Note 21 Other financial liabilities

Debts and financial liabilities classified according to the type of obligation and their classifications in the consolidated balance sheet are detailed as follows:

	As of December 31, 2017				As of December 31, 2016
	Current		Non current		Current		Non current
	ThCh$		ThCh$		ThCh$		ThCh$
Bank borrowings (*)		24,623,746		73,886,831		39,079,561		29,606,398
Bonds payable (*)		3,306,135		69,476,612		3,250,023		70,836,716
Financial leases obligations (*)		176,586		17,638,289		215,950		17,500,919
Derivatives (**)		10,416,675		-		11,118,676		-
Liability coverage (**)		1,840,188		-		-		-
Deposits for return of bottles and containers		13,228,328		-		13,015,723		-
Total		53,591,658		161,001,732		66,679,933		117,944,033

(*) See Note 5.

(**) See Note 7.

The maturities and interest rates of these obligations are detailed as follows:

Current loan and financial obligation

As of December 31, 2017:

							Maturity (*)
Debtor Tax ID	Company	Debtor country	Lending party Tax ID	Creditor name	Creditor country	Currency	0 to 3 months		3 months to 1 year		Total		Type of amortization	Interest Rate
							ThCh$		ThCh$		ThCh$			(%)
Bank borrowings
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Superville	Argentina	USD		-		185,739		185,739	At maturity		2.50
0-E	Finca La Celia S.A.	Argentina	0-E	Santander Río	Argentina	USD		184,728		-		184,728	At maturity		5.00
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Macro	Argentina	USD		-		185,339		185,339	At maturity		2.70
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Macro	Argentina	USD		-		184,652		184,652	At maturity		2.50
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Patagonia	Argentina	USD		185,018		-		185,018	At maturity		2.55
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Patagonia	Argentina	USD		-		215,408		215,408	At maturity		3.20
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Patagonia	Argentina	ARS		399,014		-		399,014	At maturity		31.77
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Patagonia	Argentina	ARS		292,589		-		292,589	At maturity		31.50
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Patagonia	Argentina	ARS		250,005		-		250,005	At maturity		31.50
0-E	Finca La Celia S.A.	Argentina	0-E	Banco San Juan	Argentina	ARS		-		67,356		67,356	Quarter		25.50
0-E	Finca La Celia S.A.	Argentina	0-E	Banco San Juan	Argentina	ARS		-		674,403		674,403	Quarter		27.00
0-E	Finca La Celia S.A.	Argentina	0-E	Banco San Juan	Argentina	ARS		-		66,398		66,398	Quarter		26.00
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Comafi	Argentina	ARS		368,143		-		368,143	At maturity		24.50
0-E	Finca La Celia S.A.	Argentina	0-E	BBVA	Argentina	ARS		498,676		-		498,676	At maturity		32.00
91,041,000-8	Viña San Pedro Tarapacá S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile	USD		-		4,961,271		4,961,271	At maturity		1.75
91,041,000-8	Viña San Pedro Tarapacá S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile	UF		58,809		-		58,809	At maturity		2.70
91,041,000-8	Viña San Pedro Tarapacá S.A. (1)	Chile	97,018,000-1	Scotiabank Chile	Chile	USD		4,238		4,839,005		4,843,243	At maturity		2.42
91,413,000-1	Compañía Cervecerías Unidas S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile	CLP		-		324,308		324,308	At maturity		4.56
99,586,280-8	Compañía Pisquera de Chile S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile	CLP		326,560		-		326,560	At maturity		4.68
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	UF		17,425		29,507		46,932	Monthly		4.80
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	UF		9,956		30,704		40,660	Monthly		5.48
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		13,500		40,500		54,000	Monthly		6.00
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		12,667		-		12,667	Monthly		7.59
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		19,170		42,000		61,170	Monthly		5.88
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		22,500		67,500		90,000	Monthly		5.76
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		37,500		-		37,500	Monthly		5.40
96,711,590-8	Manantial S.A.	Chile	76,645,030-K	Banco Itaú Corpbanca	Chile	CLP		8,641		26,677		35,318	Monthly		6.12
96,711,590-8	Manantial S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile	CLP		20,028		61,526		81,554	Monthly		5.02
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		16,667		49,999		66,666	Monthly		4.44
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		20,834		62,500		83,334	Monthly		4.42
96,711,590-8	Manantial S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile	CLP		69,530		213,527		283,057	Monthly		4.92
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		41,700		125,100		166,800	Monthly		4.92
96,711,590-8	Manantial S.A.	Chile	76,645,030-K	Banco Itaú Corpbanca	Chile	CLP		38,678		86,121		124,799	Monthly		4.73
96,711,590-8	Manantial S.A.	Chile	76,645,030-K	Banco Itaú Corpbanca	Chile	CLP		35,966		110,127		146,093	Monthly		4.42
0-E	Milotur S.A.	Uruguay	0-E	Banco Itaú	Uruguay	UYI		403,857		288,469		692,326	Monthly		6.00
96,981,310-6	Cervecería Kunstmann S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		-		2,021,408		2,021,408	At maturity		5.35
96,981,310-6	Cervecería Kunstmann S.A.	Chile	97,018,000-1	Scotiabank Chile	Chile	CLP		16,600		-		16,600	At maturity		4.50
96,981,310-6	Cervecería Kunstmann S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		6,708		-		6,708	At maturity		4.68
96,981,310-6	Cervecería Kunstmann S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile	CLP		200,248		614,849		815,097	Monthly		5.02
0-E	Compañía Industrial Cervecera S.A.	Argentina	0-E	Banco de la Nación Argentina	Argentina	ARS		300,889		561,283		862,172	Monthly		26.63
0-E	Compañía Industrial Cervecera S.A.	Argentina	0-E	Banco de la Nación Argentina	Argentina	ARS		80,679		26,371		107,050	Monthly		27.81
0-E	Compañía Industrial Cervecera S.A.	Argentina	0-E	Banco Galicia	Argentina	ARS		925,670		1,594,645		2,520,315	Quarter		23.00
0-E	Compañía Industrial Cervecera S.A.	Argentina	0-E	Banco de la Nación Argentina	Argentina	ARS		3,944		1,975,917		1,979,861	At maturity		20.00
Sub-Total								4,891,137		19,732,609		24,623,746
Financial leases obligations
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Supervielle	Argentina	ARS		577		-		577	Monthly		17.50
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Supervielle	Argentina	ARS		419		406		825	Monthly		17.50
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Supervielle	Argentina	ARS		1,561		4,752		6,313	Monthly		17.00
90,413,000-1	Compañía Cervecerías Unidas S.A.	Chile	99,012,000-5	Consorcio Nacional de Seguros S.A.	Chile	UF		14,986		47,281		62,267	Monthly		7.07
96,981,310-6	Cervecería Kunstmann S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile	UF		26,989		73,384		100,373	Monthly		4.33
76,077,848-6	Cervecera Belga de la Patagonia S.A.	Chile	97,015,000-5	Banco Santander de Chile	Chile	UF		6,231		-		6,231	Monthly		6.27
Sub-Total								50,763		125,823		176,586

(1) This obligation is hedged by a Cross Currency Interest Rate Swap agreement (Note 7).

