935,600</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>43,217,624</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>20,559,764</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(5,071,958)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>969,550,671</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>838,258,327</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cost of Sales</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(122,416,520)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(113,816,292)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(77,601,026)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(66,542,994)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(126,414,761)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(108,665,906)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(89,849,938)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(83,875,956)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(29,153,030)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(22,621,716)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,127,999)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,709,998</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(450,563,274)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(383,812,866)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="17%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Gross Margin</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>190,600,083</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>174,164,986</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>120,580,057</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>89,820,248</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>122,094,573</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>114,809,719</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="7%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>48,498,349</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>48,416,560</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>21,782,570</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>20,595,908</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>15,431,765</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,638,040</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>518,987,397</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>454,445,461</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Distribution costs, administrative and other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>expenses by function</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(97,195,786)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(89,203,343)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(95,288,612)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(68,006,318)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(88,053,382)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(82,744,870)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(40,241,921)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(38,371,656)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(15,591,794)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(14,368,401)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(11,991,456)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(7,964,195)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(348,362,951)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(300,658,783)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other operating income (expenses)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>678,693</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>332,914</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(162,038)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>214,423</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,041,356</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>299,155</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,165,898</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>210,669</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>192,244</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>181,860</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,314,260</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>232,786</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,230,413</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,471,807</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="17%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>EBIT before exceptional items (EI)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>94,082,990</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>85,294,557</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>25,129,407</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>22,028,353</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>35,082,547</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>32,364,004</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="7%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>10,422,326</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>10,255,573</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,383,020</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,409,367</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,754,569</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(1,093,369)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>177,854,859</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>155,258,485</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Exceptional items (EI) (3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,328,789</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,235,685</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,467,220</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>307,071</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(433,391)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,790,933</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,905,374</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,790,933</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="17%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>EBIT (1)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>99,411,779</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>85,294,557</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>25,129,407</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>22,028,353</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>36,318,232</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>32,364,004</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="7%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>16,889,546</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>10,255,573</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,690,091</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,409,367</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,321,178</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>5,697,564</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>190,760,233</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>162,049,418</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other income (loss)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,010,058</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(654,683)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Net financial expense</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(7,334,062)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(8,287,701)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Equity and income of joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,069,311</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>966,122</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foreign currency exchange differences</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,078,604)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,400,700)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Results as per adjustment units</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,734,379)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,079,737)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="17%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Income before taxes</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="7%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>179,692,557</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>147,592,719</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Income taxes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(44,890,356)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(27,656,049)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="17%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Income of year</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="7%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>134,802,201</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>119,936,670</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non-controlling interests</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,050,607</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,237,155</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="17%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Net income attributable to equity holders of the</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="7%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>122,751,594</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>110,699,515</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="17%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Depreciation and amortization</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>16,165,010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>15,746,565</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>5,350,126</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>4,850,511</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>10,427,300</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>9,617,800</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="7%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,418,774</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,471,661</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,877,002</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,671,960</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>7,543,793</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,842,322</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>47,782,005</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>45,200,819</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="17%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>EBITDA before EI</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>110,248,000</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>101,041,122</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>30,479,533</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>26,878,864</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>45,509,847</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>41,981,804</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="7%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>16,841,100</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>16,727,234</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>8,260,022</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>8,081,327</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>14,298,362</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>5,748,953</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>225,636,864</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>200,459,304</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="17%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>EBITDA (2)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>115,576,789</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>101,041,122</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>30,479,533</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>26,878,864</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>46,745,532</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>41,981,804</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="7%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>23,308,320</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>16,727,234</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>8,567,093</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>8,081,327</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>13,864,971</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>12,539,886</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>238,542,238</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>207,250,237</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=15 align=left>

   <P align=justify><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1) EBIT ("Earnings Before Interest and Taxes") (For management purposes we have defined as earnings before other gains (losses) net, financial expenses net, equity and income of joint ventures, foreign currency exchange differences, result as per adjustment units and income taxes).</FONT></P></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=15 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2) EBITDA ("Earnings Before Interests, Taxes, Depreciation and Amortization ). It is used for the calculation of EBITDA, EBIT plus depreciation and amortization.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=15 align=left>

   <P align=justify><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3) The Company has considered this result as a Exceptional items (EI) related to earthquake insurance compensation for an amount of ThCh$ 13,289,481 (Note 12) and restructuring charges of cider business in Argentina for an amount of ThCh$ 384,107, both figures for the year 2011 and ThCh$.</FONT>&nbsp;</P></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=15 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,790,933 for the year 2010, related to the sale of land in Per&#250; (Note 13).</FONT></TD></TR></TABLE>

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<P style="TEXT-ALIGN: center">F - 41</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Information as per operating segments for the year ended as of December 31, 2010 and 2009:</FONT></P>

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<TR>

   <TD width="17%">&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="7%">&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="5%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="17%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="12%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Beer Chile</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="12%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Beer Argentina</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="13%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Non alcoholic</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="12%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Wines</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="12%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Spirits</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="11%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Others</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="11%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="7%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="7%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales revenue external customers</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>283,448,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>272,681,157</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>151,951,892</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>134,771,072</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>218,841,014</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>197,432,198</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>125,789,685</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>115,725,508</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>40,596,038</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>37,624,654</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>820,627,129</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>758,234,589</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,924,908</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,189,008</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,227,059</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,452,704</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,152,031</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>945,367</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,483,603</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,977,697</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,183,682</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>661,456</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,659,915</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,083,374</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,631,198</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,309,606</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales revenue between segments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,607,870</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,299,537</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,184,291</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>71,989</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,482,580</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,134,026</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19,228</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22,674</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,437,904</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>543,508</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(8,731,873)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,071,734)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="17%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Net sales</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>287,981,278</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>278,169,702</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>156,363,242</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>137,295,765</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>223,475,625</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="7%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>201,511,591</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>132,292,516</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>124,725,879</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>43,217,624</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>38,829,618</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(5,071,958)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(3,988,360)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>838,258,327</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>776,544,195</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cost of Sales</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(113,816,292)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(114,107,969)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(66,542,994)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(61,153,726)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(108,665,906)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(101,075,448)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(83,875,956)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(77,855,019)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(22,621,716)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(20,602,427)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,709,998</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,696,218</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(383,812,866)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(365,098,371)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="17%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Gross Margin</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>174,164,986</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>164,061,733</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>89,820,248</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>76,142,039</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>114,809,719</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="7%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>100,436,143</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>48,416,560</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>46,870,860</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>20,595,908</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>18,227,191</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,638,040</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>5,707,858</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>454,445,461</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>411,445,824</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Distribution costs, administrative and other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>expenses by function</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(89,203,343)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(86,071,964)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(68,006,318)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(58,814,012)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(82,744,870)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(75,502,932)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(38,371,656)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(35,054,774)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(14,368,401)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(11,802,296)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(7,964,195)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,344,883)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(300,658,783)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(273,590,861)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other operating income (expenses)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>332,914</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(798,416)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>214,423</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>299,155</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(246,916)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>210,669</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>403,512</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>181,860</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(4,288)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>232,786</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>173,049</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,471,807</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(472,962)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="17%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>EBIT before exceptional items (EI)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>85,294,557</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>77,191,353</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>22,028,353</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>17,328,124</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>32,364,004</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="7%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>24,686,295</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>10,255,573</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>12,219,598</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,409,367</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,420,607</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(1,093,369)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(463,976)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>155,258,485</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>137,382,001</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Exceptional items (EI) (3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,790,933</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,790,933</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="17%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>EBIT (1)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>85,294,557</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>77,191,353</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>22,028,353</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>17,328,124</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>32,364,004</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="7%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>24,686,295</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>10,255,573</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>12,219,598</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,409,367</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,420,607</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>5,697,564</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(463,976)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>162,049,418</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>137,382,001</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other income (loss)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(654,683)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>21,924,632</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Net financial expense</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(8,287,701)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(10,366,890)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Equity and income of joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>966,122</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,349,144</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foreign currency exchange differences</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,400,700)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,390,069)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Results as per adjustment units</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,079,737)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,190,023</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="17%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Income before taxes</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="7%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>147,592,719</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>153,088,841</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Income taxes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(27,656,049)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(11,723,673)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="17%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Income of year</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="7%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>119,936,670</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>141,365,168</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non-controlling interests</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,237,155</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,327,695</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="17%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Net income attributable to equity holders of the</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="7%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="6%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>110,699,515</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>128,037,473</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="17%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Depreciation and amortization</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>15,746,565</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>14,946,151</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>4,850,511</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>4,615,108</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>9,617,800</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="7%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>9,688,911</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,471,661</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,880,886</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,671,960</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,800,489</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,842,322</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,199,604</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>45,200,819</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>44,131,149</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="17%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>EBITDA before EI</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>101,041,122</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>92,137,504</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>26,878,864</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>21,943,232</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>41,981,804</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="7%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>34,375,206</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>16,727,234</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>19,100,484</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>8,081,327</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>8,221,096</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>5,748,953</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>5,735,628</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>200,459,304</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>181,513,150</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="17%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>EBITDA (2)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>101,041,122</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>92,137,504</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>26,878,864</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>21,943,232</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>41,981,804</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="7%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>34,375,206</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>16,727,234</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>19,100,484</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>8,081,327</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>8,221,096</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>12,539,886</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>5,735,628</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="6%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>207,250,237</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="5%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>181,513,150</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=15 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1) EBIT ("Earnings Before Interest and Taxes") (For management purposes we have defined as earnings before other gains (losses) net, financial expenses net, equity and income of joint ventures, foreign currency exchange differences, result as per adjustment units and income taxes).</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=15 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2) EBITDA ("Earnings Before Interests, Taxes, Depreciation and Amortization ). It is used for the calculation of EBITDA, EBIT plus depreciation and amortization.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=15 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3) The Company has considered this result as a Exceptional items (EI) related for the sale of land in Per&#250; for an amount of ThCh$ 6,790,933 (Note 13).</FONT></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center">F - 42</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Sales information by geographic location</FONT></I></B></P>

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<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="55%" colSpan=2 align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Net sales as per geographical location</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>For the years ended December 31,</FONT></B></FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2009</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT></TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>739,131,946</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>671,601,022</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>627,135,185</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Argentina</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>230,418,725</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>166,657,305</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>149,409,010</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>969,550,671</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>838,258,327</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>776,544,195</B></FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>See distribution as per domestic and exports revenues in</FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif> Note 9</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</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"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Depreciation and amortization as per segment</FONT></I></B></P>

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<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 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="55%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Property, plant and equipment depreciation and amortization of software</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>For the years ended December 31,</FONT></B></FONT></TD></TR>

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<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2009</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Beer Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,165,010</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,746,565</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,946,151</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Beer Argentina</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,350,126</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,850,511</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,615,108</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non alcoholic</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,427,300</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,617,800</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,688,911</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Wine</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,418,774</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,471,661</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,880,886</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Spirits</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,877,002</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,671,960</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,800,489</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others (1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,543,793</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,842,322</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,199,604</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>47,782,005</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>45,200,819</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>44,131,149</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=4 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1) Other includes depreciation and amortization corresponding to the Corporate Support Units, Strategic Service Units and Cider.</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-GB color=windowtext face=Arial,sans-serif></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Capital expenditures as per segment</FONT></I></B></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="55%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Capital expenditures (property, plant and equipment and software additions)</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>For the years ended December 31,</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2009</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Beer Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>23,504,694</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>28,929,985</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22,554,263</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Beer Argentina</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,994,020</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,483,055</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,566,565</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non alcoholic</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,758,599</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,347,030</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,466,838</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Wine</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,309,162</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,115,074</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,703,568</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Spirits</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,030,063</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>828,196</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,294,402</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others (2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,250,389</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,692,824</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,306,840</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>77,846,927</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>64,396,164</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>57,892,476</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" colSpan=3 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2) Other includes the capital investments corresponding to the Corporate Support Units, Strategic Service Units and Cider.</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</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"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 43</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Assets as per segment</FONT></I></B></P>

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



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="70%" align=center><FONT size=1 face=Arial><B><FONT color=#ffffff>Assets as per segment</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Beer Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>289,961,747</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>283,666,385</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Beer Argentina</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>127,759,978</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>123,738,441</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non alcoholic</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>175,730,472</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>167,448,887</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Wine</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>270,024,508</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>258,176,118</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Spirits</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>58,743,558</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>48,361,326</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others (3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>376,271,096</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>270,297,854</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,298,491,359</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,151,689,011</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3) Other includes goodwill and the assets corresponding to the Corporate Support Units, Strategic Service Units and Cider.</FONT>&nbsp;</TD></TR></TABLE>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Assets as per geographic location</FONT></I></B></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="70%" colSpan=2 align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Assets as per geographical location</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,116,486,265</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,008,847,847</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Argentina</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; TEXT-INDENT: 3px" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>182,005,094</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>142,841,164</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="70%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,298,491,359</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,151,689,011</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 44</P>

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<TR style="HEIGHT: 44.25pt">

   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Segment&#8217;s additional information</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Consolidated Statement of Income classified according to the Company&#8217;s operations management is as follows:</FONT></P>

<TABLE style="WIDTH: 100%" border=0 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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="40%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Consolidated statement of income</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Notes</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=2 width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>For the years ended December 31,</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2009</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Net Sales</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>969,550,671</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>838,258,327</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>776,544,195</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cost of Sales</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(450,563,274)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(383,812,866)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(365,098,371)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="55%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Gross Margin</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>518,987,397</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>454,445,461</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>411,445,824</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other operational income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,022,806</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,432,003</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,362,077</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Distribution expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(150,071,122)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(129,079,325)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(110,020,778)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Administrative expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(77,095,019)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(63,995,182)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(67,833,191)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other operational expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(121,989,203)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(108,544,472)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(98,571,931)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="55%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>EBIT before Exceptional items</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>177,854,859</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>155,258,485</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>137,382,001</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Exceptional Items (EI) (2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12 - 13</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,905,374</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,790,933</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="55%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>EBIT (1)</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>190,760,233</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>162,049,418</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>137,382,001</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,076,849</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,380,886</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,075,957</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial costs</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(14,410,911)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(10,668,587)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(12,442,847)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Equity and income of joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,069,311</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>966,122</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,349,144</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foreign currency exchange differences</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,078,604)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,400,700)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,390,069)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Result as per adjustment units</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,734,379)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,079,737)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,190,023</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other gains (losses) net</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,010,058</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(654,683)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>21,924,632</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="55%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Income before taxes</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>179,692,557</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>147,592,719</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>153,088,841</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Income taxes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(44,890,356)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(27,656,049)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(11,723,673)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="55%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Net income of year</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>134,802,201</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>119,936,670</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>141,365,168</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Net income attributable to:</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Equity holders of the parent</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>122,751,594</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>110,699,515</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>128,037,473</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non-controlling interests</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>32</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,050,607</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,237,155</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,327,695</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="55%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Net income of year</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>134,802,201</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>119,936,670</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>141,365,168</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="55%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Income (loss) per share basic (Chilean pesos) from:</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Continuing operations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>385.40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>347.56</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>402.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Discontinued operations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="55%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Income (loss) per share basic (Chilean pesos) from:</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Continuing operations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>385.40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>347.56</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>402.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Discontinued operations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="55%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Depreciation and Amortization</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>47,782,005</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>45,200,819</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>44,131,149</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>EBITDA before EI</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>225,636,864</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>200,459,304</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>181,513,150</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>EBITDA (1)</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>238,542,238</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>207,250,237</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>181,513,150</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=bottom width="100%" colSpan=5 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1) See definition of EBIT and EBITDA in information as per operating segment.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=bottom width="100%" colSpan=5 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2) The Company has considered this result as a Exceptional items (EI) related to earthquake insurance compensation for an amount of ThCh$ 13,289,481 (Note</FONT>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12) and restructuring charges of cider business in Argentina for an amount of ThCh$ 384,107, both figures for the year 2011 and ThCh$ 6,790,933 for the year <FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2010, related to the sale of land in Per&#250; (Note 13).</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=5 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif></FONT></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 45</P>

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   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Information as per segments of joint ventures and associates</FONT></I></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company&#8217;s Management reviews the financial position and the operating results of all its joint ventures and associates described in </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Note 19</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>. The information that appears below relates to 100% joint ventures and associates: Compa&#241;&#237;a Pisquera Bauz&#225; S.A. (spirits), 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 and associates are accounted for under the equity method, as explained in </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Note 2.2</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The figures for each entity are as follows, at base 100%:</FONT></P>

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<TR>

   <TD width="28%">&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=6 width="28%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="24%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="24%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="24%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2009</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Compa&#241;&#237;a</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Pisquera</FONT></B></FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Bauz&#225; S.A.</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Cervecer&#237;a</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Austral S.A.</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Foods S.A. and</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Promarca S.A.</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Valles de Chile</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>S.A.</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Cervecer&#237;a</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Austral S.A.</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Foods S.A. and</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Promarca S.A.</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Valles de</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Chile S.A.</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Cervecer&#237;a</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Austral S.A.</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Foods S.A. and</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Promarca S.A.</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Net sales</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,249,831</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,742,979</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>23,332,849</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,102,297</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,178,320</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>21,729,663</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,604,576</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,206,879</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20,596,495</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Operating results</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,611,372)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>319,065</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,813,555</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(931,429)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>348,364</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,809,759</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(191,416)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>248,974</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,052,972</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Income of year</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,251,395)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>260,699</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,153,507</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(970,088)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>304,816</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,380,465</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(124,803)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>200,320</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,620,599</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Capital expenditures</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>281,811</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>549,905</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>493,417</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,013,222</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>668,497</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,200,822</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>716,758</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>295,362</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>977,520</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Depreciation and amortization</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(625,161)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(312,912)</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(659,741)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(540,138)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(233,909)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(555,992)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(426,263)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(251,325)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(531,004)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Current assets</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,010,585</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,987,888</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,119,442</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,482,610</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,409,881</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,865,166</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,346,631</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,090,226</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non-current assets</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,864,213</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>60,740,383</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,533,153</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,368,334</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>59,119,807</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,000,582</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,774,576</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>58,570,068</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Current liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,088,820</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,333,624</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,642,625</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,217,929</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,063,611</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,830,014</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>865,205</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,114,932</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non-current liabilities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>237,356</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>367,666</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>481,547</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>202,739</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>263,752</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>537,223</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>130,540</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>423,955</FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #004811; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=10>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(1) See Note 19. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 12pt" lang=ES-CL color=#003300>Note 8 </FONT></B><FONT style="FONT-FAMILY: Arial">
<B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>Business Combinations </FONT></B></A></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#339966 face=Arial,sans-serif>a) Do&#241;a A&#237;da S.A. and Don Enrique Pedro S.A.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-STYLE: normal; FONT-SIZE: 9pt" lang=EN-US color=#339966 face=Arial,sans-serif>Year 2010 Acquisitions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>On December 27, 2010, the following acquisitions of shares were executed through the subsidiary Compa&#241;&#237;a Industrial Cervecera S.A. (CICSA): (a) 71.456% of the shares and voting rights of Do&#241;a Aida S.A., which also owns 49.777% of S&#225;enz Briones &amp; C&#237;a. S.A.I.C. y C; (b) 71.467% of the shares and voting rights of Don Enrique Pedro S.A., which also owns 99.968% of Sidra La Victoria S.A., and (c) 0.4377% of the shares and voting rights of S&#225;enz Briones &amp; C&#237;a. S.A.I.C. y C., as a consequence CICSA became 50.215% owner of this last company. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-STYLE: normal; FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Year 2011 Acquisitions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>On April 6, 2011, CICSA made an additional purchase of shares 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). As a consequence, CICSA became the owner of 85.728% and 85.734%, respectively, of the before mentioned subsidiaries.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Later, on September 20, 2011, CICSA, acquired the remaining percentage of the equity rights of Do&#241;a A&#237;da S.A. and Don Enrique Pedro S.A. As a consequence CICSA became the owner of 100% of those subsidiaries. During December 2011, CICSA sold 5% of Do&#241;a Aida S.A. and Don Enrique Pedro S.A to CCU Argentina. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company disbursed for this transaction a total amount of ThCh$ 9,157,728 (ThCh$ 3,023,219 in 2011 and ThCh$ 6,134,509 in 2010). Because of at December 31, 2010, the Company was in the process of assessing the fair values, that amount was classified under Other non-financial assets (</FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>See Note 18</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>At the date of issue of these consolidated financial statements, fair values </FONT><FONT style="FONT-SIZE: 9pt" lang=ES-CL face="arial unicode ms,sans-serif">&#8203;&#8203;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>of assets, liabilities and contingent liabilities have been determinated, generating, among others, goodwill and intangible assets (</FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>See Note 20 and 21</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>It is expected that the acquisition of these companies increase their productive capacities, through the expansion of their productive assets, growth in market share, through the various brands marketed and participation in local and foreign markets, as well as operational improvements as a result of synergies obtained in the operational and administrative functions.</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>

<P style="TEXT-ALIGN: center">F - 46</P>

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   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

