Compañía Cervecerías Unidas (CCU) SC TO-T Third party tender offer statement

Exhibit (a)(1)(A)

OFFER TO PURCHASE FOR CASH

Up to 16,390,172 Outstanding Shares of Common Stock (including those represented by American

Depositary Shares (each representing 2 Shares of Common Stock))

of

COMPAÑÍA CERVECERÍAS UNIDAS S.A.

(UNITED BREWERIES COMPANY, INC.)

at a Tender Offer Price of

Ch$6,800 Per Share of Common Stock

(equivalent to Ch$13,600 per American Depositary Share

(each representing 2 Shares of Common Stock))

by

INVERSIONES Y RENTAS S.A.

THIS OFFER AND THE CORRESPONDING TENDER WITHDRAWAL RIGHTS WILL EXPIRE AT (I) IN RESPECT OF SHARES (AS DEFINED BELOW), INCLUDING IN THE FORM OF ADSs (AS DEFINED BELOW), TENDERED TO THE U.S. SHARE TENDER AGENT OR THE ADS TENDER AGENT (EACH AS DEFINED BELOW), 3:30 P.M., NEW YORK CITY TIME, ON JUNE 17, 2021, AND (II) IN RESPECT OF SHARES TENDERED TO THE CHILEAN SHARE TENDER AGENT (AS DEFINED BELOW), 5:30 P.M., NEW YORK CITY TIME ON JUNE 17, 2021, OR, IN EACH CASE, SUCH LATER TIME AND DATE TO WHICH THE OFFER AND THE CORRESPONDING TENDER WITHDRAWAL RIGHTS ARE EXTENDED.

The Tender Offer Price in this Offer is above the recent market price per share of common stock and American Depositary Shares of Compañía Cervecerías Unidas S.A.

Inversiones y Rentas S.A. (“IRSA”), a Chilean closely held corporation (sociedad anónima cerrada), hereby offers to purchase an aggregate amount of up to 16,390,172 issued and outstanding shares of common stock, no par value, of Compañía Cervecerías Unidas S.A., an open stock corporation (sociedad anónima abierta) organized under the laws of the Republic of Chile (“CCU”) with tax identification number (rol único tributario) 90,413,000-1 (the “Shares” and each a “Share”), from all holders, wherever located, and whether they currently hold such Shares in the form of Shares or American Depositary Shares (the “ADSs,” and each an “ADS”) of CCU (each representing two (2) Shares), at a purchase price of Ch$6,800 per Share (equivalent to Ch$13,600 per ADS), in cash, without interest (the “Tender Offer Price”). The Offer is conducted in accordance with applicable United States securities laws and the 5^th paragraph of Article 198 of Chilean Law No. 18,045 (the “Capital Markets Law”). The Offer will be settled in the Bolsa de Comercio de Santiago, Bolsa de Valores (the “Santiago Stock Exchange”) by delivery of the Shares to the Chilean Share Tender Agent against payment of the Tender Offer Price. The Tender Offer Price for the Shares tendered to the Chilean Share Tender Agent or the U.S. Share Tender Agent that are accepted for payment pursuant to the Offer will be paid in Chilean pesos, upon the terms and subject to certain conditions described in this Offer to Purchase and in the related Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable. The Tender Offer Price for the Shares represented by ADSs tendered to the ADS Tender Agent that are accepted for payment pursuant to the Offer will also be paid by IRSA in Chilean pesos. However, IRSA has directed the U.S. Settlement Agent (as defined below) to coordinate with Banco de Chile (the “FX Agent”) for the U.S. dollar conversion of the Tender Offer Price payable to holders of ADSs that are tendered to the ADS Tender Agent, upon instruction of the ADS Tender Agent and for the account of holders who tender their ADSs to the ADS Tender Agent. To effect this exchange, the FX Agent and the U.S. Settlement Agent have agreed to arrange for the conversion of the Tender Offer Price at the Observed Exchange Rate published on the settlement date of the Tender Offer, plus Ch$0.22 per U.S. dollar. However, there may be unanticipated factors beyond the FX Agent’s control that could result in this rate not being realized, and accordingly, there are no assurances that the Tender Offer Price will be able to be exchanged at that rate on the Settlement Date, and if that rate cannot be obtained, the Tender Offer Price will need to be exchanged into U.S. dollars at alternative rates (to be obtained using ordinary banking procedures at then prevailing market rates) which may be more or less advantageous than such rate (the rate at which the

Tender Offer Price is exchanged, the “ADS Tender Offer Price Exchange Rate”). As a result, holders of Shares represented by ADSs tendered to the ADS Tender Agent that are accepted for payment pursuant to the Offer will receive payment in United States dollars converted at the ADS Tender Offer Price Exchange Rate, less ADS cancellation fees charged by the ADS Depositary (as defined below) (such cancellation fees are referred to here as “distribution fees”) and applicable withholding taxes, upon the terms and subject to certain conditions described in this Offer to Purchase and in the related ADS Letter of Transmittal (which together with the Form of Chilean Share Acceptance and the Form of U.S. Share Acceptance, as they may be amended or supplemented from time to time, constitute the “Offer”). Holders of Shares represented by ADSs who tender their ADSs to the ADS Tender Agent should note that the ADS Tender Offer Price Exchange Rate at which the Tender Offer Price is expected to be exchanged into U.S. dollars may fluctuate and that none of Goldman Sachs & Co. LLC (in its capacity as U.S. settlement agent, the “U.S. Settlement Agent”), Banco de Chile (in its capacity as FX Agent), IRSA, the Chilean Share Tender Agent, or the ADS Tender Agent can guarantee the ADS Tender Offer Price Exchange Rate at which the Tender Offer Price is expected to be exchanged into U.S. dollars or the timing in which such exchange can be completed. If there are delays with the conversion of the Tender Offer Price into U.S. dollars, the settlement of the Tender Offer for holders of Shares who tender ADSs to the ADS Tender Agent may be delayed, and such delay may be substantial.

We will purchase only Shares (including those underlying ADSs) properly tendered and not properly withdrawn prior to the applicable expiration date of the Offer. However, because of the proration provisions described in this Offer to Purchase, all of the Shares (or ADSs representing such Shares) tendered may not be purchased if more than the aggregate number of Shares we seek to purchase are validly tendered (whether in the form of Shares or ADSs). Shares not purchased in the Offer (including ADSs representing such Shares) will be returned at our expense, promptly following the expiration of the Offer.

Under Chilean law, the initial offering period of the Offer shall be thirty (30) calendar days and may then be extended one time for a period of between five (5) to fifteen (15) calendar days. The initial thirty-day offering period of the Offer is scheduled to expire on June 17, 2021.

This transaction has not been approved or disapproved by the U.S. Securities and Exchange Commission (“SEC”), any state securities commission, the Chilean Financial Market Commission or Comisión para el Mercado Financiero (the “CMF”) or the securities regulatory authorities of any other jurisdiction, nor has the SEC, any state securities commission, the CMF or the securities regulatory authorities of any other jurisdiction passed upon the fairness or merits of such transaction nor upon the accuracy or adequacy of the information contained in this Offer to Purchase. Any representation to the contrary is unlawful.

Dealer Manager for the Offer

Goldman Sachs & Co. LLC

U.S. Share Tender Agent and ADS Tender Agent for the Offer

Computershare

Chilean Share Tender Agent for the Offer

Banchile Corredores de Bolsa S.A.

Information Agent for the Offer:

 

1290 Avenue of the Americas, 9th Floor

New York, NY 10104

Share or ADS holders, Banks and Brokers

Call Toll Free: +1-888-680-1526 (for holders in North America)

+1-781-575-2137 (for holders outside North America)

The date of this Offer to Purchase is May 19, 2021.

IMPORTANT

We are not making the Offer to, and will not accept any tendered Shares (or Shares underlying ADSs) from or on behalf of, Share or ADS holders residing in any jurisdiction in which the making of the Offer or acceptance thereof would not be in compliance with the laws of that jurisdiction. However, we may, at our discretion, take any actions necessary for us to make the Offer to Share or ADS holders in any such jurisdiction.

