08/16/19: Corporate Presentation – Second Quarter 2019

Corporate Presentation

Investor Relations

Second Quarter 2019

Disclaimer

Statements made in this presentation relate to CCU's future performance or financial results are "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, which are not statements of fact and involve uncertainties that could cause actual performance or results to materially differ. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like "believe," "anticipate," "expect," "envisages," "will likely result," or any other words or phrases of similar meaning.

Our forward-looking statements are not guarantees of future performance, and our actual results or other developments may differ materially from the expectations expressed in the forward-looking statements. As for forward-looking statements that relate to future financial results and other projections, actual results will be different due to the inherent uncertainty of estimates, forecasts and projections. Because of these risks and uncertainties, potential investors should not rely on these forward-looking statements. Our independent public accountants have not examined or compiled the forward-looking statements and, accordingly, do not provide any assurance with respect to such statements. No representation or warranty, express or implied, is or will be made or given by us or any of our affiliates or directors or any other person as to the accuracy or completeness of the information or opinions contained in this presentation and no responsibility or liability is or will be accepted for any such information or opinions

Although we believe that these forward-looking statements and the information in this presentation are based upon reasonable assumptions and expectations, we cannot assure you that such expectations will prove to have been correct. The forward-looking statements represent CCU's views as of the date of this presentation and should not be relied upon as representing our views as of any date subsequent to the date of this presentation as we undertake no obligation to update any of these statements. Listeners are cautioned not to place undue reliance on these forward-looking statements as such statements and information involve known and unknown risks. These statements should be considered in conjunction with the additional information about risk and uncertainties set forth in CCU's SEC filings: Prospectus supplements dated September 16, 2013 and September 13, 2013 and the accompanying Prospectus dated August 15, 2013; CCU's annual report filed with the Chilean Comisión para el Mercado Financiero (CMF) and in CCU's 20-F for the year ended December 31, 2017, filed with the U.S. Securities and Exchange Commission (SEC).

This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without our prior written consent. Recipients of this presentation are not to construe the contents of this summary as legal, tax or investment advice and recipients should consult their own advisors in this regard.

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Content

1.		CCU overview	3
2.		Market overview	12
3.		Performance overview	15
4.		Strategic Plan	22

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Ownership structure (1)

Quiñenco S.A.	Heineken
50.0%			50.0%
	IRSA(2)		ADRs	LOCAL (3)
60.0%		19.4%	20.6%

Market Capitalization(4) = B USD 5.2

1. Figures as of June 30th, 2019. Number of shares 369,502,872; (2) IRSA owns directly 53.2% of CCU's equity and 6.8% through Inversiones IRSA LTDA, a 99.9% owned vehicle;

1. In Chile CCU´s shares are traded on the Santiago Stock Exchange and the Chile Electronic Stock Exchange; (4) Market capitalization of CCU at June 30th, 2019.

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Regional multicategory beverages player

Contribution by Operating segment (As of December 31st, 2018)(1)(2)

	Total		Chile		International		Wine		Other(3)		JVs and
					Business						Associated
Categories	5 categories	Beer		Beer		Wine		Corporate Functions		Beer
			Non Alcoholic		Non Alcoholic				Centers of Excellence		Spirits
			Spirits		Cider				Shared Services
					Spirits
Geographies	6 geographies	Chile		Argentina		Chile & Export		Across all		Colombia(6)
					Uruguay		to 80 countries		Operating
					Paraguay				segments
					Bolivia(5)
Volume	28.5 mln HL	66%		29%		5%		-
Net Sales	USD 2,774 mln	62%		27%		12%		(1%)
EBITDA(4)	USD 551 mln	75%		21%		9%		(5%)
EBITDA margin(4)	19.9%		24.0%		15.5%		14.9%		-
Employees	8,797		4,650		2,578		1,197		372

(1) Figures have been rounded to sum 100%; (2) Normalized financial figures exclude the gain from the CCU-ABI transaction, application of Hyperinflation Accounting and tax asset revaluation. See page 18 for further details. Average exchange rate for 2018: CLP 640.29/USD; (3) Considered as Others/Eliminations in CCU's financial releases; (4) EBITDA is equivalent to ORBDA (Adjusted Operating Result Before Depreciation and Amortization) used in the 20-F form; (5) As of August 2018, CCU has a 51% stake in BBO, consolidating Bolivia in the International Business Operating segment; (6) Beer 50/50 Joint Venture in Colombia.

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