(*) See Note 5 non-discounted contractual cash flows.

Maturity (*)

Debtor Tax ID

Company

Debtor
country

Registration or ID
No. Instrument

Creditor
country

Currency

0 to 3 months

3 months to 1
year

Total

Type of
amortization

Interest
Rate

ThCh$

(%)

Bonds payable

90,413,000-1

Compañía Cervecerías Unidas S.A.

Chile

388 18/10/2004 Bono Serie E

Chile

41,232

2,617,308

2,658,540

Semiannual

4.00

90,413,000-1

Compañía Cervecerías Unidas S.A. (1)

Chile

573 23/03/2009 Bono Serie H

Chile

647,595

Semiannual

4.25

Sub-Total

688,827

2,617,308

3,306,135

(1) This obligation is hedged by a Cross Currency Interest Rate Swap agreement (Note 7).

(*) See Note 5 non-discounted contractual cash flows.

As of December 31, 2016:

							Maturity (*)
Debtor Tax ID	Company	Debtor country	Lending party Tax ID	Creditor name	Creditor country	Currency	0 to 3 months		3 months to 1 year		Total		Type of amortization	Interest Rate
							ThCh$		ThCh$		ThCh$			(%)
Bank borrowings
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Superville	Argentina	USD		136,115		-		136,115	At maturity		3.50
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Superville	Argentina	USD		135,537		-		135,537	At maturity		3.50
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Superville	Argentina	USD		217,353		-		217,353	At maturity		3.50
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Superville	Argentina	USD		-		54,032		54,032	At maturity		4.25
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Macro	Argentina	USD		-		200,933		200,933	At maturity		1.85
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Patagonia	Argentina	USD		201,628		-		201,628	At maturity		2.70
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Patagonia	Argentina	USD		-		133,909		133,909	At maturity		2.00
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Patagonia	Argentina	ARS		1,436		1,589		3,025	Quarter		15.25
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Patagonia	Argentina	ARS		433,258		-		433,258	At maturity		36.00
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Patagonia	Argentina	ARS		228,734		-		228,734	At maturity		29.00
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Patagonia	Argentina	ARS		340,659		-		340,659	At maturity		28.50
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Patagonia	Argentina	ARS		-		518,917		518,917	At maturity		26.75
0-E	Finca La Celia S.A.	Argentina	0-E	Banco San Juan	Argentina	ARS		367,243		-		367,243	Quarter		30.00
0-E	Finca La Celia S.A.	Argentina	0-E	Banco San Juan	Argentina	ARS		9,178		400,250		409,428	Quarter		27.00
0-E	Finca La Celia S.A.	Argentina	0-E	Banco San Juan	Argentina	ARS		425		84,263		84,688	Quarter		23.00
0-E	Finca La Celia S.A.	Argentina	0-E	BBVA	Argentina	ARS		524,538		-		524,538	At maturity		27.50
0-E	Finca La Celia S.A.	Argentina	0-E	BBVA	Argentina	ARS		50,045		-		50,045	At maturity		27.00
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Patagonia	Argentina	ARS		290,342		-		290,342	At maturity		27.75
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Patagonia	Argentina	ARS		74,763		-		74,763	At maturity		27.50
91,041,000-8	Viña San Pedro Tarapacá S.A. (1)	Chile	97,004,000-5	Banco de Chile	Chile	CLP		157,295		7,271,000		7,428,295	At maturity		4.40
91,041,000-8	Viña San Pedro Tarapacá S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile	UF		57,821		-		57,821	At maturity		2.70
91,041,000-8	Viña San Pedro Tarapacá S.A. (1)	Chile	97,018,000-1	Scotiabank Chile	Chile	USD		3,151		-		3,151	At maturity		1.79
99,586,280-8	Compañía Pisquera de Chile S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile	CLP		457,454		16,000,000		16,457,454	At maturity		6.86
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	UF		16,333		50,142		66,475	Monthly		4.80
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	UF		9,264		28,576		37,840	Monthly		5.48
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	UF		7,599		5,124		12,723	Monthly		5.36
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		13,500		40,500		54,000	Monthly		6.00
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		19,000		57,000		76,000	Monthly		7.59
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		14,000		42,000		56,000	Monthly		5.88
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		22,500		67,500		90,000	Monthly		5.76
96,711,590-8	Manantial S.A.	Chile	76,645,030-K	Banco Itaú Corpbanca	Chile	CLP		8,111		25,086		33,197	Monthly		6.12
96,711,590-8	Manantial S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile	CLP		-		205,849		205,849	Monthly		4.92
96,711,590-8	Manantial S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile	CLP		67,488		203,111		270,599	Monthly		4.92
96,711,590-8	Manantial S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile	CLP		19,030		58,392		77,422	Monthly		5.02
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		37,500		112,500		150,000	Monthly		5.04
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		-		255,037		255,037	Monthly		4.68
0-E	Milotur S.A.	Uruguay	0-E	Banco Itaú	Uruguay	UYI		406,353		638,554		1,044,907	Monthly		6.00
96,981,310-6	Cervecería Kunstmann S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		21,408		-		21,408	At maturity		5.35
96,981,310-6	Cervecería Kunstmann S.A.	Chile	97,018,000-1	Scotiabank Chile	Chile	CLP		18,000		2,000,000		2,018,000	At maturity		4.50
96,981,310-6	Cervecería Kunstmann S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		-		6,656		6,656	At maturity		4.68
96,981,310-6	Cervecería Kunstmann S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile	CLP		190,490		584,272		774,762	Monthly		5.02
0-E	Compañía Industrial Cervecera S.A.	Argentina	0-E	Banco de la Nación Argentina	Argentina	ARS		251,181		717,375		968,556	Monthly		15.00
0-E	Compañía Industrial Cervecera S.A.	Argentina	0-E	Banco Macro	Argentina	ARS		34,300		23,406		57,706	Monthly		15.25
0-E	Compañía Industrial Cervecera S.A.	Argentina	0-E	Banco BBVA	Argentina	ARS		421,179		421,652		842,831	Quarter		26.00
0-E	Compañía Industrial Cervecera S.A.	Argentina	0-E	Banco de la Nación Argentina	Argentina	ARS		103,106		303,347		406,453	Monthly		25.19
0-E	Compañía Industrial Cervecera S.A.	Argentina	0-E	Banco Galicia	Argentina	ARS		68,826		789,966		858,792	Quarter		30.50
0-E	Compañía Industrial Cervecera S.A.	Argentina	0-E	Banco Citibank	Argentina	ARS		30,190		-		30,190	At maturity		25.66
0-E	Compañía Industrial Cervecera S.A.	Argentina	0-E	Banco HSBC	Argentina	ARS		2,109,794		-		2,109,794	At maturity		25.25
0-E	Compañía Industrial Cervecera S.A.	Argentina	0-E	Banco BBVA	Argentina	ARS		1,392		-		1,392	At maturity		26.12
0-E	Compañía Industrial Cervecera S.A.	Argentina	0-E	Banco Macro	Argentina	ARS		12		-		12	At maturity		25.53
0-E	Compañía Industrial Cervecera S.A.	Argentina	0-E	Santander Río	Argentina	ARS		199,954		-		199,954	At maturity		25.00
0-E	Saenz Briones y Cía. S.A.I.C.	Argentina	0-E	Banco Citibank	Argentina	ARS		1,138		-		1,138	At maturity		26.50
Sub-Total								7,778,623		31,300,938		39,079,561
Financial leases obligations
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Supervielle	Argentina	ARS		453		1,472		1,925	At maturity		17.50
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Supervielle	Argentina	ARS		528		1,545		2,073	At maturity		17.50
96,711,590-8	Manantial S.A.	Chile	97,000,600-6	Banco de Crédito e Inversiones	Chile	UF		14,369		3,837		18,206	Monthly		3.44
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	UF		6,054		8,072		14,126	Monthly		4.78
96,711,590-8	Manantial S.A.	Chile	97,053,000-2	Banco Security	Chile	UF		4,489		8,755		13,244	Monthly		4.40
90,413,000-1	Compañía Cervecerías Unidas S.A.	Chile	99,012,000-5	Consorcio Nacional de Seguros S.A.	Chile	UF		13,759		42,717		56,476	Monthly		7.07
96,981,310-6	Cervecería Kunstmann S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile	UF		25,436		77,942		103,378	Monthly		4.33
76,077,848-6	Cervecera Belga de la Patagonia S.A.	Chile	97,015,000-5	Banco Santander Chile	Chile	UF		-		6,522		6,522	Monthly		6.27
Sub-Total								65,088		150,862		215,950