Tenders of Shares to the U.S. Share Tender Agent: Any holder of Shares who desires to accept the Offer in respect of all or any portion of such holder’s Shares and tender such Shares to the U.S. Share Tender Agent, who shall act for the account of the Chilean Share Tender Agent, should (1) complete the Form of U.S. Share Acceptance (including a duly executed sale order and a stock transfer form signed in blank (traspaso(s) de acciones)) pursuant to applicable law, setting forth the information for such holder’s Chilean custodian and the maximum aggregate amount of Shares that such holder wishes to tender as acceptance of the Offer, subject to the terms and conditions of the Offer in accordance with the instructions printed thereon and submit it to Computershare Trust Company, N.A., a federally chartered trust company (the “Trust Company”), and Computershare Inc., a Delaware corporation (“Computershare”), as U.S. share tender agent of IRSA for the Shares in the Offer (the Trust Company together with Computershare, the “U.S. Share Tender Agent”) to the address appearing on the back cover page of this Offer to Purchase, for delivery by the U.S. Share Tender Agent to the Chilean Share Tender Agent, at any time between stock market opening and closing times up to the applicable Expiration Date; and (2) simultaneously with their acceptance of the Offer, deliver to the U.S. Share Tender Agent, either directly or through such holder’s stock broker (any such broker, a “Holder’s Broker”), for delivery by the U.S. Share Tender Agent to the Chilean Share Tender Agent or the Holder’s Broker, (i) the original certificate(s) of title (“título(s)”) representing the Shares that they wish to tender and that are in their possession, or a certificate that should be issued by the Shareholder’s Office of CCU, that is managed by DCV Registros S.A. (“DCV Registros”), located at Avenida Los Conquistadores 1730, 24th floor, Providencia, Santiago, confirming that the certificate(s) are deposited in the custody of Depósito Central de Valores S.A., Depósito de Valores (the “DCV”); (ii) a certificate issued by the Shareholder’s Office of CCU, that is managed by DCV Registros, dated no earlier than ten (10) days prior to the applicable date of its submission to the U.S. Share Tender Agent or the Holder’s Broker, as applicable, confirming that it has no record that the Shares which the holder intends to tender are subject to any liens, pledges, charges or encumbrances, and that therefore they can be registered in the name of the Chilean Share Tender Agent or the Holder’s Broker, as applicable; (iii) a photocopy of both sides of the ID card (cédula de identidad) or passport of each holder or any representative thereof, if applicable, and at the time of delivery of such photocopy, holders will be required to deliver a notarized copy of the applicable ID card or passport or present the original together with any photocopies for purposes of verification thereof by the U.S. Share Tender Agent and the Chilean Share Tender Agent or the Holder’s Broker, as applicable; (iv) in case delivery of the aforementioned documents is done by a representative, an original (or a notarized copy, if executed by means of a public deed) of a valid and outstanding power of attorney granted before or authorized by a notary public, with due authority to represent the holder in the present transaction, which shall have been granted no earlier than sixty (60) days prior to its delivery, or, if executed by means of a public deed, certified as valid no earlier than sixty (60) days prior to its delivery; and (v) in the case of holders of Shares that are legal entities or whose Shares are registered in the name of communities or estates, notarized copies of all instruments of incorporation, modifications, existing authorizations and other pertinent resolutions, as well as an authorized copy of all the documents that recognize the legal capacity of their representatives, which scope of representation should be sufficient to act on the holders’ behalf for purposes of the acceptance of this Offer, with a certificate of validity dated no earlier than sixty (60) days prior to the date of delivery to the U.S. Share Tender Agent or the Holder’s Broker, as applicable; and all or any forms of transfer and/or other documents that may be required at the discretion of the U.S. Share Tender Agent or Holder’s Broker in relation to the due transfer and delivery of the Shares, in accordance with applicable regulation. Any holder of Shares whose Shares are registered in the name of a broker, dealer, commercial bank, trust company or other nominee must contact such broker, dealer, commercial bank, trust company or other nominee if such holder desires to tender such Shares.

Tenders of Shares to the Chilean Share Tender Agent: Any holder of Shares who desires to accept the Offer in respect of all or any portion of such holder’s Shares and tender such Shares to the Chilean Share Tender Agent should refer to the English translation of the Chilean Aviso de Inicio (commencement notice) that has been filed as Exhibit 99(a)(1)(I) to the Schedule TO filed by IRSA with respect to the Offer (which translation, as is the

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case with respect to any and all translated documents filed pursuant to the Offer, is for informational purposes only), as the procedures for tendering Shares to the Chilean Share Tender Agent, including the applicable Expiration Date, differ from those for tendering Shares to the U.S. Share Tender Agent.

Tenders by Holders of ADSs: Any holder of ADSs desiring to tender all or any portion of its Shares represented by any ADSs owned by such holder (i) may cancel its ADSs as described below, in order to obtain the Shares underlying such ADSs, and tender such Shares with the Chilean Share Tender Agent or the U.S. Share Tender Agent, as applicable, following the procedures described above for tenders by holders of Shares to the U.S. Share Tender Agent and those described in “The Offer — Section 2. Acceptance for Payment” in this Offer to Purchase to the Chilean Share Tender Agent; or (ii) should complete and sign the ADS Letter of Transmittal (or a copy thereof, provided the signature is original) in accordance with the instructions in the ADS Letter of Transmittal and mail or deliver it together with the American Depositary Receipts (“ADRs”) evidencing such tendered ADSs and all other required documents to Computershare Trust Company, N.A. (the “ADS Tender Agent”), who shall act for the account of the Chilean Share Tender Agent, to the address appearing on the back cover page of this Offer to Purchase, or tender such ADSs pursuant to the procedures for book-entry transfer set forth in “The Offer — Section 4. Procedures for Accepting the Offer — Holders of ADSs.” Holders of ADSs should recognize that the Offer is made only for Shares, and that by tendering their ADSs into the Offer, such Holders have authorized the ADS Tender Agent to instruct the U.S. Settlement Agent (whether directly or through Banco de Chile (in its capacity as Sub-Custodian, the “Chilean Sub-Custodian”)) to further tender such securities to the Chilean Share Tender Agent and subsequent to the Results Notice and the Results Ad (each as defined below), to further instruct the ADS Depositary to unwind such ADSs and to deliver the underlying Shares to the ADS Tender Agent account with the U.S. Settlement Agent (through the Chilean Sub-Custodian), for delivery of the underlying Shares to the Chilean Share Tender Agent against payment of the Tender Offer Price. Any holder of ADSs whose ADSs are registered in the name of a broker, dealer, commercial bank, trust company or other nominee must contact such broker, dealer, commercial bank, trust company or other nominee if such holder desires to tender such ADSs.

Settlement of Tender Offer Price: The purchase price for the Shares tendered and accepted for payment pursuant to the Offer will be paid in Chilean pesos. While the Offer is made exclusively for Shares and only Shares will be accepted pursuant to the Offer, and the Tender Offer Price will be paid by IRSA only in Chilean pesos, to facilitate participation by holders of ADSs in the United States, IRSA has directed the U.S. Settlement Agent to coordinate with the FX Agent for the U.S. dollar conversion of the Tender Offer Price payable to holders of ADSs that are tendered to the ADS Tender Agent, upon instruction of the ADS Tender Agent and for the account of holders who tender their ADSs to the ADS Tender Agent. As a result, holders of Shares represented by ADSs tendered to the ADS Tender Agent that are accepted for payment pursuant to the Offer will receive payment in United States dollars converted at the ADS Tender Offer Price Exchange Rate, less distribution fees and applicable withholding taxes, upon the terms and subject to certain conditions described in this Offer to Purchase and in the related ADS Letter of Transmittal. Holders of Shares represented by ADSs who tender their ADSs to the ADS Tender Agent should note that the ADS Tender Offer Price Exchange Rate at which the Tender Offer Price is expected to be exchanged into U.S. dollars may fluctuate and that none of the U.S. Settlement Agent, the FX Agent, IRSA, the Chilean Share Tender Agent, or the ADS Tender Agent can guarantee the ADS Tender Offer Price Exchange Rate at which the Tender Offer Price is expected to be exchanged into U.S. dollars or the timing in which such exchange can be completed. If there are delays with the conversion of the Tender Offer Price into U.S. dollars, the settlement of the Tender Offer for holders of Shares who tender ADSs to the ADS Tender Agent may be delayed, and such delay may be substantial.

