Compañía Cervecerías Unidas S A : Corporate PresentationFirst Quarter 2023

Corporate Presentation

Investor

Relations First Quarter 2023

Disclaimer

Statements made in this presentation relate to CCU's	rely on these forward-looking statements. Our	cautioned not to place undue reliance on these forward-
future performance or financial results are "forward-	independent public accountants have not examined or	looking statements as such statements and information
looking statements" within the meaning of Section 27A of	compiled the forward-looking statements and,	involve known and unknown risks. These statements
the U.S. Securities Act of 1933, as amended, which are	accordingly, do not provide any assurance with respect	should be considered in conjunction with the additional
not statements of fact and involve uncertainties that	to such statements. No	representation or warranty,	information about risk and uncertainties set forth in
could cause actual performance or results to materially	express or implied, is or will be made or given by us or	CCU's annual report filed with the Chilean Comisión
differ. Forward looking statements include, without	any of our affiliates or directors or any other person as to	para el Mercado Financiero (CMF) and in CCU's 20-F
limitation, any statement that may predict, forecast,	the accuracy or completeness of the information or	for the year ended December 31, 2022, filed with the
indicate or imply future results, performance or	opinions contained in this presentation and no	U.S. Securities and Exchange Commission (SEC).
achievements, and may contain words like "believe,"	responsibility or liability is or will be accepted for any
"anticipate," "expect," "envisages," "will likely result," or	such information or opinions.	This presentation and its contents are proprietary
any other words or phrases of similar meaning.			information and may not be reproduced or otherwise
	Although we believe that these forward-looking	disseminated in whole or in part without our prior written
Our forward-looking statements are not guarantees of	statements and the information in this presentation are	consent. Recipients of this presentation are not to
future performance, and our actual results or other	based upon reasonable assumptions and expectations,	construe the contents of this summary as legal, tax or
developments may differ materially from the	we cannot assure you that such expectations will prove	investment advice and recipients should consult their
expectations expressed in the forward-looking	to have been correct. The forward-looking statements	own advisors in this regard.
statements. As for forward-looking statements that relate	represent CCU's views as of the date of this
to future financial results and other projections, actual	presentation and should not be relied upon as
results will be different due to the inherent uncertainty of	representing our views as of any date subsequent to the
estimates, forecasts and projections. Because of these	date of this presentation as	we undertake no obligation
risks and uncertainties, potential investors should not	to update any of these	statements. Listeners are

2

1

CCU OVERVIEW

4

2

Market overview

19

3

Performance overview

21

Ownership structure(1)

1 CCU OVERVIEW

QuiñencoHeineken

50.00%

50.00%

IRSA(2)	ADR	Local(3)
65.87%	20.62%	13.51%

Market Capitalization(4) = B USD 2.8

4 (1)Figures as of March 31, 2023. Number of shares 369,502,872; (2) Inversiones y Rentas S.A. (IRSA) owns directly 59.03% of CCU's equity and 6.84% through Inversiones IRSA LTDA, a 99.9% owned vehicle;

(3) In Chile CCU´s shares are traded on the Santiago Stock Exchange and the Chile Electronic Stock Exchange; (4) Market capitalization of CCU as of March 31, 2023.

Regional multicategory beverages player

	Contribution by Operating segment
		(As of December 31st, 2022)(1)
Total	Chile	International	Wine	Other(2)
Consolidated		Business

JVs

3 Operating Segments 6 Geographies

Volume	34.3	23.4	9.5	1.6	(0.2)	7.3
mln HL
Net Sales	3,108	1,918	897	340	(47)
USD mln
EBITDA(4)	410	260	117	59	(26)
USD mln
EBITDA	13.2%	13.6%	13.0%	17.3%	-
margin(4)
Employees	10,513	5,309	3,004	1,796	404

Chile

Beer				Colombia	Central Cervecera
			Colombia(5) (JV)
Non Alcoholic
							Beer
Spirits
			Bolivia		Malt
Cider
Wine					Paraguay
Wine &		Chile
Sparkling Wine
					Uruguay

Consolidated		Chile(3)		Chile(3)		Chile(3)					International
82%		68%		60%		57%
						Argentina	Business
Total		Consolidated	Wine		Wine		Wine			Beer
	Net Sales	EBITDA(4)
				Non Alcoholic
Volume(7)	Volume	5%	11%	14%	Wine export
41.6		34.3		3,108		410
					Spirits
mln HL		mln HL		USD mln		USD mln		to 80
								countries	ADO(6) (JV)
CCC(5)	ADO(6)	International	International		International	Cider
5%	13%	Business		Business		Business				Non Alcoholic
					Malt
		28%		29%		28%

(1) Average of period exchange rate for 2022: CLP 872.3/USD (Source: Central Bank of Chile); (2) Considered as Others/Eliminations in CCU's financial releases. Includes Corporate Functions, Centres of Excellence, Shared

5 Services across all Operating segments; (3) Includes Other; (4) EBITDA is equivalent to ORBDA (Adjusted Operating Result Before Depreciation and Amortization) used in the 20-F form; (5) Beer and Malt 50/50 JV with Postobón, Central Cervecera Colombia ("CCC"); (6) Mineral, purified and flavoured water 50/50 JV with Danone, Aguas de Origen ("ADO") in Argentina; (7) Includes 7.3 mln HL from our JV´s. Numbers have been rounded.