(1) This obligation is hedged by a Cross Currency Interest Rate Swap agreement (Note 7).

(*) See Note 5 non-discounted contractual cash flows.

Maturity (*)

Debtor Tax ID

Company

Debtor
country

Registration or ID
No. Instrument

Creditor
country

Currency

0 to 3 months

3 months to 1
year

Total

Type of
amortization

Interest
Rate

ThCh$

(%)

Bonds payable

90,413,000-1

Compañía Cervecerías Unidas S.A.

Chile

388 18/10/2004 Bono Serie E

Chile

2,612,294

Semiannual

4.00

90,413,000-1

Compañía Cervecerías Unidas S.A.

Chile

573 23/03/2009 Bono Serie H

Chile

637,729

Semiannual

4.25

Sub-Total

637,729

2,612,294

3,250,023

(*) See Note 5 non-discounted contractual cash flows.

Non-current loan and financial obligation

As of December 31, 2017:

								Maturity (*)
Debtor Tax ID	Company	Debtor country	Lending party Tax ID	Creditor name	Creditor country	Currency		Over 1 year to 3 years		Over 3 years to 5 years		Over 5 years		Total		Type of amortization	Interest Rate
								ThCh$		ThCh$		ThCh$		ThCh$			(%)
Bank borrowings
91,041,000-8	Viña San Pedro Tarapacá S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile		UF		10,183,293		-		-		10,183,293	At maturity		2.70
91,413,000-1	Compañía Cervecerías Unidas S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile		CLP		-		39,750,482		-		39,750,482	At maturity		4.56
99,586,280-8	Compañía Pisquera de Chile S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile		CLP		-		16,000,000		-		16,000,000	At maturity		4.68
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile		UF		17,624		-		-		17,624	Monthly		5.48
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile		CLP		72,000		-		-		72,000	Monthly		6.00
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile		CLP		32,667		-		-		32,667	Monthly		5.88
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile		CLP		112,500		-		-		112,500	Monthly		5.76
96,711,590-8	Manantial S.A.	Chile	76,645,030-K	Banco Itaú Corpbanca	Chile		CLP		50,621		-		-		50,621	Monthly		6.12
96,711,590-8	Manantial S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile		CLP		138,116		-		-		138,116	Monthly		5.02
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile		CLP		94,445		-		-		94,445	Monthly		4.44
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile		CLP		131,944		-		-		131,944	Monthly		4.42
96,711,590-8	Manantial S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile		CLP		297,505		-		-		297,505	Monthly		4.92
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile		CLP		208,100		-		-		208,100	Monthly		4.92
96,711,590-8	Manantial S.A.	Chile	76,645,030-K	Banco Itaú Corpbanca	Chile		CLP		171,638		-		-		171,638	Monthly		4.73
96,711,590-8	Manantial S.A.	Chile	76,645,030-K	Banco Itaú Corpbanca	Chile		CLP		245,098		-		-		245,098	Monthly		4.42
96,981,310-6	Cervecería Kunstmann S.A.	Chile	97,018,000-1	Scotiabank Chile	Chile		CLP		2,000,000		-		-		2,000,000	At maturity		4.50
96,981,310-6	Cervecería Kunstmann S.A.	Chile	97,004,000-5	Banco de Chile	Chile		CLP		400,000		-		-		400,000	At maturity		4.68
96,981,310-6	Cervecería Kunstmann S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile		CLP		1,378,183		-		-		1,378,183	Monthly		5.02
0-E	Compañía Industrial Cervecera S.A.	Argentina	0-E	Banco de la Nación Argentina	Argentina		ARS		748,377		-		-		748,377	Monthly		26.63
0-E	Compañía Industrial Cervecera S.A.	Argentina	0-E	Banco Galicia	Argentina		ARS		1,854,238		-		-		1,854,238	Quarter		23.00
Sub-Total									18,136,349		55,750,482		-		73,886,831
Financial leases obligations
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Supervielle	Argentina		ARS		8,792		-		-		8,792	Monthly		17.00
90,413,000-1	Compañía Cervecerías Unidas S.A.	Chile	99,012,000-5	Consorcio Nacional de Seguros S.A.	Chile		UF		136,371		156,348		17,329,787		17,622,506	Monthly		7.07
76,077,848-6	Cervecera Belga de la Patagonia S.A.	Chile	97,015,000-5	Banco Santander - Chile	Chile		UF		-		6,991		-		6,991	Monthly		6.27
Sub-Total									145,163		163,339		17,329,787		17,638,289

(*) See Note 5 non-discounted contractual cash flows.

Maturity (*)

Debtor Tax ID

Company

Debtor
country

Registration or ID
No. Instrument

Creditor
country

Currency

Over 1 year to 3
years

Over 3 years to 5
years

Over 5 years

Total

Type of
amortization

Interest
Rate

ThCh$

(%)

Bonds payable

90,413,000-1

Compañía Cervecerías Unidas S.A.