Copies of this Offer to Purchase, the related Form of Chilean Share Acceptance, Form of U.S. Share Acceptance and ADS Letter of Transmittal or any other tender offer material must not be mailed to or otherwise distributed or sent in, into or from any country where such distribution or offering would require any additional measures to be taken or would be in conflict with any law or regulation of such country or any political subdivision thereof. Persons into whose possession this document comes are required to inform themselves about and to observe any such laws or regulations. This Offer to Purchase may not be used for, or in connection with, any offer to, or solicitation by, anyone in any jurisdiction or under any circumstances in which such offer or solicitation is not authorized or is unlawful.

Questions and requests for assistance including information on how holders of shares may tender their Shares or ADSs may be directed to Georgeson LLC, as information agent (the “Information Agent”), at the telephone

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number set forth on the back cover of this Offer to Purchase. Additional copies of this Offer to Purchase, the related Form of Chilean Share Acceptance, Form of U.S. Share Acceptance and ADS Letter of Transmittal and other tender offer documents may be obtained free of charge from (i) the Information Agent, at the address set forth on the back cover of this Offer to Purchase, (ii) from brokers, dealers, commercial banks, trust companies or other nominees, (iii) from Banchile Corredores de Bolsa S.A. (the “Chilean Share Tender Agent”), for these purposes as a representative of IRSA, at its offices located at Enrique Foster Sur 20, 6th Floor, Las Condes, Santiago, Región Metropolitana, Chile, Monday through Friday between 9:00 a.m. and 4:00 p.m. Chilean time, (iv) from the CMF, at its offices located at Avenida Libertador Bernardo O’Higgins No. 1449, Santiago, Región Metropolitana, Chile, Monday through Friday between 9:00 a.m. and 1:00 p.m. Chilean time or at its website, www.cmfchile.cl, (v) from the Santiago Stock Exchange, at its offices located at La Bolsa N° 64, Santiago, Región Metropolitana, Chile, Monday through Friday between 9:30 a.m. and 4:00 p.m. Chilean time, (vi) from the Chilean Electronic Stock Exchange, at its offices located at Huérfanos N° 770, piso 14, Santiago, Región Metropolitana, Chile, Monday through Friday between 9:30 a.m. and 4:00 p.m. Chilean time, or (vii) from CCU, at its offices located at Vitacura 2670, 23rd floor, Santiago, Región Metropolitana, Chile, Monday through Friday between 9:00 a.m. and 4:00 p.m. Chilean time. Copies of such documents are also available on the SEC’s Electronic Data-Gathering, Analysis, and Retrieval System (“EDGAR”) at www.sec.gov.

All references to “U.S. dollars,” “$” and “US$” are to the currency which is currently legal tender in the United States and all references to “Chilean pesos,” “pesos,” and “Ch$” are to the currency which is currently legal tender in the Republic of Chile.

All references to “Observed Exchange Rate” are to the daily average dollar-to-peso exchange rate at which commercial banks and financial institutions conducted authorized exchange transactions in Chile during the immediately preceding banking business day, as calculated by the Central Bank of Chile and published in the Official Gazette of Chile. These translations of certain Chilean peso amounts into U.S. dollars at the Observed Exchange Rate are only accurate as of the date referenced thereof, are solely for the convenience of the reader and should not be construed as representations that the Chilean peso amounts actually represent such U.S. dollar amounts, that they could be converted into U.S. dollars at the rate indicated, or that any payments in U.S. dollars pursuant to this Offer to Purchase shall be made at any Observed Exchange Rate disclosed herein.

All references to the equivalent purchase price of Ch$13,600 per ADS (each representing two (2) Shares) correspond to the arithmetic multiplication of the purchase price of Ch$6,800 per Share times two and are solely for the convenience of the reader. Such references should not be construed as a representation that IRSA is purchasing ADSs or that a holder that tenders its ADSs through the ADS Tender Agent will receive such amounts, as such payment may be subject to tax withholdings and deductions in connection with the conversion of the Tender Offer Price from Chilean pesos to U.S. dollars at the ADS Tender Offer Price Exchange Rate and distribution fees, as disclosed herein.

Holders of Shares represented by ADSs who tender their ADSs to the ADS Tender Agent should note that the ADS Tender Offer Price Exchange Rate at which the Tender Offer Price is expected to be exchanged into U.S. dollars may fluctuate and that none of the U.S. Settlement Agent, the FX Agent, IRSA, the Chilean Share Tender Agent, or the ADS Tender Agent can guarantee the ADS Tender Offer Price Exchange Rate at which the Tender Offer Price is expected to be exchanged into U.S. dollars or the timing in which such exchange can be completed. If there are delays with the conversion of the Tender Offer Price into U.S. dollars, the settlement of the Tender Offer for holders of Shares who tender ADSs to the ADS Tender Agent may be delayed, and such delay may be substantial.

Holders should note that Goldman Sachs & Co. LLC has been appointed by IRSA both as Dealer Manager for the Offer and as U.S. Settlement Agent in order to facilitate the delivery to the Chilean Share Tender Agent of Shares tendered in ADS form to the ADS Tender Agent. In its capacity as Dealer Manager, Goldman Sachs & Co. LLC will receive a reasonable and customary fee for such services. In its capacity as U.S. Settlement Agent, Goldman Sachs & Co. LLC will, upon the direction of IRSA and through instructions from the ADS Tender Agent, (i) (a) tender the Shares underlying ADSs tendered by ADS holders to the ADS Tender Agent to the Chilean Share Tender Agent; (b) receive Shares underlying ADSs cancelled upon instruction of the ADS Tender Agent representing the amount of Shares to be accepted into the Offer following the application of the relevant pro-ration factor, if any; and (c) deliver such Shares to the Chilean Share Tender Agent in Chile into the Offer,

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and (ii) coordinate the conversion of the Tender Offer Price payable to holders of tendered ADSs into U.S. dollars as described herein. In its capacity as U.S. Settlement Agent. Goldman Sachs & Co. LLC will act upon the direction of IRSA and will not owe any duties, fiduciary or otherwise, to holders of ADSs in connection with the Offer.

We have not authorized any person to make any recommendation on our behalf as to whether you should tender or refrain from tendering your Shares (including those underlying ADSs) pursuant to the Offer. You should rely only on the information contained in this Offer to Purchase, the related Form of Chilean Share Acceptance, Form of U.S. Share Acceptance and ADS Letter of Transmittal to which we have referred you. We have not authorized anyone to provide you with information or to make any representation in connection with the Offer other than those contained in this Offer to Purchase, the related Form of Chilean Share Acceptance, Form of U.S. Share Acceptance or ADS Letter of Transmittal. If anyone makes any recommendation or gives any information or representation regarding the Offer, you must not rely upon that recommendation, information or representation as having been authorized by us, our board of directors, Banchile Corredores de Bolsa S.A., as Chilean Share Tender Agent, Computershare Trust Company, N.A. and Computershare Inc., as U.S. Share Tender Agent and ADS Tender Agent, Goldman Sachs & Co. LLC, as Dealer Manager or U.S. Settlement Agent for the Offer, or Georgeson LLC, as Information Agent for the Offer. You should not assume that the information provided in the Offer or this Offer to Purchase is accurate as of any date other than the date of this Offer to Purchase.

Subject to applicable law (including Rule 14e-1 under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations promulgated thereunder, which require that material changes be promptly disseminated to security holders in a manner reasonably designed to inform them of such changes), delivery of this Offer to Purchase shall not under any circumstances create any implication that the information contained or incorporated by reference in this Offer to Purchase is correct as of any time after the date of this Offer to Purchase or the respective dates of the documents incorporated herein by reference, or that there has been no change in the information included or incorporated by reference herein or in the affairs of IRSA or any of its subsidiaries or affiliates since the date hereof or the respective dates of the documents incorporated herein by reference.