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   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES color=#339966 face=Arial,sans-serif>b</FONT></I></B><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#339966 face=Arial,sans-serif>) Vi&#241;a Valles de Chile S.A. and Compa&#241;&#237;a Pisquera Bauz&#225; S.A.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>On the other hand, as described in </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Note 19</FONT></I></B><FONT style="FONT-STYLE: normal; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-GB color=windowtext face=Arial,sans-serif>, in</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif> the month of December 2011, Vi&#241;a Valles de Chile S.A. became a subsidiary of Vi&#241;a San Pedro Tarapac&#225; S.A. At the same time, Compa&#241;&#237;a Pisquera Bauz&#225; S.A. was constituted as an associate of Compa&#241;&#237;a Pisquera de Chile S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Note 9 Net Sales</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Net sales distributed between domestic and export, are as follows:</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="55%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>For the years ended December 31,</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2009</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales to domestic clients</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>877,824,070</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>749,160,413</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>687,040,509</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Exports sales</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>91,726,601</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>89,097,914</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>89,503,686</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>969,550,671</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>838,258,327</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>776,544,195</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

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

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Note 10 Nature of the costs and expenses</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Operational costs and expenses grouped by natural classification are as follows:</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="55%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Raw material cost</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>327,626,307</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>275,058,113</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>261,973,067</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Materials and maintenance expenses</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>25,709,929</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>23,901,442</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>23,545,492</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Salaries (staff expenses) (1)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>114,803,745</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99,874,443</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>93,524,543</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Transportation and distribution</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>123,422,050</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>103,311,030</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>90,667,340</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Advertising and promotion expenses</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>70,028,455</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>63,734,869</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>57,815,013</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Lease expense</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,345,266</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,825,701</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,002,388</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Energy expenses</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>25,932,251</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19,796,334</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,375,333</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Depreciation and amortizations</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>47,782,005</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>45,200,819</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>44,131,149</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other expense</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>56,452,717</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>47,729,094</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>45,489,946</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>800,102,725</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>685,431,845</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>641,524,271</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt">(1) See </FONT></B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 9pt"><FONT color=#339966><I>Note 31 Employee benefits</I></FONT><B>.</B>&nbsp;</FONT></TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: center">F - 47</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Note 11 Financial results</FONT></B></H1>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The financial income composition for the years ended as of December 31, 2011, 2010 and 2009, is as follows:</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="55%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Financial Results</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>For the years ended December 31,</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2009</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial income</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,076,849</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,380,886</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,075,957</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial cost</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(14,410,911)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(10,668,587)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(12,442,847)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foreign currency exchange differences</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,078,604)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,400,700)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,390,069)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Result as per adjustment units</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,734,379)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,079,737)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,190,023</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(15,147,045)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(14,768,138)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(7,566,936)</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 12pt" lang=EN-GB color=#003300></FONT></B>&nbsp;</H1>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 12pt" lang=EN-GB color=#003300>Note 12 </FONT></B><FONT style="FONT-FAMILY: Arial">
<B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-GB color=#003300>Other income by function </FONT></B></A></FONT></H1>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=Arial,sans-serif></FONT></B>&nbsp;</H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The detail of other income by function items is as follows:</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 rowSpan=3 width="55%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Earthquake insurance compensation (1)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,289,481</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; TEXT-INDENT: 1px" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,022,806</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,432,003</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,362,077</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>21,312,287</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,432,003</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,362,077</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-GB color=green face=Arial,sans-serif>(1)&nbsp;&nbsp; Earthquake insurance compensation</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&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 IAS 37 by the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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, amount that was collected in the year 2011, when the insurance claims process was completed. At the date of such final settlement the total amount of the book value of the damaged assets and expenses incurred was ThCh$ 30,188,980, receiving a total compensation for ThCh$ 43.617.835, of which ThCh$ 21,896,076 was received during the year 2011 (</FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>See Note 14</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As a result of it, a net positive effect of ThCh$ 13,289,481 was recorded in the statement of income during the year ended December 31, 2011. This result, which is an exceptional item one, includes compensation for the following: </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=arial,sans-serif>1.</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=arial,sans-serif>ThCh$ 8,481,854 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></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp; ThCh$ 4,807,627 as compensation for the excess of the replacement value over the cost basis for machinery and equipment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: center">F - 48</P>

<HR align=center SIZE=2 width="100%" noShade>



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<TR style="HEIGHT: 44.25pt">

   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=Arial,sans-serif><FONT style="FONT-FAMILY: Arial">Note 13 </FONT></FONT></B><FONT style="FONT-FAMILY: Arial">
<B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-GB color=#003300>Other Gain and Loss </FONT></B></A></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The detail of other gain (loss) items is as follows:</FONT></P>

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



<TR>

   <TD width="40%" colSpan=2>&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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="55%" colSpan=3 align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Other Income (loss)</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>For the years ended December 31,</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2009</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" colSpan=3 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Result from sale of interest in subsidiary (*)</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>24,439,025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" colSpan=3 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Result on sale of land (Per&#250;) (**)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,790,933</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" colSpan=3 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Results derivative contracts</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,459,262</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,048,194)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,845,237)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" colSpan=3 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Marketable securities to market value</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(227,034)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>392,018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>321,629</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" colSpan=3 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>777,830</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,493</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,215</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="55%" colSpan=3 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>3,010,058</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,136,250</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>21,924,632</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(*)</FONT>&nbsp;</TD>

   <TD width="99%" colSpan=5 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>As mentioned in </FONT><FONT size=1 face=Helvetica-BoldOblique,Arial,Helvetica,sans-serif><B><I>Note 1, number 4</I></B></FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>, a profit was recognized for the sale of 29.9% of the shares of Aguas CCU Nestl&#233; Chile S.A.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(**)</FONT>&nbsp;</TD>

   <TD width="99%" colSpan=5 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>For purposes of financial information as per operating segment (</FONT><FONT size=1 face=Helvetica-BoldOblique,Arial,Helvetica,sans-serif><B><I>Note 7</I></B></FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>), the Company has considered these results as</FONT>&nbsp;<FONT size=1 face=Helvetica>Exceptional Item (EI).</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left>&nbsp;</TD>

   <TD width="99%" colSpan=5 align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 12pt" lang=ES-CL color=#003300></FONT></B>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 12pt" lang=ES-CL color=#003300>Note 14 </FONT></B><FONT style="FONT-FAMILY: Arial">
<B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>&nbsp;Cash and cash equivalent</FONT></B></A><B><FONT style="FONT-SIZE: 12pt" lang=ES-CL color=#003300>s</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Cash and cash equivalent balances were as follows:</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="55%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of&nbsp; </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2009</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>136,754</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,839,227</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,310,763</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Overnight deposits</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>308,625</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>399,249</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>367,965</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bank balances</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22,904,299</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26,083,147</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,470,651</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Time deposits</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,478,008</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>45,788,575</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>21,891,688</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Investments in mutual funds</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,301,316</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,950,635</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Securities purchased under resale agreements</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>53,836,670</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>74,202,786</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>73,361,967</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>177,664,378</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>151,614,300</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>137,353,669</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The currency composition of cash and cash equivalents at December 31, 2011, is as follows:</FONT></P>

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

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



<TR>

   <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>

   <TD width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="30%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2011</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Chilean peso</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Unidad de </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Fomento</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>US Dollar</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Euro</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Argentine peso</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Others</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Totales</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>136,711</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>43</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>136,754</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Overnight deposits</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>308,625</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>308,625</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bank balances</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19,139,424</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,685,721</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>141,146</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>936,632</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,376</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22,904,299</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Time deposits</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>81,514,956</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,963,052</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,478,008</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Investments in mutual funds</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica>Securities purchased under</FONT>&nbsp;<FONT size=1 face=Helvetica>resale agreements</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>53,836,670</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>53,836,670</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="30%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>154,936,386</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>18,963,052</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,685,764</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>141,146</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>936,654</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,376</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>177,664,378</B></FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 49</P>

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   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The currency composition of cash and cash equivalents at December 31, 2010, is as follows:</FONT></P>

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<TR>

   <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>

   <TD width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="30%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2010</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Chilean peso</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Unidad de </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Fomento</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>US Dollar</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Euro</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Argentine peso</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Others</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Totales</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,838,888</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>339</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,839,227</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Overnight deposits</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>399,249</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>399,249</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bank balances</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,586,208</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>375,541</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,361,211</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,736,375</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>23,812</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26,083,147</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Time deposits</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>31,145,809</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,642,766</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>45,788,575</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Investments in mutual funds</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,301,316</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,301,316</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica>Securities purchased under</FONT>&nbsp;<FONT size=1 face=Helvetica>resale agreements</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right>&nbsp;<FONT size=1 face=Helvetica>74,202,786</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right>&nbsp;<FONT size=1 face=Helvetica>74,202,786</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="30%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>128,474,256</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>14,642,766</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>375,880</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,361,211</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,736,375</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>23,812</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>151,614,300</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The composition of cash and cash equivalents at December 31, 2009, is as follows:</FONT></P>

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



<TR>

   <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>

   <TD width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="30%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2009</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Chilean peso</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Unidad de </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Fomento</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>US Dollar</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Euro</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Argentine peso</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Others</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Totales</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,310,332</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>431</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,310,763</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Overnight deposits</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>367,965</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>367,965</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bank balances</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,895,727</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>272,742</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>313,236</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,912,042</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76,904</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,470,651</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Time deposits</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19,229,841</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,661,847</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>21,891,688</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Investments in mutual funds</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,950,635</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,950,635</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Securities purchased under</FONT>&nbsp;<FONT size=1 face=Helvetica>resale agreements</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right>&nbsp;<FONT size=1 face=Helvetica>73,361,967</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right>&nbsp;<FONT size=1 face=Helvetica>73,361,967</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="30%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>132,116,467</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,661,847</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>273,173</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>313,236</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,912,042</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>76,904</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>137,353,669</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The total accumulated cash flow accrued by business combinations as of December 31, 2011, 2010 and 2009, amounts to:</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="55%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31,</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=4 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total paid for business acquisitions:</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Amount paid in cash and cash equivalent for business acquisitions</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,257,272)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(10,646,456)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,036,500)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(3,257,272)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(10,646,456)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(1,036,500)</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011, in the Consolidated Statement of Cash Flow, in Operational Activities, under the heading &#8220;Other cash movements&#8221; the total amount of ThCh$ 8,936,842, includes the amount of ThCh$ 15,506,731 related to the final compensation received by losses of inventories and interruption of the operational activities (ThCh$ 21,721,759 in 2010 related to partial compensation).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>In addition, as of December 31, 2011, in Investing Activities, under the heading "Other cash movements" the amount shown of ThCh$ 6,389,344, is related to the final compensation received for destruction of machinery and equipment from the insurance companies related to the earthquake</FONT><B><FONT style="FONT-SIZE: 7.5pt" lang=EN-US face=Arial,sans-serif> (</FONT></B><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>See Note 12</FONT></I></B><B><FONT style="FONT-SIZE: 7.5pt" lang=EN-US face=Arial,sans-serif>).&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Therefore, cash included in the cash flow statement in 2011 related to the earthquake as mentioned in the previous two paragraphs, is ThCh$ 21,896,076</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> (</FONT></B><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>See Note 12</FONT></I></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>).&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Also, 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. and reduce their participation in Aguas CCU-Nestl&#233; Chile S.A. to a 50.1%</FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif> (See Note 1 number 1)</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>. This is presented within the Cash Flow Statement under the item &#8220;Proceeds from sale of and investment in a subsidiary&#8221;. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Additionally, as of December 31, 2011, within &#8220;Cash Flow from Financing Activities&#8221;, under the heading &#8220;Other cash movements" for a total amount of ThCh$ 15,096,775, is forming part ThCh$ 11,268,125 corresponding to the prepayment of the Serie A Bonds (</FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>See Note 27</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>). Besides, as of December 31, 2009, under the heading Proceeds from long term loans&#8221; is presented as part of the balance the followings items:</FONT></P>

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<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>

<P style="TEXT-ALIGN: center">F - 50</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -22.5pt; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -22.5pt; MARGIN: 0cm 0cm 0pt 22.5pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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. This amount is presented under the item "Proceeds from bank borrowings and issuance of bonds&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Note 15 Accounts receivables &#8211; Trade and other receivables</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The accounts receivable trade and other balances were as follows:</FONT></P>

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



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 rowSpan=6 width="70%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 rowSpan=5 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2011</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 rowSpan=5 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts receivables</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Beer Chile</FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>33,319,709</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>31,588,865</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Beer Argentina</FONT>&nbsp;</P></TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>23,602,951</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,205,072</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non alcoholic</FONT>&nbsp;</P></TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>25,403,484</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>24,368,168</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Wine</FONT>&nbsp;</P></TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>40,814,420</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>30,684,126</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Spirits</FONT>&nbsp;</P></TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,875,387</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,985,926</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</P></TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>49,338,299</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>30,937,831</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other accounts receivable (*)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,426,269</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,152,609</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Impairment loss estimate</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(4,715,357)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,909,051)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>193,065,162</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>153,013,546</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(*) &nbsp;At December 31, 2010, under this item is recorded the net balance of the account receivable from insurance companies for claims related to the earthquake for an amount of ThCh$ 5,593,677 (</FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>See Note 12</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company&#8217;s accounts receivable are denominated in the following currencies:</FONT></P>

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



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 rowSpan=6 width="70%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 rowSpan=5 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2011</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 rowSpan=5 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 5px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean peso</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>123,527,287</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>115,544,263</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Argentine peso</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>39,724,238</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,152,025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>US Dollar</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19,274,307</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,752,647</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Euro</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,960,667</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,771,899</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Unidad de Fomento</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>106,795</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>37,630</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other Currencies</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,471,868</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,755,082</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>193,065,162</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>153,013,546</B></FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 51</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The detail of the accounts receivable maturities as of December 31, 2011, is as follows:</FONT></P>

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<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=6 width="40%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Current </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Balance</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="40%" colSpan=4 align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Overdue Balances</FONT></B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>0 to 3 months</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>3 to 6 month</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>6 to 12 month</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>More than 12 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>months</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts receivables:</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Beer Chile</FONT>&nbsp;</P></TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>33,319,709</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>30,729,737</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,521,732</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>235,703</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>243,458</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>589,079</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Beer Argentina</FONT>&nbsp;</P></TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>23,602,951</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20,520,177</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,376,919</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>270,681</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,304,511</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>130,663</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non alcoholic</FONT>&nbsp;</P></TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>25,403,484</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22,845,949</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>793,297</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>447,871</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>530,796</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>785,571</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Wine</FONT>&nbsp;</P></TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>40,814,420</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>34,339,230</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,420,555</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>211,730</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>294,281</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>548,624</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Spirits</FONT>&nbsp;</P></TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,875,387</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,987,890</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>643,236</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>37,580</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>54,540</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>152,141</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</P></TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>49,338,300</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>43,428,364</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,634,253</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,048,766</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>482,523</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>744,394</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other accounts receivable</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,426,268</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,426,268</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Sub Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>197,780,519</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>176,277,615</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>13,389,992</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,252,331</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,910,109</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,950,472</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Impairment loss estimate</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(4,715,357)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(176,712)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(324,185)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,800,777)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,413,683)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>193,065,162</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>176,277,615</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>13,213,280</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,928,146</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,109,332</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>536,789</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The detail of the accounts receivable maturities as of December 31, 2010, is as follows:</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=6 width="40%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Current </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Balance</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="40%" colSpan=4 align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Overdue Balances</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>0 to 3 months</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>3 to 6 month</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>6 to 12 month</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>More than 12 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>months</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts receivables:</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Beer Chile</FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>31,588,865</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>28,945,990</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,358,970</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>348,002</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>387,029</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>548,874</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Beer Argentina</FONT>&nbsp;</P></TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,205,072</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,738,479</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>950,187</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>513,231</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>610,436</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>392,739</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non alcoholic</FONT>&nbsp;</P></TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>24,368,168</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>21,322,465</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,571,943</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>381,107</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>283,906</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>808,747</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Wine</FONT>&nbsp;</P></TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>30,684,126</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>25,316,859</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,068,585</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>566,918</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>315,246</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>416,518</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Spirits</FONT>&nbsp;</P></TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,985,926</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,151,340</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>541,473</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>117,940</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,142</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>158,031</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left>

   <P style="MARGIN-LEFT: 15pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others (1)</FONT>&nbsp;</P></TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>30,937,831</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>27,634,401</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,327,578</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>108,292</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>190,915</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>676,645</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other accounts receivable</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,152,609</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,152,609</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Sub Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>156,922,597</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>139,262,143</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>10,818,736</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,035,490</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,804,674</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>3,001,554</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Impairment loss estimate</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,909,051)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(116,756)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(344,907)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(936,916)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,510,472)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>153,013,546</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>139,262,143</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>10,701,980</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,690,583</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>867,758</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>491,082</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="90%" colSpan=6 align=left><FONT size=1 face=Helvetica,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>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company markets its products through retail, wholesale clients, chains and supermarkets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011, the accounts receivable from the three most important supermarket chains in Chile and Argentina represent 36,6% (38.1% in 2010) of the total accounts receivable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As indicated in the Risk management note</FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif> (Note 5)</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>, 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>In addition, there are amounts overdue within ranges for which, in accordance with current policies are only partially impaired for based on a case by case analysis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 52</P>

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   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The movement of the impairment losses provision for accounts receivable is as follows:</FONT></P>

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<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=6 width="70%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2011</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Balance at the beginning</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,909,051</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,911,557</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Impairment estimate for accounts receivable</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,517,832</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>884,890</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Uncollectible accounts</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(851,981)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(777,617)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Estimates resulting from business combinations</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>125,849</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Effect of translation into presentation currency</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,606</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(109,779)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>4,715,357</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>3,909,051</B></FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P>&nbsp;</P>

<P style="TEXT-ALIGN: center">F - 53</P>

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<P></P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

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   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#003300 face=Arial,sans-serif>Note 16 Accounts and transactions with related companies</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Conditions of the balances and transactions with related companies:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(1)&nbsp;&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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(2)&nbsp;&nbsp;&nbsp;They related to business operations agreed upon in Chilean pesos. The remaining balance accrues interest at 90-days active bank rate (TAB) plus an annual spread. Such interests shall be paid or charged against the trade current account.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(3)&nbsp;&nbsp;&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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(4)&nbsp;&nbsp;&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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(5)&nbsp;&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></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(6</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>)&nbsp;&nbsp;&nbsp;It relates to an agreement between the subsidiary Compa&#241;&#237;a Pisquera de Chile S.A. with Comarca S.A. related to the payment of the access fee for the distribution of products. The pending amount is agreed at two quotes of UF 17,888. Maturities correspond to November 2, 2012 and December 2, 2013, respectively.</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: 9pt" lang=EN-US face=Arial,sans-serif>(7)&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>It relates to an agreement between the subsidiary Compa&#241;&#237;a Pisquera de Chile S.A. with Inversiones y Asesor&#237;as Monterroso Limitada y Otros, related to the acquisition of 49% of the associated Compa&#241;&#237;a Pisquera Bauz&#225; S.A. The outstanding balance at December 31, 2011, corresponds to a single quote for UF 65,832 with maturity on December 1, 2013.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The transaction schedule includes all the transactions made with related parties.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The detail of the accounts receivable and payable from related companies as of December 31, 2011 and 2010, is as follows:</FONT></P>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0pt 3pt 0cm">&nbsp;</H3></DIV>

<P style="TEXT-ALIGN: center">F - 54</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0pt 3pt 0cm"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Accounts receivable from related parties</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Current:</FONT></I></B></P>

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<TR>

   <TD width="9%">&nbsp;</TD>

   <TD width="28%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="9%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff><FONT size=1 face=Arial>TAX ID</FONT></FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="28%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Company</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="9%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Country of origin</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="5%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Ref.</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="13%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Relationship</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="13%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Transaction</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="5%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Currency</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="18%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31,</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="9%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="9%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.919.980-7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecer&#237;a Austral S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>129,348</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>150,555</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.919.980-7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecer&#237;a Austral S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,693</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>77.755.610-K</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Comercial Patagona Ltda.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiaria de Joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>310,926</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>240,605</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>77.755.610-K</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Comercial Patagona Ltda.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiaria de Joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Lease crane</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,087</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>494</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.542.980-2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>107,568</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.542.980-2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Transport service</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>601,752</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>409,510</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.542.980-2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Remittance received</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,058,893</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,267,816</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.542.980-2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interests</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>148,306</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>68,118</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.542.980-2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sale services</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>80,865</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>81,327</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.542.980-2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Shared services</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>154,324</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>162,454</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Anheuser Busch International, Inc.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Estados Unidos</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholdes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>876,183</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Anheuser Busch Latin America Development Corporation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Estados Unidos</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholdes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Marketing services</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,643</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.736.010-K</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Promarca S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Marketing services</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>87,772</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>31,299</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>81.805.700-8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cooperativa Agr&#237;cola Control Pisquero de Elqui y Limar&#237; Ltda.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(4)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholdes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase advance</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>870,529</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>764,956</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>77.051.330-8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecer&#237;a Kunstmann Ltda.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholdes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>104,600</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>85,430</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Heineken Brouwerijen B.V.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Holanda</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>218,853</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>250,275</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Heineken Italia Spa.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Italia</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Marketing services</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,689</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>21,907</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Cervecera del Tr&#243;pico</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Mexico</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary related</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Marketing services</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>201,045</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecer&#237;a de Panam&#225; S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Panam&#225;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary related</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,287</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.427.000-7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inversiones y Rentas S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,111</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.531.920-9</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vi&#241;a Valles de Chile S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture until Dec. 2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>102,661</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>91.705.000-7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Qui&#241;enco S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,596</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97.004.000-5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco de Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>85,302</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>24,435</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>79.903.790-4</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Soc. Agr&#237;cola y Ganadera Rio Negro Ltda.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related to the controller</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>452</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,697</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>91.021.000-9</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Madeco S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,784</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>575</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>90.081.000-8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Chilena de F&#243;sforos S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholdes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>568</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>71,314</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>81.981.500-3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Terc. y Elaboraci&#243;n de Maderas S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>452</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.115.132-0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Canal 13 S.P.A</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Advertising</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>142,430</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.178.803-5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vi&#241;a Tabal&#237; S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related to the controller</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Recovery of expenses by division</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,838,797</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.175.016-K</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Pisquera Bauza S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Associate of Subsidiary</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Services Rendered</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>557</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=bottom width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=bottom width="82%" colSpan=7 align=left><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif>Totales</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=bottom width="9%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>9,984,206</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=bottom width="9%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,833,634</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt 0cm" align=left><B><I><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0pt 0pt 0cm" align=left><B><I><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Non Current:</FONT></I></B></P>