Chile

388 18/10/2004 Bono Serie E

Chile

5,327,846

5,359,626

5,359,627

16,047,099

Semiannual

4.00

90,413,000-1

Compañía Cervecerías Unidas S.A. (1)

Chile

573 23/03/2009 Bono Serie H

Chile

7,258,889

9,702,632

36,467,992

53,429,513

Semiannual

4.25

Sub-Total

12,586,735

15,062,258

41,827,619

69,476,612

(1) This obligation is hedged by a Cross Currency Interest Rate Swap agreement (Note 7).

(*) See Note 5 non-discounted contractual cash flows.

As of December 31, 2016:

							Maturity (*)
Debtor Tax ID	Company	Debtor country	Lending party Tax ID	Creditor name	Creditor country	Currency	Over 1 year to 3 years		Over 3 years to 5 years		Over 5 years		Total		Type of amortization	Interest Rate
							ThCh$		ThCh$		ThCh$		ThCh$			(%)
Bank borrowings
91,041,000-8	Viña San Pedro Tarapacá S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile	UF		10,012,233		-		-		10,012,233	At maturity		2.70
91,041,000-8	Viña San Pedro Tarapacá S.A. (1)	Chile	97,018,000-1	Scotiabank Chile	Chile	USD		5,269,733		-		-		5,269,733	At maturity		1.79
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	UF		46,143		-		-		46,143	Monthly		4.80
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	UF		57,305		-		-		57,305	Monthly		5.48
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		108,000		18,000		-		126,000	Monthly		6.00
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		12,667		-		-		12,667	Monthly		7.59
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		88,667		-		-		88,667	Monthly		5.88
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		180,000		22,500		-		202,500	Monthly		5.76
96,711,590-8	Manantial S.A.	Chile	76,645,030-K	Banco Itaú Corpbanca	Chile	CLP		72,892		13,047		-		85,939	Monthly		6.12
96,711,590-8	Manantial S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile	CLP		580,563		-		-		580,563	Monthly		4.92
96,711,590-8	Manantial S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile	CLP		167,461		52,210		-		219,671	Monthly		5.02
96,711,590-8	Manantial S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		37,510		-		-		37,510	Monthly		5.04
0-E	Milotur S.A.	Uruguay	0-E	Banco Itaú	Uruguay	UYI		696,605		-		-		696,605	Monthly		6.00
96,981,310-6	Cervecería Kunstmann S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		2,000,000		-		-		2,000,000	At maturity		5.35
96,981,310-6	Cervecería Kunstmann S.A.	Chile	97,004,000-5	Banco de Chile	Chile	CLP		400,000		-		-		400,000	At maturity		4.68
96,981,310-6	Cervecería Kunstmann S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile	CLP		1,672,625		520,654		-		2,193,279	Monthly		5.02
0-E	Compañía Industrial Cervecera S.A.	Argentina	0-E	Banco de la Nación Argentina	Argentina	$ARS		1,912,999		-		-		1,912,999	Monthly		15.00
0-E	Compañía Industrial Cervecera S.A.	Argentina	0-E	Banco de la Nación Argentina	Argentina	$ARS		134,821		-		-		134,821	Monthly		25.19
0-E	Compañía Industrial Cervecera S.A.	Argentina	0-E	Banco Galicia	Argentina	$ARS		5,529,763		-		-		5,529,763	Quarter		30.50
Sub-Total								28,979,987		626,411		-		29,606,398
Financial leases obligations
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Supervielle	Argentina	$ARS		920		-		-		920	-		17.50
0-E	Finca La Celia S.A.	Argentina	0-E	Banco Supervielle	Argentina	$ARS		544		-		-		544	At maturity		17.50
90,413,000-1	Compañía Cervecerías Unidas S.A.	Chile	99,012,000-5	Consorcio Nacional de Seguros S.A.	Chile	UF		125,221		130,838		17,131,641		17,387,700	Monthly		7.07
96,981,310-6	Cervecería Kunstmann S.A.	Chile	97,030,000-7	Banco del Estado de Chile	Chile	UF		98,688		-		-		98,688	Monthly		4.33
76,077,848-6	Cervecera Belga de la Patagonia S.A.	Chile	97,015,000-5	Banco Santander - Chile	Chile	UF		-		13,067		-		13,067	Monthly		6.27
Sub-Total								225,373		143,905		17,131,641		17,500,919

(1) This obligation is hedged by a Cross Currency Interest Rate Swap agreement (Note 7).

(*) See Note 5 non-discounted contractual cash flows.

Maturity (*)

Debtor Tax ID

Company

Debtor
country

Registration or ID
No. Instrument

Creditor
country

Currency

Over 1 year to 3
years

Over 3 years to 5
years

Over 5 years

Total

Type of
amortization

Interest
Rate

ThCh$

(%)

Bonds payable

90,413,000-1

Compañía Cervecerías Unidas S.A.

Chile

388 18/10/2004 Bono Serie E

Chile

5,125,926

5,298,895

7,904,394

18,329,215

Semiannual

4.00

90,413,000-1

Compañía Cervecerías Unidas S.A.

Chile

573 23/03/2009 Bono Serie H

Chile

2,345,596

9,540,856

40,621,049

52,507,501

Semiannual

4.25

Sub-Total

7,471,522

14,839,751

48,525,443

70,836,716

(*) See Note 5 non-discounted contractual cash flows.

Details of the fair value of bank borrowings, financial leases obligations and bonds payable are described in Note 7.

The effective interest rates of bond obligations are as follows:

Bonds Serie E	4.51%
Bonds Serie H	4.27%

Debts and financial liabilities are stated in several currencies and they accrue fixed and variable interest rates. These obligations classified by currency and interest type (excluding the effect of cross currency interest rate swap agreements) are detailed as follows:

	As of December 31, 2017				As of December 31, 2016
	Fixed Interest Rate		Variable Interest Rate		Fixed Interest Rate		Variable Interest Rate
	ThCh$		ThCh$		ThCh$		ThCh$
US Dollar		6,102,155		4,843,243		1,079,507		5,272,884
Chilean Pesos		65,836,938		-		33,921,475		-
Argentinean Pesos		8,987,505		1,717,599		12,962,674		3,422,829
Unidades de Fomento		100,928,433		-		102,088,686		-
UYI		692,326		-		1,741,512		-
Total		182,547,357		6,560,842		151,793,854		8,695,713

The terms and conditions of the main interest accruing obligations as of December 31, 2017, are detailed as follows:

A)	Bank Borrowings

Banco Estado – Bank Loans

On July 27, 2012, the subsidiary Compañía Pisquera Chile S.A. (CPCh) signed a bank loan with the Banco del Estado de Chile for a total of ThCh$ 16,000,000, for a period of 5 years, with maturity on July 27, 2017.

This loan accrues interest at an annual fixed rate of 6.86% and an effective rate of 7.17%. The Company amortized interest semi-annually, and the capital amortization consists of a single payment at the end of the established term.

On July 27, 2017 this loan was renewed for 5 years, with maturity on July 27, 2022. This loan accrues interest at an annual fixed rate of 4.68%. The Company amortized interest semi-annually, and the capital amortization consists of a single payment at the end of the established term

This obligation is subject to certain reporting obligations in addition to complying with the following financial ratios, which will be measured on the half-yearly financial statements of CPCh:

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.