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TABLE OF CONTENTS

		Page
SUMMARY TERM SHEET		1
QUESTIONS AND ANSWERS		2
INTRODUCTION		10
SPECIAL FACTORS		12
Section 1.	Background of the Transactions.	12
	Historical Background	12
Section 2.	Purpose of and Reasons for the Offer.	13
Section 3.	Certain Effects of the Offer.	14
Section 4.	Offer Subject to Chilean Law.	14
Section 5.	Interests of Directors and Executive Officers.	14
Section 6.	Security Ownership of Certain Beneficial Owners, Directors and Executive Officers.	14
Section 7.	Transactions and Arrangements Concerning the Shares and ADSs.	15
Section 8.	Related Party Transactions.	15
	IRSA Related Parties	15
THE OFFER		29
Section 1.	Terms of the Offer.	29
Section 2.	Acceptance for Payment.	31
Section 3.	Procedures for Accepting the Offer — Holders of Shares.	32
	Tenders to the U.S. Share Tender Agent	32
	Tenders to the Chilean Share Tender Agent	33
	General Provisions Applicable to the Tender of Shares	33
	Book-Entry Transfer	34
	Certificates of Title and/or Other Document(s) of Title	34
	Form of Chilean Share Acceptance or Form of U.S. Share Acceptance	35
	Tendering Holders are Responsible for Required Deliveries	35
	Partial Tenders	36
	Guaranteed Delivery	36
	Acceptance of Offer Through a Power of Attorney	36
	Acceptance of Offer and Representations by Holder	36
	Matters Concerning Validity, Eligibility and Acceptance	36
Section 4.	Procedures for Accepting the Offer — Holders of ADSs.	37
	Book-Entry Delivery	37
	Partial Tenders	37
	Signature Guarantees	38
	Guaranteed Delivery	38
	Other Requirements	38
	Acceptance of Offer and Representations by Holder	38
	Matters Concerning Validity, Eligibility and Acceptance	38
	Appointment as Attorney-in-Fact and Proxy	38
Section 5.	Tender Withdrawal Rights.	39
Section 6.	Tax Consequences	39
	U.S. Federal Income Tax Consequences	40
	U.S. Holders	40
	PFIC	40
	Non-U.S. Holders	41
	U.S. Backup Withholding and Information Reporting	41
	Chilean Tax Consequences	41
Section 7.	Price Range of Shares and ADSs; Dividends.	42

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		Page
	Price Range of Shares	43
	Price Range of ADSs	43
	Dividends	43
Section 8.	Information Concerning CCU	44
Section 9.	Information Concerning IRSA	44
	Description of IRSA	44
	Historical Summary Financial Data	44
Section 10.	Source and Amount of Funds.	46
	Funding	48
Section 11.	Risk Factors.	48
Section 12.	Effect of the Offer on the Market for the Shares and ADSs.	48
Section 13.	Conditions of the Offer.	49
Section 14.	Certain Legal Matters; Regulatory Approvals.	49
	Chilean Securities Law	49
	Antitrust and Regulatory Laws	49
Section 15.	Extension of the Offer; Termination; Amendment.	50
Section 16.	Fees and Expenses.	50
Section 17.	Miscellaneous.	51
ANNEXES
Annex A Directors and Executive Officers of IRSA		A-1
Annex B Directors and Executive Officers of Quiñenco		B-1
Annex C Legal Representatives of Heineken Chile		C-1
Financial Statements		F-1

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SUMMARY TERM SHEET

This summary term sheet highlights important information regarding this Offer to Purchase. To understand the Offer fully and for a more complete description of the terms of the Offer, you should carefully read this entire Offer to Purchase and the related Form of Chilean Share Acceptance, Form of U.S. Share Acceptance and ADS Letter of Transmittal that constitute the Offer. We have included references to the sections of this Offer to Purchase where you will find a more complete description of the topics addressed in this summary term sheet.

Securities Sought	An aggregate of up to 16,390,172 issued and outstanding Shares of CCU, from all holders, wherever located, in the form of Shares or ADSs of CCU (each representing two (2) Shares), except to the extent such outstanding Shares are currently owned by IRSA.
Tender Offer Price	Ch$6,800 in cash, without any interest, per Share properly tendered and not properly withdrawn and accepted for payment pursuant to the Offer. The Tender Offer Price for the Shares tendered to the Chilean Share Tender Agent or the U.S. Share Tender Agent and accepted for payment pursuant to the Offer will be paid in Chilean pesos. The Tender Offer Price for the Shares represented by ADSs tendered to the ADS Tender Agent that are accepted for payment pursuant to the Offer will also be paid by IRSA in Chilean pesos. However, IRSA has directed the U.S. Settlement Agent to coordinate with the FX Agent for the U.S. dollar conversion of the Tender Offer Price payable to holders of ADSs that are tendered to the ADS Tender Agent, upon instruction of the ADS Tender Agent and for the account of holders who tender their ADSs to the ADS Tender Agent. As a result, holders of Shares represented by ADSs tendered to the ADS Tender Agent that are accepted for payment pursuant to the Offer will receive payment in United States dollars converted at the ADS Tender Offer Price Exchange Rate, less distribution fees and applicable withholding taxes, upon the terms and subject to certain conditions described in this Offer to Purchase.
Purchaser	Inversiones y Rentas S.A.
Expiration Date of the Offer	(i) In respect of Shares (including in the form of ADSs) tendered to the U.S. Share Tender Agent or the ADS Tender Agent, 3:30 p.m., New York City time on June 17, 2021, and (ii) in the case of Shares tendered to the Chilean Share Tender Agent, 5:30 p.m., New York City time on June 17, 2021, or in each case, such later time and date to which the Offer is extended (the “Expiration Date”).

For information on how Share or ADS holders may tender their Shares (including those underlying ADSs), please contact the Information Agent at the address and telephone number set forth on the back cover of this Offer to Purchase (see “The Offer — Section 1. Terms of the Offer” of this Offer to Purchase).

The distribution of this Offer to Purchase may, in some jurisdictions, be restricted by law. This Offer to Purchase is not an offer to purchase securities and it is not a solicitation of an offer to sell securities, nor shall there be any sale or purchase of securities pursuant hereto, in any jurisdiction in which such offer, solicitation or sale is not permitted or would be unlawful.

If you have questions or need additional copies of this Offer to Purchase, the related Form of Chilean Share Acceptance, Form of U.S. Share Acceptance or ADS Letter of Transmittal, you can contact the Information Agent at the address or telephone number set forth on the back cover of this Offer to Purchase. You may also contact your broker, or other securities intermediary, or obtain copies of these materials freely electronically on the SEC’s EDGAR at www.sec.gov.

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QUESTIONS AND ANSWERS

Who is offering to purchase the Shares (including those Shares underlying the ADSs)?

IRSA, a Chilean closely held corporation (sociedad anónima cerrada), organized and existing under the laws of the Republic of Chile, is offering to purchase an aggregate of up to 16,390,172 Shares, from all holders, wherever located, and whether they currently hold their Shares in the form of Shares or ADSs, except to the extent such outstanding Shares are currently owned by IRSA. As of the date of this Offer to Purchase, IRSA owns, directly or indirectly through its subsidiary Inversiones IRSA Limitada (“Inversiones IRSA”), 227,481,716 Shares, representing approximately 61.56% of the outstanding Shares. IRSA holds beneficial ownership of 99.9% of Inversiones IRSA. IRSA is a joint venture between Quiñenco S.A. (“Quiñenco”), one of the largest and most diversified business conglomerates in Chile, and Heineken Chile Limitada (“Heineken Chile”), a Chilean limited corporation controlled by Heineken Americas B.V., a subsidiary of Heineken International B.V. (“Heineken”). Each of Quiñenco and Heineken Chile beneficially owns 50.0% of IRSA’s shares. For further information on Quiñenco and Heineken, Quinenco’s annual report for fiscal year 2020 can be found at https://quinenco.cl/en/investor-relations/annual-report/, and the annual report for fiscal year 2020 of Heineken N.V., the sole shareholder of Heineken, can be found at https://www.theheinekencompany.com/sites/theheinekencompany/files/Investors/financial-information/results-

reports-presentations/heineken-nv-annual-report-2020.pdf. These website addresses are not intended to function as hyperlinks, and the information contained on such websites is not incorporated by reference in this Offer to Purchase and you should not consider it a part of this Offer to Purchase.