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



<TR>

   <TD width="9%">&nbsp;</TD>

   <TD width="31%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="9%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff><FONT size=1 face=Arial>TAX ID</FONT></FONT></B></FONT></FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="31%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Company</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="8%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Country of origin</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Ref.</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="13%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Relationship</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="8%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Transaction</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="9%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Currency</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="17%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31,</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="8%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="8%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>81.805.700-8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="31%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cooperativa Agr&#237;cola Control Pisquero de Elqui y Limar&#237; Ltda.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(4)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholdess</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left>&nbsp;<FONT size=1 face=Helvetica>Loan</FONT> </TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>418,922</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>444,685</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="83%" colSpan=7 align=left><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif>Totales</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="9%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>418,922</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>444,685</B></FONT>&nbsp;</TD></TR></TABLE>

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

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0pt 3pt 0cm">&nbsp;</H3>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0pt 3pt 0cm">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 55</P>

<HR align=center SIZE=2 width="100%" noShade>



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<a name="_bclHeader57"></a><DIV>

<DIV align=center>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 44.25pt">

   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0pt 3pt 0cm"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Accounts payable to related parties</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Current:</FONT></I></B></P>

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



<TR>

   <TD width="9%">&nbsp;</TD>

   <TD width="28%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="9%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff><FONT size=1 face=Arial>TAX ID</FONT></FONT></B></FONT></FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="28%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Company</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="9%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Country of origin</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Ref.</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="13%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Relationship</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="13%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Transaction</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Currency</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="18%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31,</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.919.980-7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecer&#237;a Austral S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>526,248</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>632,185</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>77.755.610-K</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Comercial Patagona Ltda.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary of joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Marketing services</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>39,169</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>35,981</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.542.980-2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>402,300</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>403,555</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.542.980-2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Rebate</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>234</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>62,002</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.542.980-2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Consignation sales</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>507,310</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>445,504</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>81.805.700-8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cooperativa Agr&#237;cola Control Pisquero de Elqui y Limar&#237; Ltda.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholdes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>154,955</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>149,306</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>77.051.330-8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecer&#237;a Kunstmann Ltda.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholdes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,483</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,456</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.736.010-K</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Promarca S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>License</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>810,188</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,335,435</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>79.903.790-4</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Soc.Agr&#237;cola y Ganadera Rio Negro Ltda.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related to the controller</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Recovery from division</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,163,160</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Anheuser Busch Latin America Development Corporation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Estados Unidos</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholdes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>License and technical assistance</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>971,839</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Anheuser Busch International, Inc</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Estados Unidos</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholdes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,906</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Heineken Brouwerijen B.V.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Holanda</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>License and technical assistance</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,047,871</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,174,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97.004.000-5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Heineken Italia SPA.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Italia</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26,227</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>90.081.000-8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Chilena de F&#243;sforos S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholdes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>51</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.531.920-9</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vi&#241;a Valles de Chile S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture until Dec. 2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>72,830</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.178.803-5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vi&#241;a Tabal&#237; S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related to the controller</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Recovery from division</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,127,054</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecer&#237;a Modelo S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Mexico</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary related</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>42,081</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>C&#237;a. Cervecera del Tr&#243;pico</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Mexico</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary related</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>84,186</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>78.105.460-7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Alimentos Nutrabien S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,938</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.908.430-9</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Telef&#243;nica del Sur Servicios Intermedios S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Telephony services</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,786</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>87.938.700-0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Agroproductos Bauza y C&#237;a Ltda.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related Associate</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>572,859</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.175.016-K</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Pisquera Bauza S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Associate of Subsidiary</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Royalty</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,860</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.029.691-0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Comarca S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(6)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related Associate</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Access Fee</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>398,796</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97.004.000-5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco de Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Services of invoicing</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>605</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>92.048.000-4</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sudamericana Agencias Aereas y Mar&#237;tima S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related to the controller</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Transportation services</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>83</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.505.690-9</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Blue Two Chile S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Telephony services</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>161</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="82%" colSpan=7 align=left><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif>Totales</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="9%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>8,811,500</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="9%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>7,428,103</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt" align=center><B><I><FONT style="FONT-SIZE: 6pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

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

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 0pt" align=left><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Non Current:</FONT></I></B></P>

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



<TR>

   <TD width="9%">&nbsp;</TD>

   <TD width="28%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="9%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff><FONT size=1 face=Arial>TAX ID</FONT></FONT></B></FONT></FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="28%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Company</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="9%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Country of origin</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Ref.</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="13%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Relationship</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="13%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Transaction</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Currency</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="18%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31,</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="9%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.542.980-2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(5)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint Venture</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of land</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-TOP: #ffffff 1px solid" bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>610,093</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>610,093</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>81.805.700-8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cooperativa Agr&#237;cola Control Pisquero de Elqui y Limar&#237; Ltda.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(4)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholdes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,241</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,775</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.029.691-0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Comarca S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(6)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related Associate</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Access Fee</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>398,796</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2.011.044-9</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Lorenzo Bauza Alvarez</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(7)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related Associate</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of shares</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,421</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.024.758-8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inversiones y Asesor&#237;as Monterroso Ltda.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(7)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related Associate</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of shares</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,966</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.024.756-1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inversiones y Asesor&#237;as El Salto Ltda.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(7)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related Associate</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of shares</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,966</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.024.774-K</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inversiones y Asesor&#237;as La Abadesa Ltda.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(7)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related Associate</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of shares</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,966</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.023.031-6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inversiones y Asesor&#237;as Buena Esperanza Ltda.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(7)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related Associate</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of shares</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,966</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.024.767-7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inversiones y Asesor&#237;as Capital y Rentas Ltda.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(7)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related Associate</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of shares</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,966</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.173.468-7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="28%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Fondo de Inversi&#243;n Privado Mallorca</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(7)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related Associate</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="13%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of shares</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#ccffcc width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,437,410</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="9%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="82%" colSpan=7 align=left><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif>Totales</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="9%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,484,790</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="9%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>620,868</B></FONT>&nbsp;</TD></TR></TABLE>

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

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

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

<P style="TEXT-ALIGN: center">F - 56</P>

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   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Most significant transactions and effects on results:</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 3.9pt 0pt 0cm"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

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



<TR>

   <TD width="9%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&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 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=6 width="9%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff><FONT size=1 face=Arial>TAX ID</FONT></FONT></B></FONT></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=6 width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Company</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=6 width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Country of origin</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=6 width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Relationship</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=6 width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Transaction</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="12%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>2011</FONT></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="12%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>2010</FONT></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="12%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>2009</FONT></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="6%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Amounts</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="6%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>(Charges) /Credits </FONT></FONT><FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>(Effect on Income)</FONT></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="6%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Amounts</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="6%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>(Charges) /Credits </FONT></FONT><FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>(Effect on Income)</FONT></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="6%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>Amounts</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="6%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>(Charges) /Credits </FONT></FONT><FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>(Effect on Income)</FONT></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>ThCh$</FONT></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>ThCh$</FONT></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>ThCh$</FONT></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>ThCh$</FONT></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>ThCh$</FONT></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="6%" align=center><FONT color=#ffffff size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT color=#ffffff>ThCh$</FONT></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Anheuser Busch Internacional, Inc (*)</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Estados Unidos</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholdes</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>631,897</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>156,210</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Anheuser Busch Internacional, Inc (*)</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Estados Unidos</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholdes</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,882,262</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,389,186</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,234,646</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,706,825</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Anheuser Busch Latin America Development Corporation</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Estados Unidos</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>License and technical assistance</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,193,553</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,193,553)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,598,574</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,598,574)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecer&#237;a Modelo S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>M&#233;xico</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>License and technical assistance</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>178,699</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(178,699)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>165,501</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(165,501)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecer&#237;a Modelo S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>M&#233;xico</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>166,645</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecer&#237;a del Tr&#243;pico</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>M&#233;xico</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Advertising contribution</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>624,076</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>624,076</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>115,166</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>115,166</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecer&#237;a del Tr&#243;pico</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>M&#233;xico</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,129,564</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,291,434</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Heineken Brouwerijen B.V</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Holanda</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Billed service</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>55,993</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(55,993)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Heineken Brouwerijen B.V</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Holanda</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>176,616</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>30,750</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>144,600</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>144,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Heineken Brouwerijen B.V</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Holanda</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>192,095</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Heineken Brouwerijen B.V</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Holanda</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,206,474</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>458,460</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>944,793</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>359,021</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>677,341</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>265,946</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Heineken Brouwerijen B.V</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Holanda</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>License and technical assistance</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,042,868</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,042,868)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,008,841</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,008,841)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,710,108</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,710,108)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Heineken Italia Spa.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Italia</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Advertising contribution</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,689</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,689</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>58,043</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>58,043</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Heineken Italia Spa.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Italia</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>90,266</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>33,196</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Nestle Waters Argentina S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Italia</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholdes</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Technical assistance</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>30,497</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(30,497)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>30,513</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(30,513)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>32,965</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(32,965)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0-E</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Nestle Waters S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Italia</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholdes</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Royalty</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>67,137</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(67,137)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>98,972</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(98,972)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>56,699</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(56,699)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>90.703.000-8</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Nestle Chile S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Italia</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholdes</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Dividends paid</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,829,774</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,345,689</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>630,404</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.736.010-k</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Promarca S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Royalty Paid</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,185,155</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,185,155)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,268,106</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,268,106)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,195,439</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,195,439)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>77.051.330-8</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cerveceria Kunstmann Ltda</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholdes</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>216,971</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>161,919</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>212,063</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>169,650</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>173,967</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>139,174</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>77.051.330-8</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cerveceria Kunstmann Ltda</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholdes</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Services of invoicing</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>83,672</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>62,442</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>54,308</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>54,308</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>104,183</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>104,183</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>77.755.610-k</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Comercial Patagona Ltda.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Joint venture</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Marketing services</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>147,493</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(147,493)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96,714</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(96,714)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76,418</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(76,418)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>77.755.610-k</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Comercial Patagona Ltda.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Joint venture</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,338,141</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>548,638</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,149,652</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>528,840</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>702,648</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>289,851</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>81.805.700-8</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Coop.Agr.Control Pisquero Ltda.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholdes</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Loan</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>23,684</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,056</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>23,519</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,643</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>23,514</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,495</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>81.805.700-8</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Coop.Agr.Control Pisquero Ltda.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholdes</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Dividends paid</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>740,121</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>533,449</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>367,229</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>81.805.700-8</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Coop.Agr.Control Pisquero Ltda.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Shares of subsidiary</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Grape purchase</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,922,212</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,296,838</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,660,216</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>90.081.000-8</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Chilena de Fosforo</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary Shareholders</FONT></TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Dividends paid</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,000,006</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,573,852</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>177,590</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.427.000-7</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inversiones y Rentas S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Dividends paid</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>34,134,370</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>39,480,557</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>30,575,169</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.919.980-7</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecer&#237;a Austral S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>447,818</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>424,866</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>381,857</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>362,286</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>397,714</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>265,021</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.919.980-7</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecer&#237;a Austral S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Royalty paid</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>216,856</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>216,856</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>75,374</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>75,374</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>135,837</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(135,837)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.919.980-7</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecer&#237;a Austral S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Royalty charged</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>192,628</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(192,628)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>267,303</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(267,303)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>489,737</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(489,737)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.919.980-7</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecer&#237;a Austral S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,293,195</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,933,687</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>757,572</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97.004.000-5</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco de Chile</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Services</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>119,388</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(119,388)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>181,178</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(181,178)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>128,927</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(128,927)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97.004.000-5</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco de Chile</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>37,984</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,574</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>44,191</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,048</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>30,126</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,075</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97.004.000-5</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco de Chile</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivatives</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>35,101,844</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(87,148)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,125,909</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(102,486)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,586,430</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>81,863</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97.004.000-5</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco de Chile</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Investments</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>143,679,043</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>935,070</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>127,401,011</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>246,018</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>80,031,416</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>250,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97.004.000-5</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco de Chile</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Leasing Pay</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>343,386</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>49,424</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>335,218</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>61,266</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>329,712</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>73,152</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.531.920-9</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vi&#241;a Valles de Chile S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture until Dec. 2011</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Billing of services</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>157,332</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22,957</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22,957</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>32,310</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>32,310</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.531.920-9</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vi&#241;a Valles de Chile S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture until Dec. 2011</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>21,935</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>21,935</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,639</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>871</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,581</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,955</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.531.920-9</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vi&#241;a Valles de Chile S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture until Dec. 2011</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>89,744</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,862</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>235,885</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>285,107</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.531.920-9</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vi&#241;a Valles de Chile S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture until Dec. 2011</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Remittance paid</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,241,975</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,341,762</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,409,800</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.531.920-9</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vi&#241;a Valles de Chile S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture until Dec. 2011</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Remittance received</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,722,942</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,397,762</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,372,762</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.542.980-2</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU.S.A</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interests</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>344,180</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>344,180</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>164,004</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>164,004</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>93,199</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>93,199</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.542.980-2</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU.S.A</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Lease paid</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,809,630</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>335,715</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>41,033,604</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.542.980-2</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU.S.A</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Services</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,476,491</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,476,491</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,574,378</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,574,378</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,705,216</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,705,216</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.542.980-2</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU.S.A</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Services</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>68,058</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(68,058)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>103,177</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(103,177)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>159,811</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(159,811)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.542.980-2</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU.S.A</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Consignment sales</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,302,926</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,956,650</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,262,382</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.542.980-2</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU.S.A</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Joint venture</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sales of products</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>747,865</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>344,018</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>672,683</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>309,434</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>921,784</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>424,021</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>84.898.000-5</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Alusa S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiary related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>757,722</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>969,567</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>846,150</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.115.132-0</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Canal 13 S.P.A</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Adverstising</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,004,581</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,765,844)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.657.690-7</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inversiones Punta Brava S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Services paid</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,491</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(8,491)</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.571.220-8</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banchile Corredores de Bolsa S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent company related</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Investments</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,880,000</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19,486</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>60,840,500</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>30,042</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>128,667,350</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>44,516</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>79.903.790-4</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Soc. Agr&#237;cola y Ganadera Rio Negro Ltda.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related to the controller</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Recovery from division</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,163,161</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>85,868</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.178.803-5</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vi&#241;a Tabal&#237; S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related to the controller</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Recovery of expenses by division</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,753,549</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.178.803-5</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vi&#241;a Tabal&#237; S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related to the controller</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Recovery from division</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,127,054</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.178.803-5</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vi&#241;a Tabal&#237; S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related to the controller</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Collected invoices</FONT></TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>83,878</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>83,878</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>81.805.700-8</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Pisquera Bauza S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Associate of Subsidiary</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Royalty</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,860</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.029.691-0</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Comarca S.A.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related Associate</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Access Fee</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>797,592</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2.011.044-9</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Lorenzo Bauza Alvarez</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related Associate</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of shares</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,421</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.024.758-8</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inversiones y Asesor&#237;as Monterroso Ltda.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related Associate</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of shares</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,966</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.024.756-1</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inversiones y Asesor&#237;as El Salto Ltda.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related Associate</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of shares</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,966</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.024.774-K</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inversiones y Asesor&#237;as La Abadesa Ltda.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related Associate</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of shares</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,966</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.023.031-6</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inversiones y Asesor&#237;as Buena Esperanza Ltda.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related Associate</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of shares</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,966</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.024.767-7</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inversiones y Asesor&#237;as Capital y Rentas Ltda.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related Associate</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of shares</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,966</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.173.468-7</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Fondo de Inversi&#243;n Privado Mallorca</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related Associate</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of shares</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,437,410</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>87.938.700-0</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Agroproductos Bauza y C&#237;a Ltda.</FONT>&nbsp;</TD>

   <TD width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chile</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Related Associate</FONT>&nbsp;</TD>

   <TD width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Purchase of products</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>572,859</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="6%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm" align=center><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center">F - 57</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>&nbsp;Remuneration of the Management key employees</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 in subsequent board meetings. On May 4, 2011, Mr. Giorgio Maschietto Montuschi resigned as Director of the Company, and was replaced by Jorge Luis Ramos at Board Meeting held on the same date.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As agreed at the General Shareholders Meeting held on April 15, 2011, 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 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>According to the above, as of December 31, 2011, the Directors received ThCh$ 2,317,754 (ThCh$ 2,416,295 in 2010) in per diems and shares. In addition, ThCh$ 107,298 (ThCh$ 110,355 in 2010) were paid in compensation for gains sharing to the main executives of the Parent Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The following is the total remuneration received by the top officers of the parent company during the years ended as of December 31, 2011 and 2010:</FONT></P>

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<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 rowSpan=3 width="70%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="30%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>M$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Salaries</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,891,983</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,541,653</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Employees&#8217; short-term benefits</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,629,514</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,107,174</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Employments termination benefits</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>850,733</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>237,740</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>7,372,230</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>6,886,567</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt">&nbsp;</H1></DIV>

<P style="TEXT-ALIGN: center">F - 58</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 44.25pt">

   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=ES-CL color=#003300 face=Arial,sans-serif><FONT style="FONT-FAMILY: Arial">Note 17 </FONT></FONT></B><FONT style="FONT-FAMILY: Arial">
<B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>Inventories</FONT></B></A></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The inventory balances were as follows:</FONT></P>

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



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="70%" align=center><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Finished products</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>34,799,800</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>27,181,274</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>In process products</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,046,718</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>823,273</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Agricultural exploitation</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,981,943</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,609,586</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Raw material</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>79,194,053</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>71,305,263</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>In transit raw material</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,704,060</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,082,695</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Materials and products</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,681,613</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,525,501</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Realizable net value estimate and obsolescence</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,873,003)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,174,334)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>128,535,184</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>108,353,258</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company wrote down a total of ThCh$ 398,673, ThCh$ 337,866 and ThCh$ 366,867 relating to inventory shrinkage and obsolescence for the years ended December 31, 2011, 2010 and 2009, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Movement above estimate is as follows:</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 rowSpan=4 width="55%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2009</FONT></B></FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Initial balance</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,174,334)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,437,917)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(889,810)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inventories write-down estimation</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(956,163)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(873,093)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(733,629)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inventories recognised as an expense</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>561,531</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,136,676</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>185,522</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Business combination effect</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(304,037)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(1,873,003)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(1,174,334)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(1,437,917)</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>For the year ended December 31, 2010 all inventories destroyed by the earthquake of February 27, 2010, have been written off.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011 and 2010, the Company does not have any inventory pledged to guarantee financial obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: center">F - 59</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=ES-CL color=#003300 face=Arial,sans-serif><FONT style="FONT-FAMILY: Arial">Note 18 </FONT></FONT></B><FONT style="FONT-FAMILY: Arial">
<B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>&nbsp;</FONT></B><B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-GB color=#003300>Other non-financial assets</FONT></B></A></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company maintained the following other non-financial assets:</FONT></P>

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



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="70%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Insurance paid</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,583,431</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,852,346</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Advertising</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,468,713</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,673,793</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Advances to suppliers</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,461,077</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,210,643</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Guarantees paid</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>248,928</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>236,733</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Consumables</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>386,503</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>396,592</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Dividends receivable</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,505,396</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,349,773</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Recoverable taxes</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,157,505</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,062,954</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cost of subsidiary acquired (1)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,134,509</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>751,207</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>399,314</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>14,562,760</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>18,316,657</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Current</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,565,924</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,489,913</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non current</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,996,836</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,826,744</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>14,562,760</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>18,316,657</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1) </FONT><FONT color=#339966 size=1 face=Helvetica-BoldOblique,Arial,Helvetica,sans-serif><B><I>See Note 8 Business combination, letter a)</I></B></FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>.</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 12pt" lang=EN-GB color=#003300>Note 19 </FONT></B><FONT style="FONT-FAMILY: Arial">
<B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-GB color=#003300>Investments accounted by the equity method</FONT></B></A></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB 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 color=#003300 face=Arial,sans-serif>Joint ventures and Associates</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011 and 2010, the Company has a direct interest until 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., Compa&#241;&#237;a Pisquera Bauz&#225; S.A. and Promarca S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The share value of the investments in joint ventures and associates is as follows:</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&nbsp;</FONT></P>