Maintain a debt ratio of no more than 3, measured as Total liabilities divided by Equity.

Maintain an Equity higher than UF 770,000.

In addition, this loan obliges CPCh to comply with certain restrictions of affirmative nature, including maintaining insurance, maintaining the ownership of essential assets, and also to comply with certain restrictions, such as 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.

As of December 31, 2017, the Company was in compliance with the financial covenants and specific requirements of this loan.

On April 25, 2012, the subsidiary Cervecería Kunstmann S.A. signed a bank loan with Banco del Estado e Chile for a total of ThCh$ 500,000, maturing on April 25, 2013.

Subsequently this loan was renewed for one year, maturing on April 25, 2014. It was renewed for one year, maturing on April 25, 2015. Subsequently this loan was renewed for one year, maturing on April 27, 2016.

This loan accrues a fixed interest at an annual rate. The subsidiary amortizes interest and capital amortization consists of a single payment at the end of the established term.

On April 27, 2016, this loan was paid.

On April 25, 2013, the subsidiary Cervecería Kunstmann S.A. signed a bank loan with Banco del Estado de Chile for a total of ThCh$ 600,000, maturing on April 25, 2014.

It was renewed for one year, maturing on April 25, 2015. Subsequently this loan was renewed for one year, maturing on April 27, 2016.

This loan accrues a fixed interest at an annual rate. The subsidiary amortizes interest and capital amortization consists of a single payment at the end of the established term.

On April 27, 2016, this loan was paid.

On June 16, 2014, the subsidiary Viña San Pedro Tarapacá S.A. signed a bank loan with Banco del Estado de Chile for a total of 6,200,000 euros, maturing on June 16, 2015.

This loan accrues a fixed interest at an annual rate. The subsidiary amortizes interest and capital amortization consists of a single payment at the end of the established term.

On June 17, 2015, this loan was paid.

On December 3, 2014, the subsidiary Cervecería Kunstmann S.A. signed a bank loan with Banco del Estado de Chile for a total of ThCh$ 1,300,000, maturing on March 31, 2015.

This loan accrues a fixed interest at an annual rate. The subsidiary amortizes interest and capital amortization consists of a single payment at the end of the established term.

On May 29, 2015 the loan was renewed for a term of 3 months, maturing on July 28, 2015.

On July 17, 2015, this loan was paid.

On October 15, 2014, the subsidiary Viña San Pedro Tarapacá S.A. signed a bank loan with Banco del Estado de Chile for a total of UF 380,000, maturing on October 15, 2019.

This loan accrues a fixed interest at an annual rate. The subsidiary amortizes interest semi-annually and capital amortization consists of a single payment at the end of the established term.

On July 15, 2015, the subsidiary Cervecería Kunstmann S.A. signed a bank loan with Banco del Estado de Chile for a total of ThCh$ 4,000,000, maturing on July 14, 2020.

This loan accrues a fixed interest at an annual rate. The subsidiary amortizes interest and capital amortization consists of a single payment at the end of the established term.

On May 26, 2016, the subsidiary Aguas CCU-Nestlé Chile S.A. signed a bank loan with Banco del Estado de Chile for a total of ThCh$ 5,300,000, maturing on November 22, 2016.

This loan accrues a fixed interest at an annual rate. The subsidiary amortizes interest and capital amortization consists of a single payment at the end of the established term.

On November 22, 2016, this loan was paid.

On April 13, 2017, Compañía Cervecerías Unidas S.A. signed a bank loan with Banco del Estado de Chile for a total of ThCh$ 40,000,000, maturing on April 13, 2022.

This loan accrues a fixed interest at an annual rate. The Company amortizes interest semi-annually, and the capital amortization consists of a single payment at the end of the established term.

The aforementioned loan oblige the Company to comply with the same covenants as indicated in letter E) Restrictions in this Note.

On July 3, 2017 the subsidiary Viña San Pedro Tarapacá S.A. signed a bank loan with Banco del Estado de Chile for a total of US$ 8,000,000, maturing on July 3, 2018.

This loan accrues a fixed interest at an annual rate. The subsidiary amortizes interest monthly, and capital amortization consists of a single payment at the end of the established term.

Banco de Chile – Bank Loans

On July 11, 2011, the subsidiary Viña San Pedro Tarapacá S.A. signed a bank loan with Banco de Chile for a total of US$ 4,436,100, maturing on July 11, 2016.

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.

This debt was changed to Euros and a fixed interest rate through a currency US$-Euro and interest rate swap agreements (Cross Currency Interest Rate Swap). For details of the Company's hedge strategies see Note 5 and 7.

On July 11, 2016, this loan was paid.

On July 7, 2011, the subsidiary Viña San Pedro Tarapacá S.A. signed a bank loan with Banco de Chile for a total of
US$ 10,000,000, maturing on July 7, 2016.

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 Note 5 and 7.

On July 7, 2016, this loan was paid.

The aforementioned loans (letter a) and letter b)) oblige the Company to comply with the same covenants indicated in letter D) Restrictions in this Note.

On July 7, 2016, the subsidiary Viña San Pedro Tarapacá S.A. signed a bank loan with Banco de Chile for a total of
ThCh$ 7,271,000, maturing on July 2, 2017.

This loan accrued interest at an annual rate. The subsidiary amortizes interest and capital consists of a single payment at the end of the established term.

This debt was changed to US$ and a fixed interest rate through a currency CLP-US$ and interest rate swap agreements (Cross Currency Interest Rate Swap). For details of the Company's hedge strategies see Note 5 and 7.

On July 2, 2017, this loan was paid.

On April 24, 2014, the subsidiary Cervecería Kunstmann S.A. signed a bank loan with Banco de Chile for a total of ThCh$ 1,000,000, maturing on April 24, 2015.

This loan accrued interest at an annual rate. The subsidiary amortizes interest and capital consists of a single payment at the end of the established term.

On April 24, 2015 the loan was renewed for a term of 1 year, maturing on April 21, 2016.

On April 22, 2016, this loan was paid.

On April 24, 2015, the subsidiary Cervecería Kunstmann S.A. signed a bank loan with Banco de Chile for a total of ThCh$ 600,000 for a period of three months expiring on July 24, 2015.

This loan bears interest at a fixed interest rate. The subsidiary pays the interest and principal in a single payment at the end of the deadline.

On July 24, 2015, this loan was paid.

On April 20, 2016, the subsidiary Cervecería Kunstmann S.A. signed a bank loan with Banco de Chile for a total of ThCh$ 2,000,000, maturing on April 20, 2018.

This loan accrued interest at an annual rate. The subsidiary amortizes interest and capital consists of a single payment at the end of the established term.

On April 20, 2017, the loan was renewed the maturity on April 20, 2019.

On August 25, 2016, the subsidiary Cervecería Kunstmann S.A. signed a bank loan with Banco de Chile for a total of ThCh$ 400,000, maturing on August 24, 2018.

This loan accrued interest at an annual rate. The subsidiary amortizes interest and capital consists of a single payment at the end of the established term.