The shareholders of IRSA, Quiñenco and Heineken Chile, are parties to a shareholders’ agreement (the “Shareholders’ Agreement”), which was registered in each of IRSA’s and CCU’s shareholders’ registries (kept by DCV Registros in the case of CCU), which restricts IRSA’s shareholders from independently acquiring shares of CCU, except through IRSA. The Shareholders’ Agreement also restricts the ability of IRSA’s shareholders to freely sell IRSA shares, as it provides both shareholders with a right of first offer with respect to such shares, among other restrictions, and it provides for the right of IRSA’s shareholders to nominate directors to CCU’s board through its ownership of CCU Shares. There are no other voting agreements among us and any other party, or among our directors or executive officers and third parties, with respect to the voting of IRSA’s or CCU’s shares at IRSA’s and CCU’s shareholders’ meetings. See “The Offer — Section 9. Information Concerning IRSA” in this Offer to Purchase.

What is the background and purpose of the Offer?

IRSA is making the Offer to purchase the Shares (including those underlying the ADSs) for investment purposes. If IRSA were to acquire all 16,390,172 Shares it seeks to acquire in the Offer, IRSA’s beneficial ownership of outstanding shares in CCU would increase to approximately 66.0%. As of the date of this Offer to Purchase, IRSA’s beneficial ownership of outstanding Shares in CCU amounts to 227,481,716 Shares, representing approximately 61.56% of CCU’s issued and outstanding shares.

IRSA is conducting the Offer on a voluntary basis (that is, it is not required by law to conduct such Offer) and because IRSA already exercises control over CCU, the purpose of the Offer is not to obtain control of CCU. IRSA does not intend to take CCU private or effect the delisting of CCU’s Shares or ADSs.

How many Shares/ADSs is IRSA offering to purchase?

IRSA is offering to purchase an aggregate of up to 16,390,172 Shares, from all holders, wherever located, and whether they currently hold their Shares in the form of Shares or ADSs, except to the extent such outstanding Shares are currently owned by IRSA. See “The Offer — Section 1. Terms of the Offer” in this Offer to Purchase.

How much are you offering to pay, what is the form of payment and will I have to pay any fees or commissions?

IRSA is offering to pay in cash, without any interest, the Tender Offer Price, consisting of Ch$6,800 per Share. The Tender Offer Price for the Shares tendered to the Chilean Share Tender Agent or the U.S. Share Tender Agent and accepted for payment pursuant to the Offer will be paid in Chilean pesos. The Tender Offer Price for the Shares represented by ADSs tendered to the ADS Tender Agent that are accepted for payment pursuant to the

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Offer will also be paid by IRSA in Chilean pesos. However, IRSA has directed the U.S. Settlement Agent to coordinate with the FX Agent for the U.S. dollar conversion of the Tender Offer Price payable to holders of ADSs that are tendered to the ADS Tender Agent, upon instruction of the ADS Tender Agent and for the account of holders who tender their ADSs to the ADS Tender Agent. As a result, holders of Shares represented by ADSs tendered to the ADS Tender Agent that are accepted for payment pursuant to the Offer will receive payment in United States dollars converted at the ADS Tender Offer Price Exchange Rate, less distribution fees and applicable withholding taxes, upon the terms and subject to certain conditions described in this Offer to Purchase and in the related ADS Letter of Transmittal. Holders of Shares represented by ADSs who tender their ADSs to the ADS Tender Agent should note that the ADS Tender Offer Price Exchange Rate at which the Tender Offer Price is expected to be exchanged into U.S. dollars may fluctuate and that none of the U.S. Settlement Agent, the FX Agent, IRSA, the Chilean Share Tender Agent, or the ADS Tender Agent can guarantee the ADS Tender Offer Price Exchange Rate at which the Tender Offer Price is expected to be exchanged into U.S. dollars or the timing in which such exchange can be completed. If there are delays with the conversion of the Tender Offer Price into U.S. dollars, the settlement of the Tender Offer for holders of Shares who tender ADSs to the ADS Tender Agent may be delayed, and such delay may be substantial. As of May 18, 2021, the U.S. dollar equivalent of the Tender Offer Price was equal to approximately US$9.50 per Share (equivalent to US$19.00 per ADS) based on the Observed Exchange Rate applicable on that date.

Tendering holders of Shares who have Shares registered in their own name and who tender directly to the Chilean Share Tender Agent or the U.S. Share Tender Agent will not be obligated to pay brokerage fees, commissions or stock transfer taxes on the sale of their Shares pursuant to the Offer. Tendering holders of ADSs who have ADSs registered in their own name and who tender directly to the ADS Tender Agent will not be obligated to pay brokerage fees or commissions. However, payment to such tendering holders of ADSs will be made in U.S. dollars, with the dollar amount thereof based on the ADS Tender Offer Price Exchange Rate, and such payment will be further subject to deductions in respect of the distribution fee of US$0.05 per ADS that JPMorgan Chase Bank, N.A., in its capacity as depositary for CCU’s ADS program (the “ADS Depositary”) will charge relating to the cancellation of such ADSs for the purpose of tendering, as well as any applicable withholding taxes. If you own your Shares or your ADSs through a broker or other nominee, and your broker or nominee tenders your Shares or your ADSs on your behalf, your broker or nominee may charge you a fee for doing so. You should consult your broker or nominee to determine whether any charges will apply.

Is the Tender Offer Price above or below the recent market price of the Shares and ADSs?

Because the purpose of the Offer is not to obtain control of CCU, the offering price does not include a control premium component. The offering price is above the recent market prices of the Shares and ADSs. IRSA is offering to pay Ch$6,800 per Share (equivalent to Ch$13,600 per ADS, which as of May 18, 2021 was equal to approximately US$9.50 per Share and US$19.00 per ADS, based on the Observed Exchange Rate as of that date), in cash, without interest, which, in the case of Shares represented by ADSs, shall be payable in U.S. dollars, with the dollar amount thereof based on the ADS Tender Offer Price Exchange Rate, less distribution fees and any applicable withholding taxes. As of May 17, 2021, the closing price on the New York Stock Exchange per ADS was US$17.47, which when divided by two (2), the number of Shares represented by each ADS, is approximately US$8.74 per Share. As of May 17, 2021, the closing price on the Bolsa de Comercio de Santiago, Bolsa de Valores (the “Santiago Stock Exchange”) per Share was Ch$6,265. Additionally, as of February 26, 2021 (the last trading day on the Santiago Stock Exchange and the New York Stock Exchange before IRSA’s filing of a Schedule 13D/A with the SEC with respect to its intention to increase its ownership interest by up to an additional 6% of the outstanding Common Stock of CCU), the last reported sale price of Shares on the Santiago Stock Exchange was Ch$6,154.30 per Share and the last sale price of ADSs reported on the New York Stock Exchange was US$17.30 per ADS (which when divided by two (2), the number of Shares represented per ADS, is approximately US$8.65 per share). IRSA encourages you to obtain a recent quotation for the Shares and/or ADSs of CCU in deciding whether to tender your Shares and/or ADSs in the Offer. For recent trading prices of the Shares and ADSs, see “The Offer — Section 7. Price Range of Shares and ADSs; Dividends” in this Offer to Purchase.

Do you have the financial resources to make payment?

The amount of funds needed in connection with the Offer to purchase in the Offer an aggregate of 16,390,172 Shares, in the form of Shares or ADSs, and to pay related fees and expenses will be approximately

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Ch$115,000 million, or US$160.7 million based on the Observed Exchange Rate as of May 18, 2021. The Offer is not conditioned upon any financing arrangements. IRSA intends to obtain the necessary funds to pay for the Offer from a committed credit facility. See “The Offer — Section 10. Source and Amount of Funds” in this Offer to Purchase.