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



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="70%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecer&#237;a Austral S.A. (1)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,669,081</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,608,402</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A. (2)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,849,839</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,040,648</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Promarca S.A. (3)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,683,016</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,682,781</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vi&#241;a Valles de Chile S.A. (4)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,264,212</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Pisquera Bauz&#225; S.A. (5)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,721,741</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>39,923,677</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>42,596,043</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 60</P>

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<TR style="HEIGHT: 44.25pt">

   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

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



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="70%" align=center><FONT><FONT color=#ffffff>&nbsp; </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecer&#237;a Austral S.A.</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,894,770</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 5px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,894,770</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Promarca S.A.</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,519,364</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 5px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,519,364</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 5px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>3,414,134</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 5px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>3,414,134</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The results accrued in joint ventures and associates are as follows: </FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 rowSpan=3 width="55%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecer&#237;a Austral S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>130,255</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>155,732</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>103,311</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Foods Compa&#241;&#237;a de Alimentos CCU S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(190,810)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(354,338)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>51,364</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Promarca S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,767,564</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,649,772</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,256,871</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vi&#241;a Valles de Chile S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(637,698)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(485,044)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(62,402)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Pisquera Bauz&#225; S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,069,311</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>966,122</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,349,144</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The changes of the investment in joint ventures and associates during such periods were as follows:</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 rowSpan=3 width="55%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Beginning balance</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>42,596,043</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>43,284,760</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>42,341,048</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Investments in joint ventures</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,721,741</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,036,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Participation in the joint ventures profit/loss</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,069,311</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>966,122</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,349,144</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Business combination (1)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,626,514)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Dividends</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,837,463)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,649,773)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,444,566)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other changes</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>559</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,066)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,634</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>39,923,677</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>42,596,043</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>43,284,760</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(1) This amount is related by the business combination done in Vi&#241;a Valles de Chile S.A., in which this company ceased to be a joint venture and became a subsidiary of VSPT.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 61</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Following are the significant matters regarding the investments accounted by the equity method:</FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><I><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=EN-GB color=#003300 face="Times New Roman">(1) Cervecer&#237;a Austral S.A. </FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>It is a closed stock company that operates a beer manufacturing facility in the southern end of Chile, being the southern most breweries in the world.</FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>(2) </FONT></I></B>
<B><I><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=ES-CL color=#003300 face="times new roman">Foods Compa&#241;&#237;a de Alimentos CCU S.A</FONT></I></B></A><B><I><FONT style="FONT-SIZE: 11pt" lang=ES-CL color=#003300 face=Arial,sans-serif>. </FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>It is a 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></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#003300 face=Arial,sans-serif>(3) </FONT></I></B>
<B><I><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=EN-GB color=#003300 face="times new roman">Promarca S.A.</FONT></I></B></A></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>It is a closed stock company with its main activity brings the acquisition, development and administration of trademarks and their corresponding licenses to their operators.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 ThCh$ 1,513,922.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>At December 31, 2011, Promarca S.A. recorded a profit of ThCh$ 3,535,127 (ThCh$ 3,299,547 in 2010), which in accordance with the Company&#180;s policies is 100% distributable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The companies aforementioned in paragraphs (1) to (3) 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></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><I><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=ES color=#003300 face="Times New Roman">(4) Vi&#241;a Valles de Chile S.A. </FONT></I></B></H3>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>It is a closed stock company, devoted to the production of Premium wines of the Tabal&#237; and Leyda vineyards.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>On September 6, 2011, at the Board Meeting of Vi&#241;a San Pedro Tarapac&#225; S.A. (VSPT), it was agreed to divide Vi&#241;a Valles de Chile S.A. (VDC) whose owners were VSPT and Agr&#237;cola y Ganadero R&#237;o Negro Limitada &nbsp;(ARN), by equal parts. VDC had two major vineyards: Vi&#241;a Tabal&#237; and Vi&#241;a Leyda, each located in unique valleys, prominent within the national wine industry and recognized internationally. Vi&#241;a Tabal&#237; has a winery and vineyards located in the Limar&#237; Valley; and, Vi&#241;a Leyda has vineyards and its operations in of Leyda Valley. Through this agreement, VSPT remains the 100% owner of Vi&#241;a Leyda (whose net assets remain within VDC) and ARN remains the 100% owner of Vi&#241;a Tabal&#237;. This transaction concluded on December 29, 2011, through a stock swap contract, and therefore from this date VDC became a subsidiary of VSPT with a percentage of direct and indirect participation of a 100%. From the month of December it is included in the consolidation of these Financial Statements.</FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><B><I><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=ES color=#003300 face="Times New Roman">(5) Compa&#241;&#237;a Pisquera Bauz&#225; S.A.</FONT></I></B></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On December 2, 2011, the subsidiary Compa&#241;&#237;a Pisquera de Chile S.A. (CPCh) signed a licence agreement for the commercialization and distribution of brand of pisco Bauz&#225; in Chile. In addition, this transaction considers, also, the acquisition by CPCh of 49% of the licensor society Compa&#241;&#237;a Pisquera Bauz&#225; S.A, owner of the brand Bauz&#225; in Chile, &nbsp;and the family Bauz&#225; hold 51% of that company and the whole of productive assets, which continue linked to the production of pisco Bauz&#225;, thus maintaining its quality, origin and premium character. The total cost of this transaction as of December 31, 2011, was ThCh$ 4.721.741 and the total disbursement was ThCh$ 2,456,489.&nbsp; At the date of issuance of these consolidated financial statements the Company is in the process of assessing the fair values.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 62</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The summarized financial information of the main items in the financial statements of the aforesaid companies as of December 31, 2011, 2010 and 2009, appears in detail in </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Note 7</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>. &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company does not have contingent liabilities related to joint ventures and associates as of December 31, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

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

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 12pt" lang=ES-CL color=#003300>Note 20 </FONT></B><FONT style="FONT-FAMILY: Arial">
<B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>&nbsp;Intangible Assets</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=ES-CL color=#003300> (net)</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The intangible assets movement during the years ended as of December 31, 2010 and 2011, was as follows:</FONT></P>

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   <TD width="40%">&nbsp;</TD>

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

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="40%" align=center><FONT><FONT color=#ffffff>&nbsp; </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="12%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Trademarks</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Software </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>programs</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="12%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Water rights</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="12%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Distribution rights</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="12%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total</FONT></B></FONT></TD></TR>

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<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="100%" colSpan=6 align=left><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>As of January 1, 2010</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>30,713,542</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>12,754,248</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>603,166</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>44,070,956</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Accumulated amortization</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(10,765,505)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(10,765,505)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>30,713,542</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>1,988,743</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>603,166</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>33,305,451</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="100%" colSpan=6 align=left><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Additions</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>193,768</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>3,729,733</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>53,809</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>3,977,310</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Amortization</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1,000,282)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1,000,282)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1,266,728)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(33,530)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1,300,258)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>29,640,582</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>4,684,664</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>656,975</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>34,982,221</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="100%" colSpan=6 align=left><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>As of January 1, 2011</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>29,640,582</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>16,450,451</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>656,975</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>46,748,008</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Accumulated amortization</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(11,765,787)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(11,765,787)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>29,640,582</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>4,684,664</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>656,975</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>34,982,221</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="100%" colSpan=6 align=left><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2011</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Additions</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>29,110</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>1,434,863</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>47,993</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>519,200</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>2,031,166</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="40%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Additions by business combination</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>5,070,578</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>5,070,578</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>fx differences</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(6,082)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(6,082)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Amortization</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1,028,169)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(123,718)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(1,151,887)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>235,276</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>11,988</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>247,264</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>34,975,546</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>5,103,346</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>704,968</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>389,400</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>41,173,260</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="100%" colSpan=6 align=left><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2011</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>34,975,546</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>17,897,302</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>704,968</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>519,200</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>54,097,016</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Accumulated amortization</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(12,793,956)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(129,800)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(12,923,756)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>34,975,546</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>5,103,346</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>704,968</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>389,400</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="12%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>41,173,260</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company does not maintain any pledge or restriction on intangible assets. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The detail of the Trademarks appears below:</FONT></P>

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



<TR>

   <TD width="47%">&nbsp;</TD>

   <TD width="17%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="47%" align=center><FONT color=#ffffff size=1 face=Arial>Trademarks</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=2 width="17%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=2 width="18%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=2 width="18%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2009</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="17%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="18%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="18%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="47%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Commercial brands Argentinean beers</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>9,694,493</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>9,459,217</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>10,723,991</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="47%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Commercial brands Argentinean cider</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>3,975,088</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="47%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Commercial brands Chilean beers</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>304,518</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>286,518</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>286,518</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="47%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Commercial brands Spirits</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>1,244,748</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>1,233,638</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>1,039,870</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="47%" align=left><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Commercial brands wines</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>19,756,699</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>18,661,209</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>18,663,163</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="47%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="17%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>34,975,546</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="18%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>29,640,582</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="18%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>30,713,542</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Management has not seen any evidence of impairment of Intangible assets.</FONT></P>

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

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

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

<P style="TEXT-ALIGN: center">F - 63</P>

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   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></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"><B><FONT style="FONT-SIZE: 12pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Note 21 Goodwill</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The goodwill movements during the years ended as of December 31, 2010 and 2011, was as follows:</FONT></P>

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



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="30%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 rowSpan=2 width="70%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="30%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Goodwill</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="30%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=2 align=left><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>As of January 1, 2010</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>70,170,118</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="30%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>70,170,118</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>(2,408,712)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="30%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>67,761,406</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of January 1, 2011</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>67,761,406</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="30%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>67,761,406</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2011</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Additions by business combination</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>1,232,417</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>447,384</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="30%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>69,441,207</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2011</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>69,441,207</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accumulated amortization</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="30%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>69,441,207</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company does not maintain any pledge or restriction on goodwill.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

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



<TR>

   <TD width="25%">&nbsp;</TD>

   <TD width="45%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=6 width="25%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Segment</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="45%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Cash Generating Unit</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2011</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="45%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>(CGU)</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Beer Argentina</FONT>&nbsp;</TD>

   <TD width="45%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CCU Argentina S.A. y filiales</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,435,573</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,988,189</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cider Argentina</FONT>&nbsp;</TD>

   <TD width="45%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CCU Argentina S.A. y filiales</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,232,417</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non alcoholic</FONT>&nbsp;</TD>

   <TD width="45%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Embotelladora Chilenas Unidas S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,563,763</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,563,763</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Wines</FONT>&nbsp;</TD>

   <TD width="45%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vi&#241;a San Pedro Tarapac&#225; S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>32,400,266</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>32,400,266</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Spirits</FONT>&nbsp;</TD>

   <TD width="45%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Pisquera de Chile S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,808,549</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,808,549</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD width="45%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>639</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>639</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="25%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="45%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>69,441,207</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>67,761,406</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company has not seen any evidence of impairment of goodwill.</FONT></P>

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

<P style="TEXT-ALIGN: center">F - 64</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Note 22 Property, plant and equipment</FONT></B></H1>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The movement of Property, plant and equipment as of December 31, 2010 and 2011, is as follows:</FONT></P>

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



<TR>

   <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>

   <TD width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=6 width="30%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Land, buildings and </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>contruction</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Machinery and </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>equipment</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Bottles and </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>containers</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Other Equipment</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Assets under </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>contruction</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Furniture, </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>accesories and </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>vehicles</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=8 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of January 1, 2010</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>347,615,660</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>271,197,195</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>182,468,162</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>67,898,564</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>59,814,674</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>29,823,432</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>958,817,687</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accumulated depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(88,274,446)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(175,697,695)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(127,883,066)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(56,995,219)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(19,715,951)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(468,566,377)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="30%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>259,341,214</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>95,499,500</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>54,585,096</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>10,903,345</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>59,814,674</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>10,107,481</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>490,251,310</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=8 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Additions</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>70,066,196</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>70,066,196</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Conversion effect historic cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,523,957)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(4,084,318)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,142,520)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,022,320)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(23,888)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(162,783)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(9,959,786)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Transfers</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,442,636</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,933,869</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,497,263</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,603,937</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(65,152,398)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,674,693</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Divestitures</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(215,284)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(647,930)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(95,896)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(479,286)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(208,408)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,646,804)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(8,198,928)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(15,865,324)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(13,203,508)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,551,754)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(4,376,894)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(44,196,408)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Conversion effect depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>226,855</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,616,938</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>865,818</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>809,715</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>128,385</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,647,711</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="30%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>264,072,536</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>93,452,735</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>57,506,253</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>16,263,637</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>64,704,584</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>12,162,474</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>508,162,219</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=8 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>360,319,055</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>283,398,816</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>197,727,009</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>75,000,895</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>64,704,584</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>36,126,934</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,017,277,293</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accumulated depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(96,246,519)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(189,946,081)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(140,220,756)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(58,737,258)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(23,964,460)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(509,115,074)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="30%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>264,072,536</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>93,452,735</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>57,506,253</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>16,263,637</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>64,704,584</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>12,162,474</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>508,162,219</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=8 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2011</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Additions</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>81,526,929</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>81,526,929</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Additions by business combination</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,720,900</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,746,048</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>590,195</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>228,728</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>204,575</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,490,446</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Additions of depreciation accumulated by business combination</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,002)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(16,435)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(12,961)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,098)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(33,496)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Conversion effect historic cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>482,882</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>812,518</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>500,295</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>215,911</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,660</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>33,347</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,053,613</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Transfers</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,918,012</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>28,950,367</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19,380,432</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,803,547</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(77,883,015)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,830,657</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Divestitures</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(482,799)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(333,174)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(105)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(20,906)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(86,693)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(923,677)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Write off</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,854)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,884,743)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(47,375)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(54,180)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,471)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,991,623)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(7,923,464)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(17,085,489)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(13,140,353)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,390,393)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,048,769)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(46,588,468)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Conversion effect depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(44,820)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(318,269)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(193,232)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(167,045)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(23,467)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(746,833)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="30%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>285,736,391</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>107,323,558</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>64,583,149</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>19,650,571</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>68,585,886</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>11,069,555</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>556,949,110</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=8 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2011</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>389,954,196</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>314,689,832</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>218,150,451</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>81,945,267</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>68,585,886</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>40,107,349</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,113,432,981</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="30%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accumulated depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(104,217,805)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(207,366,274)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(153,567,302)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(62,294,696)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(29,037,794)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(556,483,871)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="30%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>285,736,391</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>107,323,558</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>64,583,149</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>19,650,571</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>68,585,886</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>11,069,555</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>556,949,110</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 65</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_67"></A>

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<TR style="HEIGHT: 44.25pt">

   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The balance of the land at the end of each year is as follows: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

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

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



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="70%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Land</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>157,235,851</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>152,001,990</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>157,235,851</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>152,001,990</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The costs of capitalized interest as of December 31, 2011, amount to ThCh$ 331,320 (ThCh$ 810,725 in 2010).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company does not maintain pledges or restrictions over property, plant and equipment items, except for the land and building under finance lease.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Management has not seen any evidence of impairment of Property, plant and equipment in 2011 and 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>For the year ended December 31, 2010, all Property, plant and equipment destroyed by the earthquake of February 27, 2010, were written off.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Assets under finance lease:</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB 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;</FONT></P>

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



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="70%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Lands</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,840,483</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,704,170</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Buildings</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,879,886</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,849,554</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Machinery and equipment</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,276,529</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,065,189</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>12,996,898</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>12,618,913</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Note 27</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>, </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>letter b)</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif> 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&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>

<P style="TEXT-ALIGN: center">F - 66</P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_68"></A>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=ES-CL color=#003300 face=Arial,sans-serif><FONT style="FONT-FAMILY: Arial">Note 23 </FONT></FONT></B><FONT style="FONT-FAMILY: Arial">
<B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>&nbsp;Investment Property </FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Changes in the movement of the investment property during the years ended of December 31, 2010 and 2011, is as follows:</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 rowSpan=2 width="55%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Land</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Buildings</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=4 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of January 1, 2010</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,231,442</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>60,121</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,291,563</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(255)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(255)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>15,231,442</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>59,866</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>15,291,308</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=4 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Additions</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>497,101</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>502,119</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Disposals (1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(7,992,603)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(7,992,603)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(4,129)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(4,129)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(393,420)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(393,420)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,850,437</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>552,838</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>7,403,275</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=4 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,850,437</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>557,222</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,407,659</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(4,384)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(4,384)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,850,437</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>552,838</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>7,403,275</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=4 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2011</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Additions</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>136,265</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>136,573</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>272,838</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Additions (cost) from business combinations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,533</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>108,374</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>111,907</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Additions (depreciation) from business combinations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(9,379)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(9,379)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Disposals</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,533)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(98,995)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(102,528)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(41,650)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(41,650)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>73,197</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,915</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>86,112</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>7,059,899</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>660,676</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>7,720,575</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=4 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2011</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,059,899</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>713,568</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,773,467</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accumulated depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(52,892)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(52,892)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>7,059,899</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>660,676</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>7,720,575</B></FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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$ 3,938 revenue during year 2011 (ThCh$ 3,815 in 2010). Besides, there are two lands in Argentina, which are leased and generated an income for ThCh$ 174,922 for year 2011 (ThCh$ 45,690 in 2010). In addition, the expenses associated with such investment properties amount to ThCh$ 107,813 for the year ended as of December 31, 2011 (ThCh$ 92,080 in 2010).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The values associated to the investment properties maintained by the Company as of December 31, 2011 are valued within the market value for properties with the same characteristics.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Management has not seen any evidence of impairment of Investment property.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company does not maintain any pledge or restriction over investment property items.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(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></P>

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<P style="TEXT-ALIGN: center">F - 67</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#003300 face=Arial,sans-serif><FONT style="FONT-FAMILY: Arial">Note 24 </FONT></FONT></B><FONT style="FONT-FAMILY: Arial">
<B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US color=#003300>Assets of disposal group held for sale</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=arial,sans-serif>During the year 2010, the Company hired a specialist broker for such assets. Subsequently, on December 13, 2011, a sales reservation contract was signed for all of the assets, and the formalization of this is expected to occur during the first semester of the year 2012. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As described in </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Note 2.17</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>, non-current assets held for sale have been recorded at the lower of book value and estimated sale value December 31, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>At December 31, 2011 and 2010, the items of assets held for sale are the following:</FONT></P>

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<TR>

   <TD width="64%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="64%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Assets of disposal group held for sale</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="18%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="18%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="18%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="18%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

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   <TD width="64%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Land</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>125,692</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>122,646</FONT>&nbsp;</TD></TR>

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   <TD width="64%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Contructions</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>231,283</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>225,678</FONT>&nbsp;</TD></TR>

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   <TD width="64%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Machinerys</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px" bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>152,700</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>149,000</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="64%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 7px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="18%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>509,675</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 7px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="18%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>497,324</B></FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&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"><B><FONT style="FONT-SIZE: 12pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Note 25 Biological Assets</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011, the Company maintained approximately 4,358, of which 4,226 hectares are for vines in production stage. Of the total hectares mentioned above, 4,043 correspond to own land and 315 to leased land.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>During 2011 the production plant vines allowed to harvest a total of approximately 45.7 million kilos of grapes (41.9 million in 2010).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Under production vines depreciation is carried out on a linear basis and it is based on the 25-years estimated production useful life, which is periodically assessed. Vines under formation are not depreciated until they start production. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The costs incurred for acquiring and planting new vines are capitalized.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company uses the amortized historical cost to value its biological assets, the basis that management considers that it represents a reasonable approximation to fair value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>There is no evidence of impairment on the biological assets held by the Company.</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>

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<P style="TEXT-ALIGN: center">F - 68</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

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   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The movement of biological assets during the years ended December 31, 2010 and 2011, is as follows:</FONT></P>

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<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 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="55%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Biological Assets</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Under </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Production </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Vines</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Training vines</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=4 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of January 1, 2010</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>25,394,428</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>870,248</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26,264,676</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accumulated depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(9,364,041)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(9,364,041)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>16,030,387</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>870,248</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>16,900,635</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=4 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Additions</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,137</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>758,254</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>808,391</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(935,795)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(935,795)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(104,601)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(104,601)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>15,040,128</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,628,502</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>16,668,630</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=4 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>25,339,964</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,628,502</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26,968,466</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accumulated depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(10,299,836)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(10,299,836)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>15,040,128</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,628,502</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>16,668,630</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=4 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2011</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Additions</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>595,752</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>595,752</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Additions (cost) from business combinations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,000,156</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,134,892</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,135,048</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Additions (depreciation) from business combinations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(30,238)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(30,238)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Historic cost conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>27,643</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>27,643</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Transfers</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>831,726</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(831,726)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,066,891)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,066,891)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Depreciation conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(9,396)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(9,396)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>15,793,128</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,527,420</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>18,320,548</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=4 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2011</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Historic Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>27,199,489</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,527,420</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>29,726,909</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accumulated depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(11,406,361)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(11,406,361)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Book Value</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>15,793,128</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,527,420</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>18,320,548</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Note 26 Income taxes and deferred taxes</FONT></B></H1>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 3pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-GB color=#339966 face=Arial,sans-serif>Tax accounts receivable</FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The detail of the taxes receivables is the following:</FONT></P>

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



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 rowSpan=3 width="70%" align=center><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 rowSpan=2 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 rowSpan=2 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Refundable tax previous year</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,041,453</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,543,992</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Taxes under claim</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,724,642</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,767,365</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Argentinean tax credits</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,945,063</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,224,330</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Monthly provisions</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,752,691</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,371,633</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Payment of absorbed profit provision</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>33,037</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other credits</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,780,402</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,243,667</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>17,277,288</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>14,150,987</B></FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</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>

