Compañía Cervecerías Unidas S A : Corporate PresentationFourth Quarter 2023

Corporate

Presentation

Investor

Relations

Fourth 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- 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

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

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 annual report filed with the Chilean Comisión 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 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

2

to have been correct. The forward-looking statements own advisors in this regard. 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

CCU OVERVIEW

4

Market overview

19

Performance overview	21

Ownership structure(1)

QuiñencoHeineken

50.00%

50.00%

IRSA(2)	ADR	Local(3)
65.87%	18.79%	15.34%

Market Capitalization(4) = B USD 2.4

• (1) Figures as of December 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 December 31, 2023.

Regional multicategory beverages player

	Contribution by Operating segment
		(As of December 31st, 2023)(1)
Total	Chile	International	Wine	Other(2)
Consolidated		Business

JVs

3 Operating Segments 6 Geographies

Volume	33.1	22.8	9.1	1.3	(0.1)	7.5
mln HL
Net Sales	3,058	2,096	699	301	(39)
USD mln
EBITDA(4)	452	338	102	38	(26)
USD mln
EBITDA	14.8%	16.1%	14.6%	12.7%	-
margin(4)
Employees	10,244	5,224	2,868	1,742	410

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)
82%		69%		67%		69%					Business
						Argentina
Total		Consolidated	Wine		Wine		Wine			Beer
	Net Sales	EBITDA(4)
				Non Alcoholic
Volume(7)	Volume	4%	10%	8%	Wine export
40.6		33.1		3,058		452
					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
		27%		23%		23%

(1) Average of period exchange rate for 2023: CLP 839.1/USD (Source: Central Bank of Chile); (2) Considered as Others/Eliminations in CCU's financial releases. Includes Corporate Functions, Centres of Excellence, Shared

• 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 7.5 mln HL from our JV´s. Numbers have been rounded.

Leader with a strong & diversified brand portfolio

Core Categories

Synergic Categories	TOTAL 2023
Wine, Spirits	Market	Proprietary

Beer

InternationalBusiness Chile

Carbonated Soft Drinks

Carbonated Soft Drinks

Non Alcoholic	and Cider	Share(1)	Brands(2)

45.2%(3)

66.8%

Water

Functional & Juices

Cider

Pisco

Rum

Other Spirits

								17.9%(4)	72.2%
Water	Functional & Juices		Ciders
					Chile, Argentina & Exports
			Wine				19.9%(5)	100%
						TOTAL	30.4%	69.8%

6	Source: Nielsen for Chile and Domestic Wine, Ernest &Young (EY), ID Retail for Uruguay, CCR for Paraguay, CiesMori for Bolivia, and Viñas de Chile for Export Wine. Annually updated and weighted by internal market size
estimates; market size estimates annually updated. Last update February 2024. Notes: (1) Weighted average volume market share. (2) Proportion of CCU volumes related to proprietary brands; (3) Excludes Home Office Delivery
	(HOD), powder juices and energy drinks; (4) Includes Beer in Argentina; CSD, Beer, Juices, Mineral Water in Uruguay; CSD, Beer, Juices, Mineral Water in Paraguay; CSDs, Beer, and Malt in Bolivia; (5) Domestic and export wines

from Chile. Excludes bulk wine.

Chile Operating segment

Beer

Beer & non-alcoholic beer

7

Non-alcoholic

Spirits

Carbonated Soft Drinks

Waters

Functional & Juices

Cider

Pisco

Rum

Other Spirits

Volume (Th HL)		23,897 23,388	22,781
		19,802	20,484
		18,868
		17,863
16,216	16,882	17,644

2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
							019	2022

International Business Operating segment

Argentina

Paraguay

Uruguay

Bolivia

Beer & non-alcoholic beer

Ciders

Beer

Non Alcoholic

Beer

Non Alcoholic

Beer

Malt

Non Alcoholic

Volume (Th HL)	9,424	9,527
9,095

	8,899	8,784
8,575
7,270

6,230 6,266

5,375

8

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Wine Operating segment

Wine & sparkling wine

Chile

Argentina

Volume (Th HL)

1,538 1,583 1,573

		1,388	1,431	1,389	1,395
	1,348		1,347
1,306

9

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Joint Venture in Colombia

Joint venture in

Colombia

Strategic Partner

50.0%50.0%

10

Central Cervecera de Colombia

Beer	Malt

Volume (Th HL)	2,069	2,157	2,097

1,502

1,240

507

379

233

60

2015

2016

2017

2018

2019

2020

2021

2022

2023