Is your financial condition material to my decision to tender in the Offer?

As disclosed above under “Do you have the financial resources to make payment?”, IRSA has the financial resources to make payment in connection with the Offer. Therefore, we do not believe that our financial condition is material to your decision whether to tender your Shares and/or your ADSs and accept the Offer because:

• the form of payment that you will receive consists solely of cash and, if you tender all of your Shares and/or ADSs into the Offer and receive payment for your Shares and/or your ADSs, you will have no continuing equity interest in CCU or any of its affiliates (assuming no proration, as further described herein); and

• the Offer is not subject to any financing condition.

The Offer

Who can participate in the Offer?

All holders of Shares and ADSs may tender their Shares (including those underlying ADSs) in the Offer. See “The Offer — Section 3. Procedures for Accepting the Offer — Holders of Shares” and “— Section 4. Procedures for Accepting the Offer — Holders of ADSs” in this Offer to Purchase.

For information on how holders may tender their Shares or ADSs, please contact the Information Agent at the address and telephone number set forth on the back cover of this Offer to Purchase.

Holders of ADSs may only tender their ADSs with the ADS Tender Agent and may not tender their ADSs directly with the U.S. Share Tender Agent or the Chilean Share Tender Agent but may cancel their ADSs, obtain the Shares represented by their ADSs and tender such Shares with the Chilean Share Tender Agent or the U.S. Share Tender Agent. In order to do so, an ADS holder should contact the ADS Depositary to surrender to the ADS Depositary the ADSs representing Shares that it wishes to tender into the Offer, pay a distribution fee to the ADS Depositary in an amount up to US$0.05 per ADS for the cancellation of those ADSs, and pay any taxes or governmental charges or other fees payable in connection with such withdrawal of the Shares from the ADS program, and otherwise comply with the terms and conditions of the amended and restated deposit agreement governing the ADSs between CCU and the ADS Depositary, dated as of July 13, 2013. There are risks to undertaking this process insufficiently in advance of the expiration of the Offer. A holder must allow sufficient time for the cancellation of the ADSs and the tender of its Shares before the applicable Expiration Date, in the manner described in this Offer to Purchase and other applicable tender offer documents. In addition, to the extent the Offer is over-subscribed and tenders are subject to proration, as described further below, IRSA will return to such holder any Shares not purchased in the Offer. Such holder would have to incur ADS Depositary fees to the extent it desires to convert such Shares back into ADSs.

What are the most significant conditions to the Offer?

The Offer is subject to the following condition:

• the absence of any Adverse Governmental Action (as defined in “The Offer — Section 13. Conditions to the Offer.”).

See “The Offer — Section 13. Conditions of the Offer.”

How long do I have to decide whether to tender in the Offer?

You will have until the applicable Expiration Date to decide whether to tender your Shares and/or ADSs (for such ADSs to be unwound and further tendered as described herein) in the Offer. There is no guaranteed delivery procedure for the tendering Shares or ADSs in the Offer. See “The Offer — Section 1. Terms of the Offer,” “— Section 3. Procedures for Accepting the Offer — Holders of Shares” and “— Section 4. Procedures for Accepting the Offer — Holders of ADSs” in this Offer to Purchase.

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Can the Offer be extended and under what circumstances?

Yes. We expressly reserve the right, in our sole discretion but subject to applicable law, to extend the period of time during which the Offer remains open, from time to time, in accordance with Section 205 of the Capital Markets Law, as defined below, and Rule 14e-1 under the Exchange Act. See “The Offer — Section 15. Extension of the Offer; Termination; Amendment” in this Offer to Purchase.

How will I be notified if the Offer is extended?

If we extend the Offer, we will inform the ADS Tender Agent, the U.S. Share Tender Agent and the Chilean Share Tender Agent of that fact. We also will make a public announcement of the extension, not later than 9:00 a.m., New York City time, on the next business day after the day on which the Offer was scheduled to expire, in addition to the mandatory notices that we have to publish in two newspapers in Chile on or before the original expiration date. See “The Offer — Section 15. Extension of the Offer; Termination; Amendment” in this Offer to Purchase.

Will there be a subsequent offering period?

No.

How do I tender my Shares in the Offer to the U.S. Share Tender Agent?

To tender your Shares in the Offer to the U.S. Share Tender Agent, prior to the expiration of the Offer, you must: (1) complete the Form of U.S. Share Acceptance (including a duly executed sale order and a stock transfer form signed in blank (traspaso(s) de acciones)) pursuant to applicable law, setting forth the information for such holder���s Chilean custodian and the maximum aggregate amount of Shares that such holder wishes to tender as acceptance of the Offer, subject to the terms and conditions of the Offer in accordance with the instructions printed thereon and submit it to the U.S. Share Tender Agent, to the address appearing on the back cover page of this Offer to Purchase, for delivery by the U.S. Share Tender Agent to the Chilean Share Tender Agent, at any time between stock market opening and closing times up to the applicable Expiration Date; and (2) simultaneously with your acceptance of the Offer, deliver to the U.S. Share Tender Agent, either directly or through a Holder’s Broker, for delivery by the U.S. Share Tender Agent to the Chilean Share Tender Agent, (i) the original certificate(s) of title (“título(s)”) representing the Shares that they wish to tender and that are in their possession, or a certificate that should be issued by the Shareholder’s Office of CCU, that is managed by DCV Registros, located at Avenida Los Conquistadores 1730, 24th floor, Providencia, Santiago, confirming that the certificate(s) are deposited in the custody of DCV; (ii) a certificate issued by the Shareholder’s Office of CCU, that is managed by DCV Registros, dated no earlier than ten (10) days prior to the applicable date of its submission to the U.S. Share Tender Agent or the Holder’s Broker, as applicable, confirming that it has no record that the Shares which you intend to tender are subject to any liens, pledges, charges or encumbrances, and that therefore they can be registered in the name of the Chilean Share Tender Agent or the Holder’s Broker, as applicable; (iii) a photocopy of both sides of the ID card (cédula de identidad) or passport or that of your representative, if applicable, and at the time of delivery of such photocopy, you will be required to deliver a notarized copy of the applicable ID card or passport or present the original together with any photocopies for purposes of verification thereof by the U.S. Share Tender Agent and the Chilean Share Tender Agent or the Holder’s Broker, as applicable; (iv) in case delivery of the aforementioned documents is done by a representative, an original (or a notarized copy, if executed by means of a public deed) of a valid and outstanding power of attorney granted before or authorized by a notary public, with due authority to represent the holder in the present transaction, which shall have been granted no earlier than sixty (60) days prior to its delivery, or, if executed by means of a public deed, certified as valid no earlier than sixty (60) days prior to its delivery; and (v) in the case of holders of Shares that are legal entities or whose Shares are registered in the name of communities or estates, notarized copies of all instruments of incorporation, modifications, existing authorizations and other pertinent resolutions, as well as an authorized copy of all the documents that recognize the legal capacity of their representatives, which scope of representation should be sufficient to act on the holders’ behalf for purposes of the acceptance of this Offer, with a certificate of validity dated no earlier than sixty (60) days prior to the date of delivery to the U.S. Share Tender Agent or the Holder’s Broker, as applicable; and all or any forms of transfer and/or other documents that may be required at the discretion of the U.S. Share Tender Agent or Holder’s Broker in relation to the due transfer and delivery of the Shares, in accordance with

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applicable regulation. If your Shares are registered in the name of a broker, dealer, commercial bank, trust company or other nominee must contact such broker, dealer, commercial bank, trust company or other nominee if you desire to tender such Shares.

Shares may also be tendered directly to the Chilean Share Tender Agent, as described below.

How do I tender my Shares in the Offer to the Chilean Share Tender Agent?