<P style="TEXT-ALIGN: center">F - 69</P>

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   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Taxes accounts payable</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The detail of taxes payable taxes is as follows:</FONT></P>

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



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="70%" align=center><FONT><FONT color=#ffffff>&nbsp;&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>First category tax</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,544,710</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,699,684</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Monthly provisional payments - payable</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,831,294</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,776,423</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Article N&#186;21 unique tax</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>93,844</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>87,917</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Estimated minimum gain Argentine subsidiaries tax</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>288,714</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>332,846</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,844</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>393,843</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>16,761,406</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>8,290,713</B></FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Tax expense</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The detail of the income tax and deferred tax expense for the years ended as of December 31, 2011, 2010 and 2009, is as follows:</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="55%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Expense (income) as per deferred tax related to the origin and</FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>reversal of temporary differences</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,411,324)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,197,956)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,007,001)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Adjust the previous year</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(664,434)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(504,509)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>169,221</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Effect of change in tax rate (1)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>649,805</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(513,863)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Benefit originated by tax losses</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(170,372)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(239,683)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,605,661</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="55%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total income (loss) from deferred taxes</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(5,596,325)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(4,456,011)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>5,767,881</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Current tax expense</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(33,566,408)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(20,508,353)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(17,019,939)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Adjustments as regards prior period (2)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,727,623)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(182,300)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(471,615)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Income tax payment in other countries</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,509,385)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(Loss) Income from income tax</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(44,890,356)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(27,656,049)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(11,723,673)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=4 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1) The amount recorded for ThCh$ 649,805 is related to a change in tax rate, based on a modified tax in Chile. This change in tax rate is <FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>temporary, and raises the rate of 17% to 20% for year 2011 and 18.5% for year 2012, returning to 17% in year 2013.</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=4 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2) At December 31, 2011, this amount includes ThCh$ 4,273,112 that relate to a final settlement of tax (</FONT><FONT color=#339966 size=1 face=Helvetica-BoldOblique,Arial,Helvetica,sans-serif><B><I>See Note 35</I></B></FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>).</FONT></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</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"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The deferred taxes related to items charged or credited directly to Consolidated Statements of Comprehensive Income are as follows:</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 rowSpan=3 width="55%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Net income from cash flow hedge</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>42,580</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>79,447</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,106,335</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Charge (credit) to equity</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>42,580</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 6px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>79,447</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,106,335</B></FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Effective Rate</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company&#8217;s income tax expense as of December 31, 2011, 2010 and 2009, represents 24.6%, 18.7% and 7.6%, respectively of income before taxes. The following is reconciliation between such effective tax rate and the statutory tax rate valid in Chile.</FONT></P>

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

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<P style="TEXT-ALIGN: center">F - 70</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

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   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="40%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="60%" colSpan=6 align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>For the years ended December 31,</FONT></B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="20%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="20%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="20%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2009</FONT></B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Rate %</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Rate %</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Rate %</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Income before taxes</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>179,692,557</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>147,592,719</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>153,088,841</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Income tax using the statutory rate</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(35,938,511)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20.0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(25,090,762)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17.0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(26,025,103)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=7 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Adjustments to reach the effective rate</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Tax effects of reorganizations</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>94,319</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0.0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>562,285</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(0.4)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,123,491</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6.6)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Income Tax paid abroad</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0.0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,509,385)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1.7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Income not taxable (untaxed expenses) (net)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(319,420)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0.1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,127,667</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2.4)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,242,552</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(4.8)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Effect of change in tax rate</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>649,805</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(0.3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(513,863)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0.3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Effect of tax rates in Argentina</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,984,492)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1.6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(3,545,182)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2.4</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(2,762,219)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1.8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Adjustments as regards prior year</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,392,057)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(686,809)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0.1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(302,394)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0.2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Income tax, as reported</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(44,890,356)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>24.9</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(27,656,049)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>18.7</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(11,723,673)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>7.6</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Deferred taxes</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Deferred tax assets and liabilities included in the Balance Sheet were as follows:</FONT></P>

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



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="70%" align=center><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=3 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Deferred tax assets</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Accounts receivable impairment provision</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>899,648</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>776,207</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Employee benefits and others expenses non taxable</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,906,748</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,603,109</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inventory impairment provision</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>320,967</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>325,217</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Severance indemnity</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,821,309</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,604,771</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Inventory valuation</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,607,006</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>649,737</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivatives agreement</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>905,378</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,143,979</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Amortization of intangible</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>618,085</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>530,797</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other assets</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,742,310</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,144,770</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Tax loss carryforwards</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,985,328</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,767,474</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="70%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total assets from deferred taxes</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>18,806,779</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>18,546,061</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=3 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Deferred taxes liabilities</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Fixed assets depreciation</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>23,991,932</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,366,135</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Deposit for Bottles and containers</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,654,545</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,479,816</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Capitalized software expense</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>403,187</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>600,232</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Agricultural operation expense</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,143,585</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,584,797</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivatives agreements</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>666,730</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>72,386</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Manufacturing indirect activation costs</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,665,763</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,465,751</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Intangible</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,090,102</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,654,733</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Lands</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22,105,313</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20,535,997</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other liabilities</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>425,864</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,694,168</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="70%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total liabilities from deferred taxes</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>60,147,021</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>53,454,015</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(41,340,242)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(34,907,954)</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 and Associates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</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>

<P style="TEXT-ALIGN: center">F - 71</P>

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   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

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

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<TR>

   <TD width="75%">&nbsp;</TD>

   <TD width="25%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="75%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Analisys of the deferred tax movement during the year</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="25%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Deferred Taxes</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="25%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="75%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of January 1, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="25%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(26,673,153)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="75%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Deferred taxes from tax loss carryforwards absortion</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="25%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(4,445,375)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="75%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Convertion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="25%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>512,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="75%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Charge to income tax deferred</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="25%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(4,456,011)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="75%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Deferred taxes against equity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="25%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>79,447</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="75%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other movements of deferred taxes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="25%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>75,038</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="75%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Fiscal year movement</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="25%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(8,234,801)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="75%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="25%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(34,907,954)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="75%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="25%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="75%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Deferred taxes from tax loss carryforwards absortion</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="25%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(776,857)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="75%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Charge to income tax deferred</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="25%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,596,325)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="75%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Convertion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="25%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(107,593)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="75%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Deferred taxes against equity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="25%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>42,580</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="75%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other movements of deferred taxes</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="25%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,907</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="75%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Fiscal year movement</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="25%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(6,432,288)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="75%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="25%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(41,340,242)</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Note 27 Other financial liabilities </FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<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 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=6 width="64%" align=center><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="18%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="18%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2010</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="18%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 5px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="18%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bank borrowings (*)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>74,089,495</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>48,551,296</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bonds payable (*)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>151,973,634</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>160,899,845</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial leases obligations</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,078,576</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,856,614</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Derivatives (**)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>405,397</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,383,942</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Liability coverage (**)</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,513,399</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,275,325</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="64%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="18%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>247,060,501</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="18%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>232,967,022</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Current</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76,105,061</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,821,855</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non current</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>170,955,440</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>220,145,167</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="64%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="18%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>247,060,501</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="18%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>232,967,022</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(*) See </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Note <FONT style="FONT-SIZE: 9pt" face=Arial>5</FONT></FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(**) See </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Note 6</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 72</P>

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<TR style="HEIGHT: 44.25pt">

   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The maturities and interest rates of such obligations were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>As of December 31, 2011:</FONT></I></B></P>

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



<TR>

   <TD width="8%">&nbsp;</TD>

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

   <TD width="8%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

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

   <TD width="8%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="4%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Debtor tax ID</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="12%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Company</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Debtor country</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Lending party tax ID</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="12%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Creditor name</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Creditor country</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Currency</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="29%" colSpan=6 align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Undiscounting amounts according to maturity</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Amortization rate</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Interest Rate</FONT></B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>0 to 3 months</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>3 months to 1 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>year</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Over 1 year to 3 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>years</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="4%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Over 3 years to 5 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>years</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Over 5 years</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="4%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>%</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="20%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bank borrowings</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco San Juan</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>52,527</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>52,527 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.50</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco San Juan</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>52,527</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>52,527 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.50</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco San Juan</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>52,527</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>52,527</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><SUB><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></SUB><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.50</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco San Juan</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>52,378</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>52,378 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.50</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco San Juan</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>52,378</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>52,378 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.50</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco San Juan</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>52,378</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>52,378 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.50</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Santander Rio</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>183,560</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>183,560 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Santander Rio</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>106,133</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>106,133</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><SUB><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></SUB><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Santander Rio</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>78,469</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>78,469</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><SUB><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></SUB><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Supervielle</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>131,164</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>131,164 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6.50</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Patagonia</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>56,747</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>56,747 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco San Juan</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,308</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>50,308 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.50</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco San Juan</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>32,110</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>32,110 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.50</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco San Juan</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>53,955</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>53,955</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><SUB><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></SUB><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.50</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Supervielle</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>131,286</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>131,286</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Fondo para la Transformaci&#243;n y Crec.</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,308</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>11,308</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;Semiannual</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Fondo para la Transformaci&#243;n y Crec.</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,963</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>16,963</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;Semiannual</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Patagonia</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>55,447</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>55,447</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>BNA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>844</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>844</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>91.041.000-8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>VI&#209;A SAN PEDRO TARAPACA S.A. (1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97.004.000-5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco de Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,316,269</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,316,269</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1.18</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>91.041.000-8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>VI&#209;A SAN PEDRO TARAPACA S.A. (1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97.004.000-5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco de Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20,573</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,151,612</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,151,612</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,323,797</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica>At maturity</FONT>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1.86</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>91.041.000-8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>VI&#209;A SAN PEDRO TARAPACA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97.030.000-7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bnaco del Estado de Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,737,443</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,737,443</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left>&nbsp;<FONT size=1 face=Helvetica>At maturity</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>91.041.000-8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>VI&#209;A SAN PEDRO TARAPACA S.A. (2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97.004.000-5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco de Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>47,447</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,596,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,596,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,239,447</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left>&nbsp;<FONT size=1 face=Helvetica>At maturity</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1.86</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>COMPA&#209;&#205;A INDUSTRIAL CERVECERA S A</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Citibank</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,333,618</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,333,618</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left>&nbsp;<FONT size=1 face=Helvetica>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15.25</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>COMPA&#209;&#205;A INDUSTRIAL CERVECERA S A</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Frances</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>2,442,369</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT size=3 face="Times New Roman">&nbsp;</FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>2,442,369</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>15.25</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CCU CAYMAN BRANCH</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ISLAS CAIMAN</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>BBVA S.A. New York Branch</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>E.E U.U.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>36,381,447</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right>&nbsp;<FONT size=1 face=Helvetica>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>36,381,447</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>0.98</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.586.280-8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>COMPA&#209;&#205;A PISQUERA DE CHILE (V.A.)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.563.620-K</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Raboinvestments Chile S.A</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>224,333</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>9,961,114</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>10,185,447</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>5.75</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>SIDRA LA VICTORIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco HSBC</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>25,997</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>25,997</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>17.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>SIDRA LA VICTORIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Citibank</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>615,058</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>615,058</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>18.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>SIDRA LA VICTORIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco HSBC</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>14,751</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>14,751</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>17.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>SIDRA LA VICTORIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Frances</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>102,206</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>102,206</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>26.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>SIDRA LA VICTORIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Macro</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>492,420</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>492,420</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>21.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>SIDRA LA VICTORIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Patagonia</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>273,308</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>273,308</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>26.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>SIDRA LA VICTORIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco HSBC</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>243,846</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>243,846</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>26.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>SAENZ BRIONES &amp; CIA. S.A.C.I.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco HSBC</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>64,475</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>64,475</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>20.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>SAENZ BRIONES &amp; CIA. S.A.C.I.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Provincia</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>498,363</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>498,363</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>13.75</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>SAENZ BRIONES &amp; CIA. S.A.C.I.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Citibank</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>3,065,669</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>3,065,669</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>18.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>SAENZ BRIONES &amp; CIA. S.A.C.I.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco HSBC</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>74,278</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>74,278</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>17.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>SAENZ BRIONES &amp; CIA. S.A.C.I.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Patagonia</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>24,308</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>24,308</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>26.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>SAENZ BRIONES &amp; CIA. S.A.C.I.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Santander Rio</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>356,120</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>356,120</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>25.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>SAENZ BRIONES &amp; CIA. S.A.C.I.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco HSBC</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>488,065</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>488,065</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>SAENZ BRIONES &amp; CIA. S.A.C.I.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Macro</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>567,785</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="4%" align=right><FONT size=1 face=Helvetica>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica>567,785</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>21.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="61%" colSpan=7 align=left><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>Subtotal</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>3,899,635</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>62,588,644</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>3,853,604</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="4%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>3,747,612</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=right>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>-</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>&nbsp;74,089,495</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: center">F - 73</P>

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<TR style="HEIGHT: 44.25pt">

   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

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

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



<TR>

   <TD width="8%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

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   <TD width="5%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

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   <TD width="5%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Debtor tax ID</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="15%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Company</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="7%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Debtor country</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="20%" colSpan=2 align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Registration or ID No. Instrument</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Creditor country</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Currency</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="30%" colSpan=6 align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Undiscounting amounts according to maturity</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Amortization rate</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Interest Rate</FONT></B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>0 to 3 months</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>3 months to 1 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>year</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Over 1 year to 3 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>years</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Over 3 years to 5 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>years</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Over 5 years</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>%</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="100%" colSpan=15 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bonds payable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>91.041.000-8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>VI&#209;A SAN PEDRO TARAPACA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="20%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>415 13/06/2005 BONO SERIE A</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>605,661</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>408,231</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,648,221</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,651,641</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,231,565</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,545,319 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left>&nbsp;<FONT size=1 face=Helvetica>Semiannual</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.80</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>90.413.000-1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="20%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>388 18/10/2004 BONO SERIE E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,208,592</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,244,319</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,275,343</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,659,247</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>28,387,501 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left>&nbsp;<FONT size=1 face=Helvetica>Semiannual</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>90.413.000-1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="20%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>573 23/03/2009 BONO SERIE H</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>535,162</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>44,337,147</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>44,872,309 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left>&nbsp;<FONT size=1 face=Helvetica>Semiannual</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4.25</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>90.413.000-1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="20%" colSpan=2 align=left>&nbsp;<FONT size=1 face=Helvetica>572 23/03/2009 BONO SERIE I</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>553,380</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>66,615,125</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>67,168,505</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right>&nbsp;<FONT size=1 face=Helvetica>3.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="60%" colSpan=7 align=left><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>Sub-total</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>1,694,203</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>2,616,823</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>72,507,665</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>5,926,984</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>69,227,959</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=left><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>151,973,634</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=left>&nbsp; </TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=15>

   <P>&nbsp;</P>

   <P>&nbsp;</P></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Debtor tax ID</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="15%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Company</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="7%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Debtor country</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="10%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Lending party tax ID</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="10%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Creditor name</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Creditor country</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Currency</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="30%" colSpan=6 align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Undiscounting amounts according to maturity</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Amortization ate</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Interest Rate</FONT></B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>0 to 3 months</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>3 months to 1 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>year</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Over 1 year to 3 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>years</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Over 3 ears to 5 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ears</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Over 5 ears</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>%</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="100%" colSpan=15 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial leases obligations</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.981.310-6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>COMPA&#209;&#205;A CERVECERA KUNSTMANN S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97.004.000-5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco de Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>81,323</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>233,240</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>231,505</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>184,772</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,133</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>741,973 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left>&nbsp;<FONT size=1 face=Helvetica>Monthly</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5.80</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.981.310-6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>COMPA&#209;&#205;A CERVECERA KUNSTMANN S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97.015.000-5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Santander Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>21,793</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>67,778</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>112,976</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>202,547 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left>&nbsp;<FONT size=1 face=Helvetica>Monthly</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7.20</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>90.413.000-1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.012.000-5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Consorcio Nacional de Seguros S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,906</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>52,487</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>209,715</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>92,415</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,712,397</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,083,920 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left>&nbsp;<FONT size=1 face=Helvetica>Monthly</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7.07</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>76.077.848-6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CERVECERA BELGA DE LA PATAGONIA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97.015.000-5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Santander Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,600</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,800</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,801</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,801</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,134</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>50,136 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica>Monthly</FONT>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6.27</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="60%" colSpan=7 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subtotal</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>121,622</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>358,305</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>566,997</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>289,988</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,741,664</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,078,576</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="60%" colSpan=7 align=left><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>5,715,460</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>65,563,772</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>76,928,266</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>9,964,584</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>83,969,623</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=left><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>242,141,705</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=left>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>(1) This obligation is hedged by a Cross Currency Interest Rate Swap agreement </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>(Note 6</FONT></I></B><FONT style="FONT-STYLE: normal; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-GB color=#339966 face=Arial,sans-serif>)</FONT><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(2) </FONT><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>This obligation is hedged by a Cross Currency Rate Swap</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif> </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#339966 face=Arial,sans-serif>(</FONT></I></B><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Note 6</FONT></I></B><FONT style="FONT-STYLE: normal; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-GB color=#339966 face=Arial,sans-serif>)</FONT><B><I><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></I></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><STRONG><EM><FONT face=Arial></FONT></EM></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><STRONG><EM><FONT face=Arial></FONT></EM></STRONG>&nbsp;</P>

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

<P style="TEXT-ALIGN: center">F - 74</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

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   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>As of December 31, 2010:</FONT></I></B></P>

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<TR>

   <TD width="8%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="7%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Debtor tax ID</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="15%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Company</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="10%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Debtor country</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="7%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Lending party tax ID</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="10%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Creditor name</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Creditor country</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Currency</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="30%" colSpan=6 align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Undiscounting amounts according to maturity</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Amortization rate</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Interest Rate</FONT></B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>0 to 3 months</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>3 months to 1 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>year</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Over 1 year to 3 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>years</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Over 3 years to 5 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>years</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Over 5 years</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>%</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="100%" colSpan=15 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bank borrowings</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Patagonia</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>187,761</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>187,761&nbsp;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.50</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco San Juan</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>352,904</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>352,904&nbsp;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Patagonia</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>164,290</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>164,290 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica>At maturity</FONT>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.50</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Patagonia</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>196,982</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>196,982 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica>At maturity</FONT>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2.50</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco San Juan</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>71,440</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>71,440 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica>At maturity</FONT>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.50</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco San Juan</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>46,940</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>46,940&nbsp;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.50</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Supervielle</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>238,885</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>238,885&nbsp;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.75</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Patagonia</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>118,836</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>118,836&nbsp;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.25</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Santander Rio</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>165,985</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>165,985 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica>At maturity</FONT>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Santander Rio</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>165,715</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>165,715&nbsp;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica>At&nbsp;maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>FINCA LA CELIA S.A</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Fondo para la Transformaci&#243;n y Crec.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>27,587</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>27,587 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica>Semiannual</FONT>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>COMPA&#209;&#205;A INDUSTRIAL CERVECERA S A</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Citibank</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ARGENTINA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,780,240</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,780,240 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica>At maturity</FONT>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14.60</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.981.310-6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>COMPA&#209;&#205;A CERVECERA KUNSTMANN S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97.006.000-6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Cr&#233;dito e Inversiones</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>37,603</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>25,354</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>62,957 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left>&nbsp;<FONT size=1 face=Helvetica>Monthly</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4.29</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CCU CAYMAN BRANCH (1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>ISLAS CAIMAN</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>O-E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>BBVA S.A. New York Branch</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>E.E U.U.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>24,628</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>32,760,700</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>32,785,328&nbsp;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0.72</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.586.280-8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CIA PISQUERA DE CHILE (V.A.)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.563.620-K</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Raboinvestments Chile S.A</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$CH</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>224,332</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,961,114</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,185,446&nbsp;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5.75</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="8%" align=left><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>Subtotal</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="7%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>1,417,426</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>4,412,056</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>42,721,814</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=left><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>48,551,296</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=left>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=15>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Debtor tax ID</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="15%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Company</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="10%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Debtor country</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="17%" colSpan=2 align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Registration or ID No. Instrument</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Creditor country</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Currency</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="30%" colSpan=6 align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Undiscounting amounts according to maturity</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Amortization rate</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Interest Rate</FONT></B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>0 to 3 months</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>3 months to 1 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>year</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Over 1 year to 3 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>years</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Over 3 years to 5 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>years</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Over 5 years</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>%</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="100%" colSpan=15 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bonds payable</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>91.041.000-8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>VI&#209;A SAN PEDRO TARAPACA S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>415 13/06/2005 BONO SERIE A</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,210,894</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>784,654</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,169,358</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,175,689</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,509,550</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>23,850,145 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left>&nbsp;<FONT size=1 face=Helvetica>Semiannual</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.80</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>90.413.000-1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>388 18/10/2004 BONO SERIE E</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,127,657</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,070,733</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,099,285</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19,055,408</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>29,353,083 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left>&nbsp;<FONT size=1 face=Helvetica>Semiannual</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>90.413.000-1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>573 23/03/2009 BONO SERIE H</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>518,606</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>42,654,142</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>43,172,748 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left>&nbsp;<FONT size=1 face=Helvetica>Semiannual</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4.25</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>90.413.000-1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="17%" colSpan=2 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>572 23/03/2009 BONO SERIE I</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>445,010</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>64,078,859</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>64,523,869&nbsp;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica>At maturity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.00</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="60%" colSpan=7 align=left><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>Sub-total</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>2,174,510</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>2,912,311</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>7,240,091</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>71,353,833</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>77,219,100</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=left><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>160,899,845</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=left>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=15>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="8%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Debtor tax ID</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="15%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Company</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="10%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Debtor country</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="7%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Lending party tax ID</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="10%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Creditor name</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Creditor country</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Currency</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="30%" colSpan=6 align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Undiscounting amounts according to maturity</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Amortization rate</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Interest Rate</FONT></B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>0 to 3 months</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>3 months to 1 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>year</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Over 1 year to 3 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>years</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Over 3 years to 5 </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>years</FONT></B></FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Over 5 years</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="5%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="5%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>%</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="100%" colSpan=15 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Financial leases obligations</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.981.310-6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>COMPA&#209;&#205;A CERVECERA KUNSTMANN S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97.004.000-5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco de Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>74,754</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>213,657</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>410,580</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>237,517</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>65,971</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,002,479 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left>&nbsp;<FONT size=1 face=Helvetica>Monthly</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5.80</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>96.981.310-6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>COMPA&#209;&#205;A CERVECERA KUNSTMANN S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97.015.000-5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Santander Chile</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19,519</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>60,705</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>178,828</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,100</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>275,152 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica>Monthly</FONT>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7.20</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="8%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>90.413.000-1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CCU S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="7%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>99.012.000-5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="10%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Consorcio Nacional de Seguros S.A.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CHILE</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>UF</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,194</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>47,176</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>138,291</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>130,320</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,248,002</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,578,983 </FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=left><FONT size=1 face=Helvetica>Monthly</FONT>&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7.07</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="60%" colSpan=7 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subtotal</FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>109,467</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>321,538</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>727,699</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>383,937</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,313,973</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,856,614</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="5%" align=left>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="60%" colSpan=7 align=left><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>3,701,403</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>7,645,905</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>50,689,604</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>71,737,770</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=right><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>91,533,073</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=left><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B>225,307,755</B></FONT>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="5%" align=left>&nbsp; </TD></TR></TABLE>