Banco Scotiabank – Bank Loans

On June 21, 2013, the subsidiary Viña San Pedro Tarapacá S.A. signed a bank loan with Banco Scotiabank for a total of US$ 8,000,000, maturing on June 22, 2015.

This loan accrues interest at a compound floating rate Libor plus 90 days plus a fixed margin. The subsidiary amortizes interest quarterly and capital amortization consists of a single payment at the end of the established term.

On June 22, 2015, this loan was paid.

On September 4, 2014, the subsidiary Cervecería Kunstmann S.A. signed a bank loan with Banco Scotiabank for a total of US$ 638,674, maturing on September 4, 2016.

This loan accrues a fixed interest at an annual rate. The subsidiary amortizes interest semi-annually and capital amortization consists of a single payment at the end of the established term.

On August 24, 2016, this loan was paid.

On June 17, 2015, the subsidiary Viña San Pedro Tarapacá S.A. it signed a bank loan with Banco Scotiabank for a total of US$ 7,871,500, with a term of three years maturing on June 18, 2018.

This loan bears interest at a floating interest rate composed dollar Libor at 90 days plus a fixed margin. The company pays quarterly interest and amortization of capital consists of a single payment at the end of the deadline.

On April 24, 2015, the subsidiary Cervecería Kunstmann S.A. signed a bank loan with Banco Scotiabank for a total of
ThCh$ 1,000,000, with a term of one year maturity on April 22, 2016.

This loan accrues a fixed interest at an annual rate. The subsidiary amortizes interest semi-annually and capital amortization consists of a single payment at the end of the established term.

On April 22, 2016, this loan was paid.

On April 20, 2016, the subsidiary Cervecería Kunstmann S.A. signed a bank loan with Banco Scotiabank for a total of ThCh$ 2,000,000, with a term of one year maturity on April 20, 2017.

This loan accrues a fixed interest at an annual rate. The subsidiary amortizes interest semi-annually and capital amortization consists of a single payment at the end of the established term.

On April 20, 2017 the loan was renewed for a term of 2 years, maturing on April 20, 2019.

BBVA Banco Francés S.A.; HSBC Bank Argentina S.A.; Banco de Galicia y Buenos Aires S.A.; La Sucursal de Citibank NA established in Argentinian Republic; Banco de La Provincia de Buenos Aires – Syndicated Bank Loan with Compañía Industrial Cervecera S.A. (CICSA)

On October 5, 2012, the subsidiary CICSA signed a syndicated bank loan for a total of 187.5 million argentinean pesos, maturing on October 5, 2015.

The proportional participation of banks lenders is as follows:

BBVA Bank French S.A., with 55 million argentinean pesos of pro rata participation.

Banco de la Provincia de Buenos Aires, with 54 million argentinean pesos.

HSBC Bank Argentina S.A., with 43.5 million argentinean pesos of pro rata participation.

Banco de Galicia y Buenos Aires S.A., with 20 million argentinean pesos of pro rata participation.

Citibank NA established in Argentinian Republic, with 15 million argentinean pesos of pro rata participation.

This loan accrues interest at an annual rate of 15.01% whose payment is made monthly. The subsidiary amortizes capital in 9 consecutive and equal quarterly quotes, once the grace period of 12 months from the date of disbursement.

This loan obliges the subsidiary to meet specific requirements and financial covenants related to their Consolidated Financial Statements, which according to agreement of the parties are as follows:

Maintain a capability of repayment measure at the end of each quarter less than or equal to 3, calculated as the financial debt over Adjusted EBITDA¹. Adjusted EBITDA means EBITDA as calculated by the Company in accordance with particular debt instruments in order to measure such instruments’ financial covenants and is defined as: Operating result before Interest, Income taxes, Depreciation and Amortization for the period of 12 months immediately prior to the date of calculation.

Maintain a Financial Expense Coverage measured at the end of each quarter and retroactively for periods of 12 months, not less than 2.5, calculated as the ratio of Adjusted EBITDA (as defined in paragraph (a)) and Financial Costs account.

Maintain at the end of each quarter an indebtedness ratio not higher than 1.5, defined as the ratio Financial Liabilities over the Equity meaning the Equity at the time of calculation, as it arises from their Financial Statements and in accordance with generally accepted accounting principles in the Republic of Argentina.

Maintain at the end of each quarter a minimum Equity of 600 million of argentinean pesos.

On October 5, 2015, this loan was paid.

EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization).

Banco de la Nación Argentina – Bank Loan with Compañía Industrial Cervecera S.A. (CICSA)

On December 28, 2012, CICSA signed a bank loan for a total of 140 million of argentinean pesos for a period of 7 years, maturing on November 26, 2019, and whose loan is delivered in two stages, where the first was carried out on December 28, 2012, for a total of 56 million argentinean pesos and the second on June 28, 2013, for a total of 84 million of Argentinean pesos.

This loan accrues interest at an annual rate of 15% fixed by first 36 months. Having completed that term, accrues interest at a compound floating rate BADLAR in pesos plus a fixed spread of 400 basis points and to this effect will be taken BADLAR rate published by the Central Bank of the Republic of Argentina, corresponding to five working days prior to the start of the period, subject to the condition that does not exceed the lending rate of portfolio general of Banco de la Nación Argentina, in whose case shall apply this. Interest will be paid monthly.

The subsidiary amortizes capital in 74 consecutive and equal, once the grace period of 10 months from the date of disbursement.

This loan is guaranteed by CCU S.A., through a Stand By issued by the Banco del Estado de Chile to Banco de la Nación Argentina (see Note 34).

On April 20, 2015, the subsidiary CICSA signed a bank loan for a total of 24 million of argentinean pesos, maturing on April 4, 2018.

This loan accrues interest at a compound floating rate BADLAR in pesos plus a fixed spread of 500 basis points and subject to the condition that does not exceed the lending rate of portfolio general of Banco de la Nación Argentina, in whose case shall apply this. Interest will be paid monthly.

The subsidiary amortizes capital in 30 monthly, once the grace period of 6 months from de date of disbursement.

This loan is guaranteed by CCU S.A., through a Stand By issued by the Banco del Estado de Chile to Banco de la Nacion Argentina (see Note 34).

On May 26, 2017, the subsidiary CICSA signed a bank loan for a total of 60 million of argentinean pesos, maturing on May 22, 2018.

This loan accrues a fixed interest at an annual rate of 20%. The subsidiary amortizes monthly interest and and capital amortization consists of a single payment at the end of the established term.

This loan is guaranteed by CCU S.A., through a Stand By issued by the Banco del Estado de Chile in favor of Banco de la Nación Argentina (see Note 34).

On June 26, 2015, the subsidiary CICSA signed a bank loan for a total of 30 million of argentine pesos, maturing on December 26, 2015.

This loan accrues a fixed interest at an annual rate of 23%. The subsidiary amortizes monthly interest and the capital amortization in 6 monthly.

On December 26, 2015, this loan was paid.