If you desire to accept the Offer in respect of all or any portion of your Shares and tender such Shares to the Chilean Share Tender Agent, you should refer to the English translation of the Chilean Aviso de Inicio (commencement notice) that has been filed by IRSA as Exhibit 99(a)(1)(I) to the Schedule TO with respect to the Offer (which translation is for informational purposes only, as is the case with respect to any and all translated documents filed pursuant to the Offer), as the procedures for tendering Shares to the Chilean Share Tender Agent, including the applicable Expiration Date, differ from those for tendering Shares to the U.S. Share Tender Agent.

To tender your Shares in the Offer to the Chilean Share Tender Agent, prior to the expiration of the Offer, you must: (1) complete the Form of Chilean Share Acceptance (consisting of a duly executed sale order and a stock transfer form signed in blank (traspaso(s) de acciones)) pursuant to applicable law, setting forth the maximum aggregate amount of Shares that such holder wishes to tender as acceptance of the Offer, subject to the terms and conditions of the Offer) and submit it to the Chilean Share Tender Agent, to the address appearing on the back cover page of this Offer to Purchase on any business day in Chile, at any time between stock market opening and closing times up to the applicable Expiration Date; and (2) simultaneously with your acceptance of the Offer, deliver to the Chilean Share Tender Agent, either directly or through a Holder’s Broker, (i) the original certificate(s) of title (“título(s)”) representing the Shares that they wish to tender and that are in their possession, or a certificate that should be issued by the Shareholder’s Office of CCU, that is managed by DCV Registros, located at Avenida Los Conquistadores 1730, 24th floor, Providencia, Santiago, confirming that the certificate(s) are deposited in the custody of DCV; (ii) a certificate issued by the Shareholder’s Office of CCU, that is managed by DCV Registros, dated no earlier than ten (10) days prior to the applicable date of its submission to the Chilean Share Tender Agent or the Holder’s Broker, as applicable, confirming that it has no record that the Shares which you intend to tender are subject to any liens, pledges, charges or encumbrances, and that therefore they can be registered in the name of the Chilean Share Tender Agent or the Holder’s Broker, as applicable; (iii) a photocopy of both sides of the ID card (cédula de identidad) or that of your representative, if applicable, and at the time of delivery of such photocopy, you will be required to deliver a notarized copy of the applicable ID card or present the original together with any photocopies for purposes of verification thereof by the Chilean Share Tender Agent or the Holder’s Broker, as applicable; (iv) in case delivery of the aforementioned documents is done by a representative, an original (or a notarized copy, if executed by means of a public deed) of a valid and outstanding power of attorney granted before or authorized by a notary public, with due authority to represent the holder in the present transaction, which shall have been granted no earlier than sixty (60) days prior to its delivery, or, if executed by means of a public deed, certified as valid no earlier than sixty (60) days prior to its delivery; and (v) in the case of holders of Shares that are legal entities or whose Shares are registered in the name of communities or estates, notarized copies of all instruments of incorporation, modifications, existing authorizations and other pertinent resolutions, as well as an authorized copy of all the documents that recognize the legal capacity of their representatives, which scope of representation should be sufficient to act on the holders’ behalf for purposes of the acceptance of this Offer, with a certificate of validity dated no earlier than sixty (60) days prior to the date of delivery to the Chilean Share Tender Agent or the Holder’s Broker, as applicable; and (3) exclusively in those cases where the shareholder or Holder’s Broker, as applicable, does not have one in effect, execute a services agreement, as required by CMF General Rule No. 380 with the Chilean Share Tender Agent or the Chilean securities intermediary to be used for tendering, and all or any forms of transfer and/or other documents that may be required at the discretion of the Chilean Share Tender Agent or Holder’s Broker in relation to the due transfer and delivery of the Shares, in accordance with applicable regulation. If your Shares are registered in the name of a broker, dealer, commercial bank, trust company or other nominee must contact such broker, dealer, commercial bank, trust company or other nominee if you desire to tender such Shares.

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How do I tender my ADSs in the Offer?

To tender your ADSs, you may, prior to the expiration of the Offer:

(i)
cancel your ADSs in order to obtain the Shares underlying such ADSs, and tender such Shares with the Chilean Share Tender Agent or the U.S. Share Tender Agent, as applicable, following the procedures described above for tenders by holders of Shares to the U.S. Share Tender Agent or the Chilean Share Tender Agent, or

(ii)
submit your ADRs representing the ADSs or a book-entry transfer of such ADSs to the ADS Tender Agent, together with a properly completed and duly executed ADS Letter of Transmittal or a message transmitted by The Depository Trust Company to the ADS Tender Agent stating that you have expressly agreed to be bound by the terms of the ADS Letter of Transmittal, and all other required documents.

Holders of ADSs should recognize that the Offer is made only for Shares, and that by tendering their ADSs into the Offer, such Holders have authorized the ADS Tender Agent to instruct the U.S. Settlement Agent (whether directly or through the Chilean Sub-Custodian) to further tender such securities to the Chilean Share Tender Agent and subsequent to the Results Notice and the Results Ad, to further instruct the ADS Depositary to unwind such ADSs and to deliver the underlying Shares to the ADS Tender Agent account with the U.S. Settlement Agent (through the Chilean Sub-Custodian), for delivery of the underlying Shares to the Chilean Share Tender Agent against payment of the Tender Offer Price.

Until what time can I withdraw previously tendered Shares or ADSs?

You can withdraw previously tendered Shares or ADSs from the Offer at any time until the applicable Expiration Date of the Offer provided that if we have not agreed by July 18, 2021 (sixty (60) days after the commencement of the Offer) to accept your Shares (in the form of Shares or ADSs) for payment, you can withdraw them at any time after such date until they are accepted for payment. The Expiration Date with respect to tenders submitted to the U.S. Share Tender Agent and the ADS Tender Agent will occur prior to the Expiration Date for tenders submitted to the Chilean Share Tender Agent. See “The Offer — Section 1. Terms of the Offer” and “— Section 5. Tender Withdrawal Rights” in this Offer to Purchase.

How do I withdraw previously tendered Shares and/or ADSs?

To withdraw previously tendered Shares or ADSs from the Offer, you must deliver a written notice of withdrawal, or a copy of one, with the required information to the Chilean Share Tender Agent, the U.S. Share Tender Agent or the ADS Tender Agent, as applicable, while you still have the right to withdraw the previously tendered Shares or ADSs. Withdrawn Shares and ADSs may be retendered again by following one of the procedures described in this Offer to Purchase, at any time until the Offer has expired. See “The Offer — Section 3. Procedures for Accepting the Offer — Holders of Shares,” “— Section 4. Procedures for Accepting the Offer — Holders of ADSs,” and “— Section 5. Tender Withdrawal Rights” in this Offer to Purchase.

Has CCU’s board of directors adopted a position on the Offer?

The Offer has not been reviewed by the board of directors of CCU. No later than ten (10) business days from the date of this Offer to Purchase, CCU is required by law to file with the SEC and to publish, send, or give to you a statement disclosing whether its board of directors recommends acceptance or rejection of the Offer, expresses no opinion and remains neutral toward the Offer, or is unable to take a position with respect to the Offer.

When and how will I be paid for my tendered Shares and/or ADSs?

Subject to the terms and conditions of the Offer, we will pay for all Shares (including those underlying ADSs) validly tendered and not properly withdrawn promptly after the later of the Expiration Date and upon the satisfaction or waiver by us of all conditions to the Offer set forth in “The Offer — Section 13. Conditions of the Offer” in this Offer to Purchase, and in any case pursuant to applicable law or practice.