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

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

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-GB face=Arial,sans-serif>&nbsp;&nbsp; (1) This obligation is hedged by a Cross Currency Interest Rate Swap </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>(Note 6</FONT></I></B><FONT style="FONT-STYLE: normal; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-GB color=#339966 face=Arial,sans-serif>)</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: center">F - 75</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>See detail of bank borrowings, financial leases obligations and bonds payable fair value in </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#339966 face=Arial,sans-serif>Note 6</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The effective rates of bond obligations as of December 31, 2011 and 2010, were as follows:</FONT></P>

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<TR>

   <TD width="23%"><FONT style="FONT-FAMILY: Arial">Bonds Serie</FONT></TD>

   <TD width="26%"><FONT style="FONT-FAMILY: Arial">A</FONT></TD>

   <TD width="25%"><FONT style="FONT-FAMILY: Arial">3.96%</FONT></TD>

   <TD width="25%"></TD></TR>

<TR>

   <TD width="23%"><FONT style="FONT-FAMILY: Arial">Bonds Serie</FONT></TD>

   <TD width="26%"><FONT style="FONT-FAMILY: Arial">E</FONT></TD>

   <TD width="25%"><FONT style="FONT-FAMILY: Arial">4.52%</FONT></TD>

   <TD width="25%"></TD></TR>

<TR>

   <TD width="23%"><FONT style="FONT-FAMILY: Arial">Bonds Serie</FONT></TD>

   <TD width="26%"><FONT style="FONT-FAMILY: Arial">H</FONT></TD>

   <TD width="25%"><FONT style="FONT-FAMILY: Arial">4.26%</FONT></TD>

   <TD width="25%"></TD></TR>

<TR>

   <TD width="23%"><FONT style="FONT-FAMILY: Arial">Bonds Serie</FONT></TD>

   <TD width="26%"><FONT style="FONT-FAMILY: Arial">I</FONT></TD>

   <TD width="25%"><FONT style="FONT-FAMILY: Arial">3.18%</FONT></TD>

   <TD width="25%"></TD></TR>

<TR>

   <TD width="23%"></TD>

   <TD width="26%"></TD>

   <TD width="25%"></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

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<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="40%" align=center><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="30%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="30%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Fixed Interest</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Rate</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Variable</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Interest Rate</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Fixed Interest</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Rate</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Variable Interest</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Rate</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>United States dollar</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,138,447</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>51,998,403</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,709,737</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>32,785,328</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chilean pesos</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,185,447</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,185,447</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Argentine pesos</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,767,200</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,807,827</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Unidades de fomento</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>168,052,208</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>176,819,416</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>190,143,302</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>51,998,403</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>192,522,427</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>32,785,328</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The terms and conditions of the interest accruing obligations as of December 31, 2011, were as follows:</FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>a)</FONT></B><FONT style="FONT-FAMILY: Arial"><B><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>Bank Borrowings</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>BBVA New York &#8211; Bank Loans</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 5 year term, with maturity on November 23, 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>This loan accrues interest at a compound floating rate dollar Libor plus 180 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#339966 face=Arial,sans-serif>(see&nbsp;</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#339966 face=Arial,sans-serif>Note 5 and Note 6)</FONT></I></B><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

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<P style="TEXT-ALIGN: center">F - 76</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(c)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Maintain at the end of each quarter a minimum consolidated Equity of ThCh$ 312,516,750, meaning Equity Attributable to Equity Holders of the Parent plus the Dividends provisioned account, according to policy included in the Statement of Changes in Equity.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011 and 2010, the Company was in compliance with the financial covenants and specific requirements for this bank loan.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Raboinvestment Chile S.A. (Raboinvestment) &#8211; Bank Loans</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 ThCh$ 9,961,114, which will be paid to Raboinvestment in a single quota, maturity on August 12, 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 December 31, during the last 12 months:</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Maintain a debt ratio of no more than 2, measured as Total liabilities divided by Equity.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(c)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Maintain a Equity higher than UF 770,000.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>In addition, this loan obliges CPCh 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011 and 2010, the Company was in compliance with the financial covenants and specific requirements of this loan.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Banco de Chile &#8211; Bank Loans</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>a. On July 11, 2011, the subsidiary Vi&#241;a San Pedro Tarapac&#225; S.A. signed a bank loan with Banco de Chile for a total of US$ 4,436,000, for a period of one year, maturing on July 11, 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; This loan accrues interest at a compound floating rate Libor plus 180 days plus a fixed margin. The subsidiary amortizes interest semi-annually, and capital amortization consists of a single payment at the end of the established term.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; This debt was changed to Euros and a fixed interest rate, by hiring a currency swap and interest rate swap (Cross Currency Interest Rate Swap) agreements. For details of the Company`s hedge strategies see </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#339966 face=Arial,sans-serif>Note 6</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>b. On July 11, 2011, the subsidiary Vi&#241;a San Pedro Tarapac&#225; S.A. signed a bank loan with Banco de Chile for a total of US$ 4,436,000, for a period of five years, maturing on July 11, 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; This loan accrues interest at a compound floating rate Libor plus 180 days plus a fixed margin. The subsidiary amortizes interest semi-annually, and capital amortization consists of a single payment at the end of the established term.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; This debt was changed to Euros and a fixed interest rate, by hiring a currency swap and interest rate swap (Cross Currency Interest Rate Swap) agreements. For details of the Company`s hedge strategies see </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#339966 face=Arial,sans-serif>Note 6</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>c. On July 7, 2011, the subsidiary Vi&#241;a San Pedro Tarapac&#225; S.A. signed a bank loan with Banco de Chile for a total of US$ 10,000,000, for a period of five years, maturiting on July 7, 2016.</FONT></P>

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<P style="TEXT-ALIGN: center">F - 77</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; This loan accrues interest at a compound floating rate Libor plus 180 days plus a fixed margin. The subsidiary amortizes interest semi-annually, and capital amortization consists of a single payment at the end of the established term.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; The interest rate risk to which the subsidiary is exposed as result of this loan is mitigated by the use of cross interest rate swap agreements (interest rate fixed). For details of the Company`s hedge strategies see </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#339966 face=Arial,sans-serif>Note 6</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The aforementioned loans oblige the Company to comply with the same covenants in Series A Bond as indicated in letter c) obligations with the public in this Note.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Banco Estado &#8211; Bank Loans</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>On July 18, 2011, the subsidiary Vi&#241;a San Pedro Tarapac&#225; S.A. signed a bank loan with Banco de Chile for a total of US$ 11,000,000, for a period of one year, maturing on July 18, 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>This loan accrues interest at a compound floating rate Libor plus 180 days plus a fixed margin. The subsidiary amortizes interest semi-annually, and capital amortization consists of a single payment at the end of the established term.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>This loan obliges the Company to comply with the same covenants in Series A Bond as indicated in letter c) obligations with the public in this Note.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>b)</FONT></B><FONT style="FONT-FAMILY: Arial"><B><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>Financial Lease Obligations</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The most significant financial lease agreements are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>CCU S.A.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The building was completed during 2007, and on June 28, 2007, the Company entered into a 25-years 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. 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. 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecera Kunstmann S.A</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The lease agreements are as follows:</FONT></P>

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   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Type</FONT></B></FONT></P></TD>

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   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Contract </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Date</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="10%" align=center>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Amount </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>(UF)</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="10%" align=center>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Number of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>quotas</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="10%" align=center>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Anual </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Interest</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="10%" align=center>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Purchase </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>option (UF)</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></P></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="35%" align=left>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Production plant</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="15%" align=left>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Chile</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=center>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>04/19/2005</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>20,489</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>168</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8.30%</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>302</FONT>&nbsp;</P></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="35%" align=left>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Land Lote 2 C</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="15%" align=left>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Chile</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=center>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>06/26/2007</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,716</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>121</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5.80%</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>85</FONT>&nbsp;</P></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="35%" align=left>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Land Lote 2 D</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="15%" align=left>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Chile</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="10%" align=center>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>03/25/2008</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,000</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>97</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4.30%</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>183</FONT>&nbsp;</P></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="35%" align=left>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Grain cooker</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="15%" align=left>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Chile</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=center>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>08/31/2008</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>43,969</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>61</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4.13%</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>800</FONT>&nbsp;</P></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="35%" align=left>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt">&nbsp;<FONT size=1 face=Helvetica>Inspector level of filling, capping, pasteurization</FONT>&nbsp;<FONT size=1 face=Helvetica>and packaging line</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="15%" align=left>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt">&nbsp;<FONT size=1 face=Helvetica>Banco Santander-Chile</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=center>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>01/12/2009</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,077</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>61</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7.16%</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>276</FONT>&nbsp;</P></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="35%" align=left>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Rinser-Filler-Capping Machine</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="15%" align=left>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt">&nbsp;<FONT size=1 face=Helvetica>Banco Santander-</FONT><FONT size=1 face=Helvetica>Chile</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=center>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>02/03/2009</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,203</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>61</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7.34%</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>102</FONT>&nbsp;</P></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="35%" align=left>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Land Lote 13F1</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="15%" align=left>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt">&nbsp;<FONT size=1 face=Helvetica>Banco Santander-</FONT><FONT size=1 face=Helvetica>Chile</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="10%" align=center>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt"><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12/01/2009</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,116</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>119</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6.27%</FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" vAlign=top width="10%" align=right>

   <P style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 1pt" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26</FONT>&nbsp;</P></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #004811 1px solid; BORDER-LEFT: #004811 1px solid; BACKGROUND-COLOR: #004811; BORDER-TOP: #004811 1px solid; BORDER-RIGHT: #004811 1px solid" width="35%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #004811 1px solid; BORDER-LEFT: #004811 1px solid; BACKGROUND-COLOR: #004811; BORDER-TOP: #004811 1px solid; BORDER-RIGHT: #004811 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #004811 1px solid; BORDER-LEFT: #004811 1px solid; BACKGROUND-COLOR: #004811; BORDER-TOP: #004811 1px solid; BORDER-RIGHT: #004811 1px solid" width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #004811 1px solid; BORDER-LEFT: #004811 1px solid; BACKGROUND-COLOR: #004811; BORDER-TOP: #004811 1px solid; BORDER-RIGHT: #004811 1px solid" bgColor=#fdfdfd width="10%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #004811 1px solid; BORDER-LEFT: #004811 1px solid; BACKGROUND-COLOR: #004811; BORDER-TOP: #004811 1px solid; BORDER-RIGHT: #004811 1px solid" bgColor=#fdfdfd width="10%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #004811 1px solid; BORDER-LEFT: #004811 1px solid; BACKGROUND-COLOR: #004811; BORDER-TOP: #004811 1px solid; BORDER-RIGHT: #004811 1px solid" bgColor=#fdfdfd width="10%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #004811 1px solid; BORDER-LEFT: #004811 1px solid; BACKGROUND-COLOR: #004811; BORDER-TOP: #004811 1px solid; BORDER-RIGHT: #004811 1px solid" width="10%" align=right>&nbsp;</TD></TR></TABLE>

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<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>

<P style="TEXT-ALIGN: center">F - 78</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The following is a detail of future payments and the current value of the financial lease obligations as of December 31, 2011:</FONT></P>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="55%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Lease Minimum Future Payments</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Gross Amount</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Interest</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Current Value</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Less than one year</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,558,994</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,079,067</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>479,927</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Between one and five year</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,002,130</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,145,145</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>856,985</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Over five years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>28,318,096</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,576,432</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,741,664</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>35,879,220</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>19,800,644</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>16,078,576</B></FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>c)</FONT></B><FONT style="FONT-FAMILY: Arial"></FONT><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 11pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>Bonds Payable</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Series A Bonds &#8211; Subsidiary Vi&#241;a San Pedro Tarapac&#225; S.A. </FONT></I></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 UF 1,500,000 at a 20-years 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></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Not to enter into investments in instruments issued by related parties different from its subsidiaries.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(c)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Neither sells nor transfers essential assets that jeopardize the continuance of its current purpose. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(d)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 Equity. The Total Adjusted Liabilities is defined as Total Liabilities less Dividends provisioned, according to policy contained in the Statement of Changes in 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 Equity is defined as Total Equity plus Dividends provisioned, according to policy contained in the Statement of Changes in Equity. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(e)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(f)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Maintain at the end of each quarter a minimum equity of ThCH$ 83,337,800, meaning Equity Attributable to Equity Holders of the Parent plus the Dividends provisioned account, according to policy included in the Statement of Changes in Equity. This requirement will increase in the amount resulting from each revaluation of property, plant and equipment to be perform by the Issuer.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>On July 21, 2011 the subsidiary made a partial prepayment for 750 Series A Bonds (of the 1,500 issued) equivalent to <BR>UF 513,750, according to Section Twelve of Clause Four for the Issue Contract Bond issued by public deed dated April 28, 2005.</FONT></P>

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<P style="TEXT-ALIGN: center">F - 79</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Additionally, the subsidiary recognized in the Consolidated Income Statement an expenditure of ThCh$ 103,735, for expenses associated with the issuance of this debt.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011 and 2010, the Company was in compliance with the financial covenants required for this public issue.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Series E Bonds &#8211; CCU S.A.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>On October 18, 2004, under number 388 the Company recorded in the Securities Record the issue of 20-year term public bonds for a total 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 Equity. Total Adjusted Liabilities is defined as Total Liabilities less Dividends provisioned, according to policy included in the Statement of Changes in 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;Total Adjusted Equity is defined as Total Equity plus Dividends provisioned, according to policy included in the Statement of Changes in Equity. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(c)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 Equity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(d)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Maintain at the end of each quarter a minimum equity of ThCh$ 312,516,750, meaning Equity Attributable to Equity Holders of the Parent plus the Dividends provisioned account, according to policy contained in the Statement of Changes in Equity. This requirement will increase in the amount resulting from each revaluation of property, plant and equipment to be perform by the Issuer.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(e)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(f)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(g)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Not to make investments in facilities issued by related parties, except in the cases and under the terms established in the agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(h)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Neither sell nor transfer assets from the issuer and its subsidiaries representing over 25% of the assets total of the consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011 and 2010, the Company was in compliance with the financial covenants required for this public issue.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

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

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

<P style="TEXT-ALIGN: center">F - 80</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

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   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Series H and I Bonds &#8211; CCU S.A.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 years 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 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 Equity. The Total Adjusted Liabilities are defined as Total Liabilities less Dividends provisioned, according to policy included in the Statement of Changes in 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 Equity is defined as Total Equity plus Dividends provisioned account, according to policy included in the Statement of Changes in Equity.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(c)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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. 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></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(d)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Maintain at the end of each quarter a minimum equity of ThCh$ 312,516,750, meaning Equity Attributable to Equity Holders of the Parent plus the Dividends provisioned account, according to policy included in the Statement of Changes in Equity. This requirement will increase in the amount resulting from each revaluation of property, plant and equipment to be perform by the Issuer.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(e)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(f)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(g)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>(h)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-GB face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Not to make investments in facilities issued by related parties, except in the cases and under the terms established in the agreement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011 and 2010 the Company was in compliance with the financial covenants required for this public issue.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB 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: 9pt" lang=EN-GB face=Arial,sans-serif>As December 31, 2011, the SVS had formalized the changes to the registration of the aforementioned four series of bonds.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt">&nbsp;</H1></DIV>

<P style="TEXT-ALIGN: center">F - 81</P>

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<A name="page_83"></A>

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   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-GB color=#003300 face=Arial,sans-serif>Note 28 Accounts payable &#8211; trade and other payables</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011 and 2010, the total Accounts payable-trade and other payables were as follows:</FONT></P>

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<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="70%" align=center><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31,</FONT></B></FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31,</FONT></B></FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

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   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Suppliers</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>133,112,087</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>112,196,621</FONT>&nbsp;</TD></TR>

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   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Notes payable</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,065,122</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>722,748</FONT>&nbsp;</TD></TR>

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   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Withholding payable</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>31,376,079</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22,472,254</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>165,553,288</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>135,391,623</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Current</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>165,553,288</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>135,391,623</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non-current</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>165,553,288</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>135,391,623</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 12pt" lang=ES-CL color=#003300>Note 29 </FONT></B><FONT style="FONT-FAMILY: Arial">
<B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>Provisions </FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011 and 2010, the total provisions recorded in the consolidated statement of financial position were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

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



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=6 width="70%" align=center><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2011</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31,</FONT></B></FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Litigation</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,624,479</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,220,844</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Deposit for bottles</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,908,708</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,911,858</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,459,960</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>14,993,147</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>12,132,702</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Current</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,169,126</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>992,811</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non-current</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,824,021</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,139,891</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>14,993,147</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>12,132,702</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The following was the change in provisions during the year ended December 31, 2010 and 2011:</FONT></P>

<TABLE style="WIDTH: 100%" border=0 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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="40%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Litigation</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Deposit for</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Bottles</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Others</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of January 1, 2010</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>981,662</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>9,704,826</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>10,686,488</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="100%" colSpan=5 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Incorporated</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,584,701</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,811,622</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,396,323</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Used</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,931,487)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(7,604,590)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(9,536,077)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Released</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(248,827)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(248,827)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(165,205)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(165,205)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,220,844</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>10,911,858</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>12,132,702</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Incorporated</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,257,890</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,862,338</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,459,960</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,580,188</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Used</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(869,774)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(4,865,488)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,735,262)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Conversion effect</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,519</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,519</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,624,479</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>11,908,708</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,459,960</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>14,993,147</B></FONT>&nbsp;</TD></TR></TABLE>

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<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>

<P style="TEXT-ALIGN: center">F - 82</P>

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   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The maturities of provisions at December 31, 2011, were as follows:</FONT></P>

<TABLE style="WIDTH: 100%" border=0 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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="40%" align=center><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Litigation</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Deposit for </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Bottles (1)</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Others</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Total</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Less than one year</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,169,126</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,169,126</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Between two and five years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>401,258</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,459,960</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,861,218</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Over five years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>54,095</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,908,708</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,962,803</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,624,479</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>11,908,708</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,459,960</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>14,993,147</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" colSpan=3 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1) Given the nature of the risks covered by such provisions, it is not possible to determine a reasonable payment calendar.</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Litigation</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The detail on the main litigation proceedings to which the Company is exposed at a consolidated level is described in </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Note 35</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 12pt" lang=ES-CL color=#003300>Note 30 </FONT></B><FONT style="FONT-FAMILY: Arial">
<B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>Other non-financial liabilities</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011 and 2010, the total Other non-financial liabilities were as follows:</FONT></P>

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



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="70%" align=center><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent dividend provisioned by the board</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19,428,675</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,473,167</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Parent dividend provisioned according to policy</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>41,947,122</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>36,876,591</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Outstanding parent dividends agreed</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>603,611</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>483,065</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Subsidiaries dividends according to policy</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,226,706</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,115,776</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>257,810</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,324</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>68,463,924</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>60,963,923</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Current</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>68,463,924</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>60,963,923</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non-current</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>68,463,924</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>60,963,923</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Note 31 Employee Benefits</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company grants short term, and employment termination benefits as part of its compensation policies. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>i. Short-term benefits are, in general, based on combined plans or agreements, designed to compensate benefits received, such as of paid vacation, annual performance bonuses and compensation through annuities.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>ii. Long-term benefits are plans or agreements mainly intended to cover the post-employment benefits generated at the end of the labour relationship, be it by voluntary resignation or death of personnel hired.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The cost of such benefits is charged against income, in the &#8220;Staff Expense&#8221; item.</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>