Banco BBVA Francés S.A. – Bank Loan with Compañía Industrial Cervecera S.A. (CICSA)

On June 18, 2014, the subsidiary CICSA signed a bank loan with BBVA Bank for a total of 90 million argentinean pesos, maturing on November 18, 2017.

This loan accrues a fixed interest at an annual rate. The subsidiary amortizes interest and capital amortization quarterly.

On November 18, 2017, this loan was paid.

Banco de Galicia y Buenos Aires S.A.; Banco Santander Río S.A.; – Syndicated Bank Loan with Compañía Industrial Cervecera S.A. (CICSA)

On April 20, 2015, the subsidiary CICSA signed a syndicated bank loan for a total of 150 million argentinean pesos, maturing on April 20, 2018.

On September 15, 2016 the subsidiary signed an addendum to the original contract in order to increase the loan capital to 183.33 million argentinean pesos, modify the interest rate, the maturity and schedule of repayment of capital and dates of payment, being the new maturity on September 15, 2019.

On July 14, 2017, the subsidiary signed a new addendum to the original contract in order to modify the interest rate to fixed interest at an annual nominal rate of 23%. The rest of the conditions remained unchanged.

The proportional participation of banks lenders is as follows:

(a) Banco de Galicia y Buenos Aires S.A., with 91.66 million argentinean pesos of pro rata participation.

(b)

Banco Santander Río, with 91.66 million argentinean pesos of pro rata participation.

This loan accrues interest at an annual rate fixed of 23% whose payment will make monthly. CICSA amortised capital in 24 consecutive and variable monthly installments, once completed the 12-month grace period from the date of signature of the addendum.

This loan obliges the subsidiary to meet specific requirements and financial covenants related to their Consolidated Financial Statements, which according to agreement of the parties are as follows:

Maintain at the end of each quarter a minimum Equity of 600 million of argentinean pesos.

As of December 31, 2017, the Company was in compliance with the financial covenants and specific requirements of this loan.

B)	Financial Lease Obligations

The most significant financial lease agreements are as follows:

CCU S.A.

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.

The building was completed during 2007, and on June 28, 2007, the Company entered into a 25-years lease agreement with Compañía 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.

¹	EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization).

In 2004 the Company recognized a ThCh$ 3,108,950 gain for the building portion not leased by the Company, and a ThCh$ 2,276,677 liability deferred through completion of the building, when the Company recorded the transaction as financial lease.

Subsidiaries: Cervecería Kunstmann S.A. and Finca La Celia S.A.

			Currency	Amount
Type	Institution	Contract Date	type or reset unit	Contract ( Thousands)		Purchase option (UF)		Number of quotas		Anual Interest (%)
Cervecería Kunstmann S.A.
Land Lote 13F1	Banco del Estado de Chile	11-23-2012	UF		22,341		348		73		4.33
Finca La Celia S.A.
Automotor	Banco Supervielle - Argentina	06-10-2014	ARS		5,151		206		45		17.50
Automotor	Banco Supervielle - Argentina	09-04-2014	ARS		4,908		196		45		17.50
Automotor	Banco Supervielle - Argentina	06-07-2017	ARS		17,820		713		36		17.00

As of December 31, 2017 future payments and the current value of finance lease obligations are detailed as follows:

	As of December 31, 2017
Lease Minimum Future Payments	Gross Amount		Interest		Value
	ThCh$		ThCh$		ThCh$
0 to 3 months		354,543		303,780		50,763
3 months to 1 year		1,034,396		908,573		125,823
Over 1 year to 3 years		2,552,580		2,407,417		145,163
Over 3 years to 5 years		2,551,761		2,388,422		163,339
Over 5 years		27,644,377		10,314,590		17,329,787
Total		34,137,657		16,322,782		17,814,875

C)	Bonds Payable

Series E Bonds – CCU S.A.

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 maturing 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.

On December 17, 2010, took place the Board of Bondholders Serie E, 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 Martín 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:

(a)

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. Total Adjusted Equity is defined as Total Equity plus Dividends provisioned, according to policy included in the Statement of Changes in Equity.

(b)

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 Adjusted EBITDA and Financial Costs account. Adjusted EBITDA means EBITDA as calculated by the Company in accordance with particular debt instruments in order to measure such instruments’ financial covenants and is defined as: (i) the sum of Gross Margin and Other income by function accounts; (ii) less (absolute numbers) Distribution costs, Administrative expenses and Other expenses by function accounts; and (iii) plus (absolute numbers) Depreciation and Amortization recorded on the Note Nature of the costs and expenses.

(c)

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.

(d)

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 performed by the Issuer.

(e)

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 Viña San Pedro Tarapacá S.A., except in the cases and under the terms established in the agreement.

(f)

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.

(g)

Not to make investments in facilities issued by related parties, except in the cases and under the terms established in the agreement.

(h)

Neither sells nor transfer assets from the issuer and its subsidiaries representing over 25% of the assets total of the consolidated financial statements.

As of December 31, 2017, the Company was in compliance with the financial covenants required for this public issue.

Series H Bonds – CCU S.A.

On March 23, 2009, under number 573, the Company recorded in the Securities Record the issue of bonds Series H for UF 2 million, with 21 years terms. Emission was placed in the local market on April 2, 2009. The issuance of the Bond H was UF 2 million with maturity on March 15, 2030, with a discount amounting to ThCh$ 156,952, and accrues interest at an annual fixed rate of 4.25%, with amortizes interest and capital semi-annually.

By deed dated December 27, 2010 issued in the Notary of Ricardo San Martín Urrejola, under repertoires No. 36446-2010, were amended Issue Contract Series H, in order to update certain references and to adapt to the new IFRS accounting rules.

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 covenants on its Consolidated Financial Statements and other specific requirements:

(a)

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.

(b)

(c)

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.

(d)

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 performed by the Issuer.

(e)

(f)

Maintain a nominal installed capacity for the production manufacturing of beer and soft drinks, equal or higher altogether than 15.9 million hectolitres a year, except in the cases and under the terms of the contract.

(g)

(h)

Not to make investments in facilities issued by related parties, except in the cases and under the terms established in the agreement.

The inflationary risk associated to the interest rate in which this Bond H is exposed, is mitigated by the use of cross interest rate swap agreements (interest rate fixed). For details of the Company’s hedge strategies see Note 5 and 7.

As of December 31, 2017, the Company was in compliance with the financial covenants required for this public issue.

D)	Restriction of subsidiary Viña San Pedro Tarapacá S.A.

The subsidiary Viña San Pedro Tarapacá S.A. must comply with certain financial ratios for certain bank loans referred to in letter A):

(a)

Control over subsidiaries representing at least 30% of the consolidated Adjusted EBITDA of the issuer. Adjusted EBITDA. Adjusted EBITDA means EBITDA as calculated by the Company in accordance with particular debt instruments in order to measure such instruments’ financial covenants and is defined as: (i) the sum of Gross Margin and Other income by function accounts; (ii) less (absolute numbers) Distribution costs, Administrative expenses and Other expenses by function accounts; and (iii) plus (absolute numbers) Depreciation and Amortization recorded in the Note Nature of the costs and expenses.