<P style="TEXT-ALIGN: center">F - 83</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<a name="_bclHeader85"></a><DIV>

<DIV align=center>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 44.25pt">

   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011 and 2010, the total staff benefits recorded in the consolidated statement of financial position is as follows:</FONT></P>

<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 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="64%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Employees Benefits</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="18%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="18%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="18%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="18%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Short term benefits</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,898,602</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,599,390</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Employment termination benefits</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,531,518</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,767,065</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="64%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="18%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>29,430,120</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="18%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>25,366,455</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Current</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,906,409</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,069,052</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non-current</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,523,711</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,297,403</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#004811 width="64%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD bgColor=#004811 width="18%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>29,430,120</B></FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" bgColor=#004811 width="18%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>25,366,455</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>The following is a detail of the Short-term and Severance Indemnity.</FONT></I></B></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" lang=EN-GB color=#339966 face=Arial,sans-serif>Employees&#8217; Bonuses </FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Short-term benefits are mainly comprised of recorded vacation (on accruals basis) and bonuses and share compensation. Such benefits are recorded when the obligation is accrued, and they are usually paid within a 12-month period, consequently they are not discounted. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011 and 2010, the provisions recorded as a result of services granted and unpaid are as follows:</FONT></P>

<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 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="64%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Short-Term Employees Benefits</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="18%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="18%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="18%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="18%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vacation</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,837,134</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,894,374</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Bonus and compensation</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,061,468</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,705,016</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="64%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="18%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>13,898,602</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="18%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>10,599,390</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company records the staff vacation cost on an accrual basis.</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" lang=EN-GB color=#339966 face=Arial,sans-serif>Severance Indemnity</FONT></H3>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 26.6%, for each year ended as of December 31, 2011 and 2010, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 84</P>

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<TR style="HEIGHT: 44.25pt">

   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011 and 2010, the benefits recorded for severance indemnity are as follows:</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="70%" colSpan=2 align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Severance Indemnity</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 5px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Current</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,807</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>469,662</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non-current</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,523,711</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,297,403</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>15,531,518</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>14,767,065</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The change in the severance indemnity during the year ended as of December 31, 2010 and 2011, was as follows:</FONT></P>

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



<TR>

   <TD width="82%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="82%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Severance Indemnity</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=2 width="18%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Severance </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Indemnity</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="18%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="82%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Initial Balance</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,089,182</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="82%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Balance as of January 1, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="18%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>13,089,182</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="82%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Current cost of service</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>533,870</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="82%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interest cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>973,827</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="82%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Actuarial (Gain) loss</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>101,357</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="82%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Paid-up benefits</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(888,833)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="82%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Past service cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>482,816</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="82%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>474,846</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="82%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="18%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>14,767,065</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#8dc73f width="100%" colSpan=2 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2011</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="82%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Current cost of service</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>615,619</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="82%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interest cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,212,321</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="82%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Actuarial (Gain) loss</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>610,428</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="82%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Paid-up benefits</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,692,390)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="82%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Past service cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>407,893</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="82%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>From business combinations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>51,392</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="82%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="18%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(440,810)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="82%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>As of December 31, 2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="18%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>15,531,518</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The figures recorded in the consolidated statement of income as of December 31, 2011, 2010 and 2009, were as follows:</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="55%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Expense recognized for severance indemnity</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>For the years ended December 31,</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2009</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Current cost of service</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>615,619</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>533,870</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>522,041</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interest cost</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,212,321</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>973,827</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,073,826</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Past service cost</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>407,893</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>482,816</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>78,038</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Actuarial (Gain) loss</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>610,428</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>101,357</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,679,152)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Non-provided paid benefits</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,013,319</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,140,911</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,277,025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(393,603)</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>437,814</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>660,940</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total expense recognized in consolidated statement of income</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>4,465,977</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>3,670,595</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>3,932,718</B></FONT>&nbsp;</TD></TR></TABLE>

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<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>

<P style="TEXT-ALIGN: center">F - 85</P>

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<TR style="HEIGHT: 44.25pt">

   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Actuarial Assumptions </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As mentioned in </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Note 2.19</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif> </FONT><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>&#8211; Employees&#8217; Benefits</FONT></I></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>, 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, 2011 and 2010, were as follows:</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="60%" colSpan=3 align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Actuarial Assumptions</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="20%" colSpan=2 align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Chile</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="20%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Argentina</FONT></B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="20%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31,</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="20%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31,</FONT></B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Mortality table</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>RV-2004</FONT>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>RV-2004</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>GAM '83</FONT>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Annual interest rate</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7.7%</FONT>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7.7%</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26.6%</FONT>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13.90%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Voluntary retirement rotation rate</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1.0%</FONT>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1.0%</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Company s needs rotation rate,</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0.5%</FONT>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0.5%</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Salary increase</FONT>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.7%</FONT>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3.7%</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>21.2%</FONT>&nbsp;</TD>

   <TD width="10%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8.00%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 32px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="40%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Estimated retirement age for</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="20%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Officers</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>60</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>60</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>60</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>60</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Other</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Male</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>65</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>65</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>65</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>65</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Female</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>60</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>60</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>60</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>60</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Sensitivity Analysis</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Following is a sensitivity analysis based on increased (decreased) in 1 percent in the discount rate:</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=6 width="70%" colSpan=2 align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Sensitivity Analysis</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2011</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1% increase in the Discount Rate (Gain)</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,321,827</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,280,121</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1% decrease in the Discount Rate (Loss)</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,556,424)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1,497,811)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(234,597)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(217,690)</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Staff Expense</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The amounts recorded in the consolidated statement of income for the years ended as of December 31, 2011, 2010 and 2009, were as follows:</FONT></P>

<TABLE style="WIDTH: 100%" border=0 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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="55%" colSpan=2 align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Staff Expense</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Salaries</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>81,614,738</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>72,614,896</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>68,576,822</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Employees short-term benefits</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,261,746</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,447,030</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,439,549</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Employments termination benefits</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,465,977</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,670,595</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,932,718</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Other staff expense</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,461,284</FONT>&nbsp;</TD>

   <TD bgColor=#fdfdfd width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,141,922</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,575,454</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="55%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total (1)</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>114,803,745</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>99,874,443</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>93,524,543</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(1) </FONT><FONT color=#339966 size=1 face=Helvetica-BoldOblique,Arial,Helvetica,sans-serif><B><I>See Note 10</I></B></FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>.</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: center">F - 86</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=ES-CL color=#003300 face=Arial,sans-serif><FONT style="FONT-FAMILY: Arial">Note 32 </FONT></FONT></B><FONT style="FONT-FAMILY: Arial">
<B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>Non-controlling Interests</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The detail of Non-controlling Interests is the following:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>a) Equity</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=5 width="70%" colSpan=2 align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Equity</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vi&#241;a San Pedro Tarapac&#225; S.A.</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>93,480,376</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>93,126,416</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Aguas CCU-Nestl&#233; Chile S.A.</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,330,598</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,205,225</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Pisquera de Chile S.A.</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,467,618</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,269,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Cervecera Kunstmann S.A.</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,938,659</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,487,370</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Saenz Briones &amp; C&#237;a. S.A.</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,232,200</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sidra La Victoria S.A.</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,499</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>358,775</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>330,957</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="70%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>115,809,725</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>109,419,068</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>b) Result</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="55%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Result</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>For the years ended December 31,</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2009</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vi&#241;a San Pedro Tarapac&#225; S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,659,574</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,828,056</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,245,563</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Aguas CCU-Nestl&#233; Chile S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,614,682</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,233,336</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,091,256</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Pisquera de Chile S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>958,959</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>918,065</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>961,369</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas Argentina S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>420,387</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>398,695</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Cervecera Kunstmann S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>899,089</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>769,924</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>555,671</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Do&#241;a Aida S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(75,903)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Don Enrique Pedro S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(41,817)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Saenz Briones &amp; C&#237;a. S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(30,920)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Sidra La Victoria S.A.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>223</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>66,720</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>67,387</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>75,141</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>12,050,607</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>9,237,155</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>13,327,695</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 12pt" lang=ES-CL color=#003300>Note 33 </FONT></B><FONT style="FONT-FAMILY: Arial">
<B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>Common Shareholders&#8217; Equity</FONT></B></A></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Subscribed and paid-up Capital</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011 and 2010, 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 (American Depositary Shares), with an equivalence of five shares per ADS.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company has not issued any shares or convertible instruments during the period, thus changing the number of outstanding shares as of December 31, 2011 and 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 87</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_89"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader89"></a><DIV>

<DIV align=center>

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<TR style="HEIGHT: 44.25pt">

   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Capital Management</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The main purpose, when managing shareholder&#8217;s 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 shareholder&#8217;s return.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Consolidated Statement of Comprehensive Income</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2009, 2010 and 2011, the detail of the comprehensive income and expense of the term is as follows:</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=2 width="55%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Other Income and expense charged or credited against net equity</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Gross Balance</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Tax</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Net Balance</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cash flow hedge</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(6,507,854)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,106,335</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(5,401,519)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Conversion differences of subsidiaries abroad</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(34,738,644)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(34,738,644)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total comprehensive income as of December 31, 2009</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(41,246,498)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,106,335</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(40,140,163)</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=4>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=2 width="55%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Other Income and expense charged or credited against net equity</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Gross Balance</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Tax</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Net Balance</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cash flow hedge</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(429,445)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>79,447</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(349,998)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Conversion differences of subsidiaries abroad</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(11,900,089)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(11,900,089)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total comprehensive income as of December 31, 2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(12,329,534)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>79,447</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>(12,250,087)</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #ffffff; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=2 width="55%" align=center>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>Other Income and expense charged or credited against net equity</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Gross Balance</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Tax</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Net Balance</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 3px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>ThCh$</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cash flow hedge</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(239,524)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>42,580</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>(196,944)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Conversion differences of subsidiaries abroad</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,372,063</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,372,063</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total comprehensive income as of December 31, 2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,132,539</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>42,580</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,175,119</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;<B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Income per share</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011, 2010 and 2009, the information used for the calculation of the income as per each basic and diluted share is as follows:</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=2 width="55%" align=center>&nbsp;<FONT color=#ffffff size=1 face=Arial><B>Income per share</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="45%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>For the years ended December 31,</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2011</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2010</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2009</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Equity holders of the controlling company (ThCh$)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>122,751,594</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>110,699,515</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>128,037,473</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Weighted average number of shares</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>318,502,872</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>318,502,872</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>318,502,872</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Basic and diluted income per share (in Chilean pesos))</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>385.40</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>347.56</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>402.00</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Equity holders of the controlling company (ThCh$)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>122,751,594</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>110,699,515</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>128,037,473</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Weighted average number of shares</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>318,502,872</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>318,502,872</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>318,502,872</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="55%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Basic and diluted income per share (in Chilean pesos)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>385.40</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>347.56</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>402.00</B></FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011, 2010 and 2009, the Company has not issued any convertible or other kind of instruments creating diluting effects.</FONT></P>

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

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<P style="TEXT-ALIGN: center">F - 88</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Distributable net Income</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Regarding Circular No 1945 from the SVS on November 4, 2009, the Board of Directors agreed that the net distributable profit for the year 2011 will be that reflected in the financial statements attributable to equity holders of the parents,</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-GB face=Arial,sans-serif> </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>without adjusting it. The above agreement remains in effect for the year ended December 31, 2011.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Dividends </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company&#8217;s dividend policy consists in annually distributing at least 50% of the net distributable profit of the year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011, 2010 and 2009, the Company has distributed the following dividends, either interim or final:</FONT></P>

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   <TD width="40%">&nbsp;</TD>

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   <TD width="15%">&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="40%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Dividend N&#186;</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Payment Date</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Type of Dividend</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Dividends per Share</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Related to FY</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="40%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>236</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>01/09/2009</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interim</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>47.00000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2008</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="40%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>237</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#fdfdfd width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>04/28/2009</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Final</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>108.66083</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2008</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>238</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>01/08/2010</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interim</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>60.00000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2009</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>239</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>04/28/2010</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Final</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>140.99893</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2009</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>240</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>01/07/2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interim</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>58.00000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2010</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="40%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>241</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>04/27/2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Final</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>115.78103</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2010</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #1f4130; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=5 align=center>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>On April 20, 2009, at the General Shareholders Meeting it was agreed to pay the final Dividend No. 237, amounting to ThCh$ 34,608,786 corresponding to $ 108.66083 per share. This dividend was paid on April 28, 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>On April 20, 2010, at the General Shareholders Meeting it was agreed to pay the final Dividend No. 239, amounting to ThCh$ 44,908,564 corresponding to $ 140.99893 per share. This dividend was paid on April 28, 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>On April 15, 2011, at the General Shareholders Meeting it was agreed to pay the final Dividend No. 241, amounting to ThCh$ 36,876,591 corresponding to $ 115.78103 per share. This dividend was paid on April 21, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Other Reserves</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB 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;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The reserves that are a part of the Company&#8217;s equity are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Currency Translation Reserves</FONT></U><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>: This reserve is mainly originated by the translation of foreign subsidiarie&#8217;s financial statements which functional currency is different from the consolidated financial statements presentation currency. As of December 31, 2011, it amounts to a negative reserve of ThCh$ 25,038,705 (ThCh$ 27,171,910 in 2010).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Hedge reserve</FONT></U><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>: 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, 2011, it amounts to a positive reserve of ThCh$ 484,432 (ThCh$ 612,146 in 2010), net of deferred taxes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><U><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Other reserves</FONT></U><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>: As of December 31, 2011 and 2010, the amount is a negative reserve of ThCh$ 10,619,334 and ThCh$ 10,559,464, respectively. Such reserves relate mainly to the following concepts:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>-&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></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>-&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></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Difference in purchase of shares.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT face=Arial></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 89</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Effects of changes in exchange rate currency</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Current assets are openings in the following currencies:</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="55%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>CURRENT ASSETS</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=2 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=2 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="100%" colSpan=4 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Current assets</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Cash and cash equivalent</B></FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>177,664,378</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>151,614,300</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>154,936,386</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>128,474,256</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>U.F.</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,963,052</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,642,766</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,685,764</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>375,880</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>141,146</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,361,211</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>936,654</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,736,375</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others currencys</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,376</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>23,812</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Other financial assets</B></FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>3,943,959</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,328,952</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,134,681</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,360,168</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,734,498</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>556,771</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>67,807</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>347,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others currencys</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,973</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>64,113</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Other non-financial assets</B></FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>11,565,924</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>9,489,913</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,462,639</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,861,261</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>U.F.</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,447</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,088,838</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,628,652</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Accounts receivable - trade and other receivable</B></FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>193,065,162</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>153,013,546</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>123,527,287</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>115,544,263</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>U.F.</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>106,795</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>37,630</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19,274,307</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,752,647</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,960,667</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,771,899</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>39,724,238</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,152,025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others currencys</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,471,868</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,755,082</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Accounts receivable from related companies</B></FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>9,984,206</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>6,833,634</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,733,971</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,473,651</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,693</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,082,515</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>235,542</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>274,825</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,643</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Inventories</B></FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>128,535,184</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>108,353,258</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>100,880,743</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>93,995,861</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,494,936</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>670,307</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>146,591</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,551</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22,012,914</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,674,539</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Tax receivables</B></FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>17,277,288</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>14,150,987</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,259,072</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,782,715</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,018,216</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,368,272</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Non-current assets held for sale</B></FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>509,675</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>497,324</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>509,675</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>497,324</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="70%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total current assets</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>542,545,776</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>446,281,914</B></FONT>&nbsp;</TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=4>

   <P>&nbsp;</P></TD></TR>

<TR height=20>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #1f4130; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=4 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>413,934,779</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>365,492,175</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>U.F.</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19,084,294</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,680,396</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>30,204,198</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,438,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,551,753</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,768,386</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>68,290,535</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>41,059,830</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others currencys</FONT>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,480,217</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,843,007</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="70%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total current assets by currency</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>542,545,776</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>446,281,914</B></FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT face=Arial></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 90</P>

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   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Non-Current assets are openings in the following currencies:</FONT></P>

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



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="70%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>NON-CURRENT ASSETS</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=2 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2011</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=2 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>31, 2010</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#66bc23 width="100%" colSpan=3 align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Non-current assets</B></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Other financial assets</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>194,669</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>15,813</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,813</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>194,531</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>138</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Other non-financial assets</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,996,836</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>8,826,744</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,460,245</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,468,499</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,536,591</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,358,245</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Accounts receivable from related companies</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>418,922</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>444,685</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>U.F.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>418,922</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>444,685</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Investments accounted for using the equity method</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>39,923,677</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>42,596,043</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>39,833,401</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>42,507,692</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>90,276</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>88,351</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Intangible assets different than goodwill</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>41,173,260</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>34,982,221</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26,882,760</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>25,025,624</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,290,500</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,956,597</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Goodwill</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>69,441,207</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>67,761,406</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>49,746,692</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>49,746,692</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19,694,515</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>18,014,714</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Property, plant and equipment (net)</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>556,949,110</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>508,162,219</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>486,464,956</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>456,891,076</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>567,815</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,100,868</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>68,815,471</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>51,271,143</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Biological assets</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>18,320,548</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>16,668,630</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,616,373</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>15,933,919</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>704,175</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>734,711</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Investment property</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>7,720,575</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>7,403,275</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,960,500</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,961,703</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,760,075</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,441,572</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Deferred tax assets</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>18,806,779</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>18,546,061</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,687,592</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,984,107</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,119,187</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,561,954</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total non-current assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>755,945,583</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>705,407,097</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt">&nbsp;</P>

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



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #1f4130; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=3 align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>642,652,519</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>612,535,125</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>U.F.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>418,922</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>444,685</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>762,346</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,101,006</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>111,010,790</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>92,427,287</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="70%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total non-current assets by currency</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>755,945,583</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>705,407,097</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 91</P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_93"></A>

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<a name="_bclHeader93"></a><DIV>

<DIV align=center>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 44.25pt">

   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Current liabilities are openings in the following currencies:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="40%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>CURRENT LIABILITIES</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="30%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="30%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Until 90 days</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>More the 91 days </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>until 1 year</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Until 90 days</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>More the 91 days </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>until 1 year</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 2px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Other financial liabilities</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>10,541,287</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>65,563,774</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>5,175,949</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>7,645,906</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>224,334</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,961,114</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>224,333</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>U.F.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,815,825</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,975,128</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,412,184</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,259,204</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,336,917</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>45,080,344</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,393,251</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>578,875</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>43,411</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>145,922</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,114,020</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,547,188</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,807,827</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others currencys</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,780</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>259</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Account payable - trade and other payable</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>164,800,312</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>752,976</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>134,435,972</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>955,651</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>109,606,185</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>750,794</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>104,623,152</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>59,024</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,106,547</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>25</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,982,099</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>896,627</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,777,796</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,157</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,646,568</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>38,147,313</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>22,184,153</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others currencys</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>162,471</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Accounts payable to related companies</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>8,811,500</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>7,428,103</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,364,833</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,484,829</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>398,796</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>132,173</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,047,871</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,839,262</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>971,839</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Other short-term provisons</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,169,126</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>992,811</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>510,179</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>521,913</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>658,947</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>470,898</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Tax liabilities</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>16,761,406</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>8,290,713</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>11,404,311</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,686,080</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,357,095</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,604,633</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Employee benefits provisions</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>13,906,409</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>11,069,052</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,441,633</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,778,564</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,464,776</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,290,488</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Other non-financial liabilities</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>68,463,924</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>60,963,923</B></FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>68,427,789</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>60,928,224</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>36,135</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>35,699</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total current liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>253,786,149</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>96,984,565</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>208,996,758</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>27,961,322</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"></P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt">&nbsp;</P>

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



<TR height=20>

   <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>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #1f4130; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>184,133,320</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>32,557,852</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>170,782,451</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,523,668</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>U.F.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,815,825</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,975,128</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,412,184</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,259,204</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>17,842,260</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>45,080,369</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,507,523</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,475,502</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Euros</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,869,078</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2,157</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,631,752</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>41,956,415</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,369,059</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>23,662,589</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,702,948</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Others currencys</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>169,251</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>259</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total current liabilities by currency</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>253,786,149</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>96,984,565</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>208,996,758</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>27,961,322</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB 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: 9pt" lang=EN-GB 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: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 92</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Non-Current liabilities are openings in the following currencies:</FONT></P>

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=5 width="40%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>NON-CURRENT LIABILITIES</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 14px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="30%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2011</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 14px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="30%" colSpan=3 align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>More than 1 year </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>until 3 years</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>More than 3 year </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>untl 5 years</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>More than 5 years</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>More than 1 year </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>until 3 years</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>More than 3 year </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>untl 5 years</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=3 width="10%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>More than 5 years</FONT></B></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Other financial liabilities</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>77,021,234</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>9,964,584</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>83,969,622</B></FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>56,874,325</B></FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>71,737,770</B></FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>91,533,072</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,961,114</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>U.F.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>73,074,662</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,216,972</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>83,969,622</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,967,789</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>71,737,770</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>91,533,072</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,840,580</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,747,612</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>38,945,422</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>105,992</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="40%" align=left><STRONG><FONT size=1 face=Arial>Accounts payable to related</FONT></STRONG>&nbsp;<STRONG><FONT size=1 face=Arial>companies</FONT></STRONG>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>2,484,790</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>620,868</B></FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>618,333</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>620,868</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>U.F.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,866,457</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Other long term provisions</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>1,169,125</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>401,258</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>12,253,638</B></FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>992,811</B></FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>125,478</B></FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>10,021,602</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,169,125</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12,213,553</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>992,811</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>10,021,602</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>401,258</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>40,085</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>125,478</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Deferred tax liabilities</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>15,121,523</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>5,796,332</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>39,229,166</B></FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>15,563,890</B></FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>4,484,989</B></FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>33,405,136</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,366,464</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,292,960</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>30,939,827</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,653,559</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,072,425</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>29,034,159</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="40%" align=left>

   <P><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</P></TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>755,059</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>503,372</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>8,289,339</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>910,331</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>412,564</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,370,977</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="40%" align=left><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Employee benefits provisons</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>15,523,711</B></FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>14,297,403</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14,255,670</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>13,444,819</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,268,041</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>852,584</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total non-current liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>95,796,672</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>16,162,174</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>150,976,137</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>74,051,894</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>76,348,237</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>149,257,213</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"></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">&nbsp;</P>

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



<TR height=20>

   <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>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BACKGROUND-COLOR: #1f4130; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CLP</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>16,153,922</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,292,960</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>57,409,050</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>26,228,352</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>4,072,425</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>52,500,580</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>U.F.</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>74,941,119</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,216,972</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>83,969,622</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>7,967,789</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>71,737,770</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>91,533,072</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,840,580</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>3,747,612</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>38,945,422</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>$ARG</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>861,051</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>904,630</FONT>&nbsp;</TD>

   <TD bgColor=#ccffcc width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>9,597,465</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>910,331</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>538,042</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,223,561</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="40%" align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total non-current liabilities by currency&nbsp;</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>95,796,672</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>16,162,174</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>150,976,137</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>74,051,894</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>76,348,237</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>149,257,213</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt"><FONT face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 35.25pt">&nbsp;</P>

<P style="TEXT-ALIGN: center">F - 93</P>

<HR align=center SIZE=2 width="100%" noShade>



<P></P></DIV>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<TR style="HEIGHT: 44.25pt">

   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=ES-CL color=#003300 face=Arial,sans-serif>Note 34 Contingencies and Commitments </FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Operating lease agreements</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

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



<TR>

   <TD width="70%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD>

   <TD width="15%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=4 width="85%" colSpan=2 align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Lease Agreements not to be terminated</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=3 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>December 31, </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>2011</FONT></B></FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff><FONT size=1 face=Arial><B>ThCh$</B></FONT>&nbsp;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Within 1 year</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>40,817,531</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Between 1 and 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>52,668,773</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="70%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Over 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD bgColor=#ccffcc width="15%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>5,568,255</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="85%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>99,054,559</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Purchase and supply agreements</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The total amount of the Company&#8217;s obligations to third parties relating to purchase and supply agreements as of December 31, 2011 was as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

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

<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 style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=8 width="70%" colSpan=2 align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Purchase and supply agreementsistros</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=7 width="15%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Purchase and </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>supply </FONT></B></FONT></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>agreements</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle rowSpan=7 width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Purchase and </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>contract </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>related to wine </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>and grape</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="15%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Within 1 year</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>63,259,924</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>4,516,549</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Between 1 and 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>118,680,340</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>8,379,682</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="55%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Over 5 years</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>37,035,299</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="15%" align=right><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>2,025,351</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="70%" colSpan=2 align=left><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Total</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>218,975,563</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="15%" align=right><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>14,921,582</B></FONT>&nbsp;</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Capital investment commitments</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011, the Company had capital investment commitments related to Property, plant and equipment and intangibles (software) for an approximate amount of ThCh$ 113,331,371.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Litigation</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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 the potential loss contingency amounts are higher than ThCh$ 25,000. Those loss contingencies for which an estimate cannot be made have also been considered.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 94</P>

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   <TD style="HEIGHT: 44.25pt" vAlign=top width="76%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 44.25pt" vAlign=top width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right>
   <IMG border=0 src="logo.gif"></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Proceedings and claim</FONT></I></B></P>

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<TR>

   <TD width="20%">&nbsp;</TD>

   <TD width="16%">&nbsp;</TD>

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

   <TD width="20%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="20%" align=center><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Company</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="16%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Court</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Number</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="20%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Field</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="20%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Step Procedure</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 vAlign=middle width="12%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Estimated </FONT></B></FONT><FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>maximum </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>loss </FONT></B></FONT><FONT size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>contingency</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>S.A. (CCU)</FONT></TD>

   <TD vAlign=top width="16%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>14&#186; Juzgado </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Civil de </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Santiago</FONT>&nbsp;</TD>

   <TD vAlign=top width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1293-2005</FONT>&nbsp;</TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Annulment claim of damage </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>indemnification for share </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>transfer.</FONT></TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Pending judgement appeals. </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Also pending incident of </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>execution of the sentence.</FONT></TD>

   <TD vAlign=top width="12%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>ThCh$ 501,113</FONT>&nbsp;</TD></TR>

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   <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Embotelladoras Chilenas Unidas </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>S.A.</FONT></TD>

   <TD vAlign=top width="16%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1&#186; Juzgado de </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Letras de San </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Antonio</FONT></TD>

   <TD vAlign=top width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>0005-2011</FONT>&nbsp;</TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Claim of supposed </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>unjustified layoff and collect </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>of service payment</FONT></TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Judgement that fined the </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Company. Pending appeal </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>unification of the sentence in </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Supreme Court</FONT></TD>

   <TD vAlign=top width="12%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>ThCh$ 60,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Embotelladoras Chilenas Unidas </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>S.A.</FONT>&nbsp;</TD>

   <TD vAlign=top width="16%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2&#186; Juzgado </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>del Trabajo de </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Santiago</FONT>&nbsp;</TD>

   <TD vAlign=top width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>2273-2010</FONT>&nbsp;</TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Claim for difference payment&nbsp;of </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>compensation (Union </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CUSA)</FONT></TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>The case was referred to debt </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>collection RIT C-1991 - 2011, </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>who appeal to the Court of </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>origin be forwarded all the </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>background necessary to </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>practice the determination of </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>how much is due to each partie. </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Pending determination of the </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>final amount of the fined to be </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>charged.</FONT></TD>

   <TD vAlign=top width="12%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Indeterminate</FONT>&nbsp;</TD></TR>

<TR>

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   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cervecera CCU Chile Limitada</FONT>&nbsp;</TD>

   <TD vAlign=top width="16%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1&#186; Juzgado </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>del Trabajo de </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Santiago</FONT>&nbsp;</TD>

   <TD vAlign=top width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1335-2010</FONT>&nbsp;</TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Salary discount (CPI) </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Union brewer CCU)</FONT></TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>In the tribunal of labor </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>colletction and welfare system </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>of Santiago, RIT C-4013-2010, </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>in order to practice the </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>corresponding determination of </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>of the final amount of the fined </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>to be charge.</FONT></TD>

   <TD vAlign=top width="12%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Indeterminate</FONT>&nbsp;</TD></TR>

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   <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>

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   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Vi&#241;a San Pedro Tarapac&#225; S.A.</FONT>&nbsp;</TD>

   <TD vAlign=top width="16%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1&#186; Juzgado de </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Letras del </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Trabajo de </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Santiago</FONT>&nbsp;</TD>

   <TD vAlign=top width="12%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>655-2009</FONT>&nbsp;</TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Interpretation of collective</FONT><BR><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>bargaining agreement, </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>iscounts </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>illegal remuneration and </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>restitution of the amounts </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>discounted.</FONT></TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>The Court of Appeals </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>rejected the appeal for </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>annulment </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>brought by VSPT. Unfavorable </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>trial ended VSPT. The case was </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>sent to Juzgado de Cobranza </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Laboral y Previsional who shall </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>settlement practice. Pending the </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>determination of final amount of </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>the fined to be charge.</FONT></TD>

   <TD vAlign=top width="12%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>Indeterminate</FONT>&nbsp;</TD></TR>

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   <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>

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   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Industrial Cervecera </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>S.A. (CICSA)</FONT>&nbsp;</TD>

   <TD vAlign=top width="16%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>First instance </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>in Argentina</FONT>&nbsp;</TD>

   <TD vAlign=top width="12%" align=left>&nbsp;</TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Claim for supposed sudden </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>termination of a dsitribution </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>agreement.</FONT></TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Chamber Case appealed by the </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>actor.</FONT></TD>

   <TD vAlign=top width="12%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>US$ 52,000</FONT>&nbsp;</TD></TR>

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   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Industrial Cervecera </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>S.A. (CICSA)</FONT>&nbsp;</TD>

   <TD vAlign=top width="16%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Second </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>instance in </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Argentina</FONT>&nbsp;</TD>

   <TD vAlign=top width="12%" align=left>&nbsp;</TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Claim for supposed failure to </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>cumply of a plant sale </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>agreement.</FONT></TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Presented final determination of </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>the debt amount to the tribunal. </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>To date was not approved by </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>the Court. Once approved, it will </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>beging the partial unfavourable </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>judgment to CICSA .</FONT></TD>

   <TD vAlign=top width="12%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>US$ 218,000</FONT>&nbsp;</TD></TR>

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<TR vAlign=bottom>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Industrial Cervecera </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>S.A. (CICSA)</FONT>&nbsp;</TD>

   <TD vAlign=top width="16%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>First instance </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>in Argentina</FONT>&nbsp;</TD>

   <TD vAlign=top width="12%" align=left>&nbsp;</TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Claim for alleged sudden </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>termination of dsitribution </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>agreement termination.</FONT></TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>The complainant asked for </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>preventing seizure of a CICSA's </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>plant located in Salta province. </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>It granted by the tribunal. On </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>03.12.09 we were notified of the </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>termination of proving period </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>and on 04.08.09 we presented </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>the verbal allegation. The </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>dossier is to sentence to be </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>pronounce.</FONT></TD>

   <TD vAlign=top width="12%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>US$ 57,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Industrial Cervecera </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>S.A. (CICSA)</FONT>&nbsp;</TD>

   <TD vAlign=top width="16%" align=center><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>First instance </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>in Argentina</FONT>&nbsp;</TD>

   <TD vAlign=top width="12%" align=left>&nbsp;</TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Labour trial for layoff</FONT>&nbsp;</TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>In proving period (must be paid </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>contributions)</FONT></TD>

   <TD vAlign=top width="12%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>US$ 91,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Compa&#241;&#237;a Industrial Cervecera </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>S.A. (CICSA)</FONT>&nbsp;</TD>

   <TD vAlign=top width="16%" align=left>&nbsp;</TD>

   <TD vAlign=top width="12%" align=left>&nbsp;</TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>City Council&#180;s Administrative </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Claim related to publicity and </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>merchandising rates.</FONT></TD>

   <TD vAlign=top width="20%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>The process is in administration </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>stage, depending on the results, </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>the Company will determine </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>wether continue arguing in </FONT><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>judicial instances or not.</FONT></TD>

   <TD vAlign=top width="12%" align=center><FONT size=1 face=Helvetica-Narrow,Arial,Helvetica,sans-serif>US$ 1,270,000</FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: center">F - 95</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company and its subsidiaries have established provisions to allow for such contingencies for a total ThCh$ 1,624,479 and ThCh$ 1,220,844 as of December 31, 2011 and 2010, respectively.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Tax processes</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-GB face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The Company was notified in May 2011, by the Internal Revenue Service ("IRS") of Liquidation of taxes and a Resolution related to the years 2009 and 2010 for an amount of ThCh$ 18,731,744 and ThCh$ 613,901, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>In July 2011, the Company filed with the IRS two requests designed to nullify those acts (Revisi&#243;n de la Actuaci&#243;n Fiscalizadora or "RAF").</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>In December 2011, the Company received an answer for both requests accepting the final resolution of the IRS to the RAF, which meant a disbursement of ThCh$ 4,273,112.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>At the date of issue of these consolidated financial statements, there are no other material tax processes.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Guarantees</FONT></I></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>As of December 31, 2011, the subsidiary Vi&#241;a San Pedro Tarapac&#225; S.A. (VSPT) has not granted direct guarantees as part of its common financing operations. Nevertheless, its VSPT has entered into indirect guarantees as joint guarantors of financing operations by Finca La Celia subsidiary, in the Republic of Argentina.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>A summary of the main terms of the guarantees granted appears below:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>&nbsp;Banco Patagonia, Banco San Juan</FONT></I></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="60%" align=center>&nbsp;<STRONG><FONT color=#ffffff size=1 face=Arial>Institution</FONT></STRONG>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="20%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Amount</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#004811 width="20%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B>Due date</B></FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="60%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Banco Patagonia</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="20%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>USD 500 mil</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" width="20%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>March 31, 2012</FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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></P>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 12pt" lang=ES-CL color=#003300>Note 35 </FONT></B><FONT style="FONT-FAMILY: Arial">
<B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>Environment </FONT></B></FONT></H1>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>Major Environmental costs accrued as of December 31, 2011, in the Industrial Units of CCU S.A. are distributed as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>- IRL Expenses: 45.0%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>These expenses are mainly related to the maintenance and control of the treatment plants of Industrial Liquid Residues (IRL).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>- SR Expenses: 34.0%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>These expenses are related to the handling and disposal of Solid Residues (SR), including dangerous (Respel) and recyclable residues. The disposal does not correspond to a landfill.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>- Gas Emission Expenses: 1.2%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>They are related to the calibration and verification of instruments for monitoring and operating the stationary sources of industrial gas emissions (Mainly industrial boilers and electric generators) to provide compliance to rules and regulations in the field.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>- Other Environmental Expenses: 19.8%</FONT></P>

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<P style="TEXT-ALIGN: center">F - 96</P>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 6.3pt 0pt 0cm" align=left><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif>Notes to the Consolidated Financial Statements<BR></FONT></FONT><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=ES-CL color=#339966 face=Arial,sans-serif>December 31, 2011</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT color=#339966><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=#339966 face=Arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>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. The implementation of these three international standards is a corporate goal of CCU SA.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The most relevant investments made during the year 2011, are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>-&nbsp;&nbsp; Improvement of the IRL Treatments Plants in Santiago of CCU Chile. Currently at the stage of start-up at full load for expected June 2012 (UF 289,108).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>-&nbsp;&nbsp; Improvement of the treatment Plant Liquid Industrial Waste (ILW) of CPCH Ovalle, that currently at the stage of start-up&nbsp; (UF 14,608).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>-&nbsp;&nbsp; Construction of a new deep on the ground in ECUSA plant and infrastructure casino renewal by regulatory requirement (UF 9,213). </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>-&nbsp;&nbsp; Investments in energy recovery and uncultivated sites and plants in Santiago of Chile CCU in 2011(UF 7,875).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>-&nbsp;&nbsp; Equipment and facilities for washing of trucks in distribution center of CCU Chile S.A. (UF 5,554).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>-&nbsp;&nbsp; Prevention of emergencies and fires, storage related substances and energy efficiency in VSPT plants, made in 2011 (UF 5<FONT style="FONT-SIZE: 9pt" face=Arial>,</FONT>384).</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; Investments principally related to the risk prevention, proyect FEI y FES (UF 5.325) of CPCH.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -9pt; MARGIN: 0cm 0cm 0pt 9pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>-&nbsp;&nbsp; Investments related to treatment plants of IRL in Molina, Santa Helena and Tabal&#237;&#8217;s plants, made during year 2011 (UF 3,301).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>The main disbursements of the year, detailed by projects, are the following:</FONT></P>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=7 width="15%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Company that</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>made the</FONT></B></FONT><FONT color=#ffffff><BR></FONT></FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>disbursement</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=7 width="25%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Project</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="60%" colSpan=6 align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Disbursment incurred during the year</FONT></B></FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="40%" colSpan=4 align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2011</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="20%" colSpan=2 align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>As of December 31, 2010</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="10%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Expenditure</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="10%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Investment</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="10%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Committed</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>amount in future</FONT></B></FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>periods</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="10%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Estimated date</FONT></B></FONT><FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>completion of</FONT></B></FONT><FONT color=#ffffff><BR></FONT><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>disbursements</FONT></B></FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="10%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Expenses</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle rowSpan=4 width="10%" align=center><FONT size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>Investment</FONT></B></FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid; BORDER-LEFT: #ffffff 1px solid; BORDER-TOP: #ffffff 1px solid; BORDER-RIGHT: #ffffff 1px solid" bgColor=#1f4130 vAlign=middle width="10%" align=center><FONT color=#ffffff size=1 face=Helvetica-Narrow-Bold,Arial,Helvetica,sans-serif><B><FONT color=#ffffff>ThCh$</FONT></B></FONT><FONT><FONT color=#ffffff>&nbsp;</FONT></FONT></TD></TR>

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   <TD vAlign=top width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>CCU Chile</FONT>&nbsp;</TD>

   <TD vAlign=top width="25%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Disposal of Industrial Solid, Liquid</FONT>&nbsp;<FONT size=1 face=Helvetica>and others Residues</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>824,775</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>6,642,350</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>706,374</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12-2012</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>556,341</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>5,876,566</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD vAlign=top width="15%" align=left>&nbsp;</TD>

   <TD vAlign=top width="25%" align=left>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD>

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   <TD vAlign=top width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Cia Industrial</FONT>&nbsp;<FONT size=1 face=Helvetica>Cervecera S.A.</FONT>&nbsp;</TD>

   <TD vAlign=top width="25%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Disposal of Industrial Solid, Liquid</FONT>&nbsp;<FONT size=1 face=Helvetica>and others Residues</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>1,077,125</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>628,460</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>469,376</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12-2012</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>673,956</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>192,803</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD vAlign=top width="15%" align=left>&nbsp;</TD>

   <TD vAlign=top width="25%" align=left>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD vAlign=top width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>C&#237;a. Pisquera de</FONT>&nbsp;<FONT size=1 face=Helvetica>Chile Ltda.</FONT>&nbsp;</TD>

   <TD vAlign=top width="25%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Disposal of Industrial Solid, Liquid</FONT>&nbsp;<FONT size=1 face=Helvetica>and others Residues</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>189,550</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>444,387</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>205,414</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12-2012</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>193,275</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>534,864</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD vAlign=top width="15%" align=left>&nbsp;</TD>

   <TD vAlign=top width="25%" align=left>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD>

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   <TD vAlign=top width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Transportes CCU</FONT>&nbsp;<FONT size=1 face=Helvetica>Ltda.</FONT>&nbsp;</TD>

   <TD vAlign=top width="25%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Disposal of Industrial Solid, Liquid</FONT>&nbsp;<FONT size=1 face=Helvetica>and others Residues</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>205,475</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>120,665</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>19,415</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12-2012</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>140,960</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>268,610</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD vAlign=top width="15%" align=left>&nbsp;</TD>

   <TD vAlign=top width="25%" align=left>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD>

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   <TD vAlign=top width="10%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>VSPT</FONT>&nbsp;</TD>

   <TD vAlign=top width="25%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Disposal of Industrial Solid, Liquid</FONT>&nbsp;<FONT size=1 face=Helvetica>and others Residues</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>443,888</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>200,000</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>81,183</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>06-2012</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>290,381</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>168,285</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="15%" align=left>&nbsp;</TD>

   <TD vAlign=top width="25%" align=left>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="15%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Otros</FONT>&nbsp;</TD>

   <TD vAlign=top width="25%" align=left><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>Disposal of Industrial Solid, Liquid</FONT>&nbsp;<FONT size=1 face=Helvetica>and others Residues</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>483,080</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>292,141</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>266,987</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>12-2012</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>353,037</FONT>&nbsp;</TD>

   <TD vAlign=top width="10%" align=right><FONT size=1 face=Helvetica,Arial,Helvetica,sans-serif>81,888</FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 12pt" lang=ES-CL color=#003300>Note 36 </FONT></B><FONT style="FONT-FAMILY: Arial">
<B><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=ES-CL color=#003300>Subsequent Events</FONT></B></A></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=ES-CL face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=green face=Arial,sans-serif>A.</FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; The Consolidated Financial Statements of CCU S.A. has been approved on February 1, 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-GB color=green face=Arial,sans-serif>B.</FONT></B><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif>&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></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT face=Arial></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 9pt" lang=EN-GB face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">F - 97</P>

<DIV style="PAGE-BREAK-BEFORE: always">

<HR align=center SIZE=2 width="100%" noShade>

</DIV>

<P style="TEXT-ALIGN: center"><B></B>&nbsp;</P>

<P style="TEXT-ALIGN: center"><B>Signatures</B></P>

<P style="TEXT-ALIGN: left">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P style="TEXT-ALIGN: center">Compa&#241;&#237;a Cervecer&#237;as Unidas S.A.<BR>(United Breweries Company, Inc.)</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; FONT-FAMILY: Times New Roman; FONT-SIZE: 9pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%"></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left>&nbsp;</TD>

   <TD width="50%" align=left><U>/s/ Ricardo Reyes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left>&nbsp;</TD>

   <TD width="50%" align=left>Chief Financial Officer&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" align=left></TD>

   <TD width="50%" align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="MARGIN: 0px">Date:&nbsp;February 1, 2012&nbsp;</P>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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