(b)

Not to enter into investments in instruments issued by related parties different from its subsidiaries.

(c)

Neither sells nor transfers essential assets that jeopardize the continuance of its current purpose.

(d)

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.

(e)

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 Adjusted EBITDA (as defined in paragraph (a)) and Financial Costs account.

(f)

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 performed by the Issuer.

E)	Restriction of CCU S.A.

The Company must comply with the following financial ratios for the loan maintained with Banco del Estado de Chile for an amount of ThCh$ 40,000,000, referred in letter A):

(a)

Maintain at the end of each semester 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 Consolidated Liabilities less Dividends provisioned, according to policy included in the Statement of Changes in Equity, plus the amount of all guarantees issued by the Company and its subsidiaries that are cautioned by real guarantees, except as noted in the contract. Total Adjusted Equity is defined as Total Equity plus Dividends provisioned account, according to policy included in the Statement of Changes in Equity.

(b)

Maintain a Financial Expense Coverage measured at the end of each semester and retroactively for periods of 12 months, not less than 3, calculated as the ratio of Adjusted EBITDA and Finance Costs account. Adjusted EBITDA means EBITDA as calculated by the Company in accordance with particular debt instruments in order to measure such instruments’ financial covenants and is defined as: (i) the sum of Gross Margin and Other income by function accounts; (ii) less (absolute numbers) Distribution costs, Administrative expenses and Other expenses by function accounts; and (iii) plus (absolute numbers) Depreciation and Amortization recorded on the Note Nature of the costs and expenses.

(c)

Maintain at the end of each semester 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.

(d)

Maintain at the end of each semester, assets free of liens for an amount equal to at least 1.2, defined as the ratio of Total Assets free of lien and Finance 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. Finance Debt free of lien are defined as the sum of Bank loan, Bonds payable and Lease obligations contained under Note Other financial liabilities.

(e)

(f)

Maintain a nominal installed capacity for the production manufacturing of beer and soft drinks, equal or higher altogether than 15.9 million hectolitres a year.

(g)

As of December 31, 2017, the Company was in compliance with the financial covenants required for this loan.

F)	Conciliation of finance obligations of Cash Flows

	As of		Flows											Change in foreing currency and						As of
	December 31,		Payments								Accrual of			unit per						December 31,
	2016		Capital			Interest			Acquisitions		interest			adjustment			Others			2017
	ThCh$		ThCh$			ThCh$			ThCh$		ThCh$			ThCh$			ThCh$			ThCh$
Other financial liabilities
Current
Bank borrowings		39,079,561		(22,241,073	)		(7,146,384	)		16,927,169		7,492,719			(3,435,455	)		(6,052,791	)		24,623,746
Bond payable		3,250,023		-			(3,051,269	)		-		3,166,139			52,599			(111,357	)		3,306,135
Financial leases obligations		215,950		(1,405,266	)		(8,422	)		-		1,209,294			948			164,082			176,586
Total others financial liabililities current		42,545,534		(23,646,339	)		(10,206,075	)		16,927,169		11,868,152			(3,381,908	)		(6,000,066	)		28,106,467
Non current
Bank borrowings		29,606,398		(844,687	)		-			40,850,000		(306,747	)		(1,470,924	)		6,052,791			73,886,831
Bond payable		70,836,716		(2,668,458	)		-			-		-			1,196,997			111,357			69,476,612
Financial leases obligations		17,500,919		(8,962	)		-			-		-			292,593			(146,261	)		17,638,289
Total others financial liabililities non-current		117,944,033		(3,522,107	)		-			40,850,000		(306,747	)		18,666			6,017,887			161,001,732
Total others financial liabililities		160,489,567		(27,168,446	)		(10,206,075	)		57,777,169		11,561,405			(3,363,242	)		17,821			189,108,199

	As of		Flows										Change in foreing currency and						As of
	December 31,		Payments								Accrual of		unit per						December 31,
	2015		Capital			Interest			Acquisitions		interest		adjustment			Others			2016
	ThCh$		ThCh$			ThCh$			ThCh$		ThCh$		ThCh$			ThCh$			ThCh$
Other financial liabilities
Current
Bank borrowings		27,714,998		(24,801,943	)		(8,634,001	)		19,345,325		8,655,483		(2,648,436	)		19,448,135			39,079,561
Bond payable		3,155,239		-			(3,093,163	)		-		3,216,241		15,879			(44,173	)		3,250,023
Financial leases obligations		321,416		(1,530,851	)		-			-		1,205,019		9,427			210,939			215,950
Total others financial liabililities current		31,191,653		(26,332,794	)		(11,727,164	)		19,345,325		13,076,743		(2,623,130	)		19,614,901			42,545,534
Non current
Bank borrowings		48,335,093		(493,181	)		-			3,804,384		58,219		(2,649,982	)		(19,448,135	)		29,606,398
Bond payable		71,352,994		(2,615,542	)		-			-		-		2,055,091			44,173			70,836,716
Financial leases obligations		17,238,458		-			-			-		-		473,400			(210,939	)		17,500,919
Total others financial liabililities non-current		136,926,545		(3,108,723	)		-			3,804,384		58,219		(121,491	)		(19,614,901	)		117,944,033
Total others financial liabililities		168,118,198		(29,441,517	)		(11,727,164	)		23,149,709		13,134,962		(2,744,621	)		-			160,489,567

	As of		Flows										Change in foreing currency and						As of
	December 31,		Payments								Accrual of		unit per						December 31,
	2014		Capital			Interest			Acquisitions		interest		adjustment			Others			2015
	ThCh$		ThCh$			ThCh$			ThCh$		ThCh$		ThCh$			ThCh$			ThCh$
Other financial liabilities
Current
Bank borrowings		49,137,899		(54,611,891	)		(10,807,228	)		23,358,700		11,212,161		(6,425,775	)		15,851,132			27,714,998
Bond payable		3,029,431		(2,525,569	)		(3,070,875	)		-		3,194,839		118,555			2,408,858			3,155,239
Financial leases obligations		518,140		(1,697,649	)		3,197			-		1,177,697		12,462			307,569			321,416
Total others financial liabililities current		52,685,470		(58,835,109	)		(13,874,906	)		23,358,700		15,584,697		(6,294,758	)		18,567,559			31,191,653
Non current
Bank borrowings		46,684,250		(185,132	)		-			19,570,689		-		(1,883,582	)		(15,851,132	)		48,335,093
Bond payable		70,908,208		-			-			-		-		2,853,644			(2,408,858	)		71,352,994
Financial leases obligations		16,874,805		-			-			-		-		671,222			(307,569	)		17,238,458
Total others financial liabililities non-current		134,467,263		(185,132	)		-			19,570,689		-		1,641,284			(18,567,559	)		136,926,545
Total others financial liabililities		187,152,733		(59,020,241	)		(13,874,906	)		42,929,389		15,584,697		(4,653,474	)		-			168,118,198