We will pay for your Shares (including those underlying ADSs) that are validly tendered and not properly withdrawn by depositing the Tender Offer Price with the Chilean Share Tender Agent, which will act as

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depositary for the purpose of receiving payments from us and transmitting such payments to tendering holders. While the Offer is made exclusively for Shares and only Shares will be accepted pursuant to the Offer, and the Tender Offer Price will be paid by IRSA only in Chilean pesos, to facilitate participation by holders of ADSs, IRSA has directed the U.S. Settlement Agent to coordinate with the FX Agent for the U.S. dollar conversion of the Tender Offer Price payable to holders of ADSs that are tendered to the ADS Tender Agent, upon instruction of the ADS Tender Agent and for the account of holders who tender their ADSs to the ADS Tender Agent. As a result, holders of Shares represented by ADSs tendered to the ADS Tender Agent that are accepted for payment pursuant to the Offer will receive payment in United States dollars converted at the ADS Tender Offer Price Exchange Rate, less distribution fees and applicable withholding taxes, upon the terms and subject to certain conditions described in this Offer to Purchase. Holders of Shares represented by ADSs who tender their ADSs to the ADS Tender Agent should note that the ADS Tender Offer Price Exchange Rate at which the Tender Offer Price is expected to be exchanged into U.S. dollars may fluctuate and that none of the U.S. Settlement Agent, the FX Agent, IRSA, the Chilean Share Tender Agent, or the ADS Tender Agent can guarantee the ADS Tender Offer Price Exchange Rate at which the Tender Offer Price is expected to be exchanged into U.S. dollars or the timing in which such exchange can be completed. If there are delays with the conversion of the Tender Offer Price into U.S. dollars, the settlement of the Tender Offer for holders of Shares who tender ADSs to the ADS Tender Agent may be delayed, and such delay may be substantial.

In all cases, payment for tendered Shares will be made only after timely receipt by the Chilean Share Tender Agent, directly or through the U.S. Share Tender Agent, of the título(s) (certificate(s) of title) representing your shares (or of a confirmation of a book-entry transfer of such Shares to the custodial account established with the DCV by the Chilean Share Tender Agent for purposes of this Offer (the “DCV Custodial Account”), or to the custodial account of the Holder’s Broker, as applicable, provided that in the case of holders of Shares who submit their sale order through a Holder’s Broker, such Holder’s Broker will carry out the necessary steps in order to take possession of the applicable título(s) and deliver them at settlement to the Chilean Share Tender Agent in accordance with the terms of this Offer as described in “The Offer — Section 3. Procedures for Accepting the Offer — Holders of Shares” in this Offer to Purchase), together with a completed Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable, and all documents identified in the Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable, for such Shares.

Payment for Shares underlying tendered ADSs will be made only after timely receipt by the ADS Tender Agent of ADRs representing such ADSs and a properly completed and duly executed Letter of Transmittal and any other required documents for such ADSs (or of a confirmation of a book-entry transfer of such ADSs as described in “The Offer — Section 4. Procedures for Accepting the Offer — Holders of ADSs” in this Offer to Purchase). See “The Offer — Section 2. Acceptance for Payment” in this Offer to Purchase.

What is the market value of my Shares and/or ADSs as of a recent date?

On May 17, 2021, the last reported sale price of Shares on the Santiago Stock Exchange was Ch$6,265 per Share and the last sale price of ADSs reported on the New York Stock Exchange was US$17.47 per ADS (which when divided by two (2), the number of Shares represented per ADS, is approximately US$8.74 per share).

Additionally, on February 26, 2021 (the last trading day on the Santiago Stock Exchange and the New York Stock Exchange before IRSA’s filing of a Schedule 13D/A with the SEC with respect to its intention to increase its ownership interest by up to an additional 6% of the outstanding Common Stock of CCU), the last reported sale price of Shares on the Santiago Stock Exchange was Ch$6,154.30 per Share and the last sale price of ADSs reported on the New York Stock Exchange was US$17.30 per ADS (which when divided by two (2), the number of Shares represented per ADS, is approximately US$8.65 per share).

We advise you to obtain a more recent quotation for Shares and/or ADSs in deciding whether to tender your Shares and/or ADSs. See “The Offer — Section 7. Price Range of Shares and ADSs; Dividends” in this Offer to Purchase.

What are the income tax consequences if I tender my Shares and/or ADSs?

Generally, if you are a U.S. Holder (as that term is defined for U.S. federal income tax purposes, see “The Offer — Section 6. Tax Consequences — U.S. Federal Income Tax Consequences” in this Offer to Purchase), you will be subject to U.S. federal income taxation when you receive cash from us in exchange for the Shares and/or ADSs you tender and you may be subject to applicable state or local tax. Holders of Shares and ADSs

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that are not U.S. Holders may be subject to foreign taxation upon receipt of cash in exchange for Shares and ADSs pursuant to the Offer. See “The Offer — Section 6. Tax Consequences — U.S. Federal Income Tax Consequences” and “— Section 6. Tax Consequences — Chilean Tax Consequences” in this Offer to Purchase.

All Share and ADS holders should review the discussion in “The Offer — Section 6. Tax Consequences” regarding tax issues and consult their tax advisor regarding the tax effects of a tender of Shares or ADSs.

Whom do I contact if I have questions about the Offer?

For additional information or assistance and to request additional copies of this Offer to Purchase and the ADS Letter of Transmittal and other Offer documents, you may contact the Information Agent, at the telephone numbers and address set forth on the back cover of this Offer to Purchase.

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To Holders of Shares of Common Stock and/or American Depositary Shares of CCU:

INTRODUCTION

IRSA, a Chilean closely held corporation (sociedad anónima cerrada), hereby offers to purchase an aggregate of up to 16,390,172 Shares of CCU, from all holders, wherever located, and whether they currently hold such Shares in the form of Shares or ADSs, at the Tender Offer Price. The Tender Offer Price for the Shares tendered to the Chilean Share Tender Agent or the U.S. Share Tender Agent and accepted for payment pursuant to the Offer will be paid in Chilean pesos, upon the terms and subject to certain conditions described in this Offer to Purchase and in the related Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, respectively. The Tender Offer Price for the Shares in the form of ADSs tendered to the ADS Tender Agent that are accepted for payment pursuant to the Offer will also be paid by IRSA in Chilean pesos. However, IRSA has directed the U.S. Settlement Agent to coordinate with the FX Agent for the U.S. dollar conversion of the Tender Offer Price payable to holders of ADSs that are tendered to the ADS Tender Agent, upon instruction of the ADS Tender Agent and for the account of holders who tender their ADSs to the ADS Tender Agent. As a result, holders of Shares represented by ADSs tendered to the ADS Tender Agent that are accepted for payment pursuant to the Offer will receive payment in United States dollars converted at the ADS Tender Offer Price Exchange Rate, less distribution fees and applicable withholding taxes, upon the terms and subject to certain conditions described in this Offer to Purchase. Pursuant to Section 202 of the “Capital Markets Law”, General Regulation No. 104 and Rule No. 1514 – 2001, both of the CMF, IRSA published an Aviso de Inicio (commencement notice) of the Offer in the electronic newspapers El Líbero (www.ellibero.cl) and El Mostrador (www.elmostrador.cl) on May 18, 2021. Holders of Shares represented by ADSs who tender their ADSs to the ADS Tender Agent should note that the ADS Tender Offer Price Exchange Rate at which the Tender Offer Price is expected to be exchanged into U.S. dollars may fluctuate and that none of the U.S. Settlement Agent, the FX Agent, IRSA, the Chilean Share Tender Agent, or the ADS Tender Agent can guarantee the ADS Tender Offer Price Exchange Rate at which the Tender Offer Price is expected to be exchanged into U.S. dollars or the timing in which such exchange can be completed. If there are delays with the conversion of the Tender Offer Price into U.S. dollars, the settlement of the Tender Offer for holders of Shares who tender ADSs to the ADS Tender Agent may be delayed, and such delay may be substantial.

The Offer is open to all holders of Shares and ADSs, regardless of residence.

The Offer is currently scheduled to expire at (i) in respect of Shares (including in the form of ADSs) tendered to the U.S. Share Tender Agent or the ADS Tender Agent, 3:30 p.m., New York City time on June 17, 2021, and (ii) in the case of Shares tendered to the Chilean Share Tender Agent, 5:30 p.m., New York City time on June 17, 2021, as applicable, the Expiration Date, unless and until IRSA, in its sole discretion (but subject to the applicable rules and regulations of the SEC and the Capital Markets Law) shall have extended the period of time during which the Offer will remain open, in which event the term “Expiration Date” will mean the latest time and date at which the Offer, as so extended by IRSA, shall expire.

Unaffiliated shareholders of CCU may participate in the Offer.

CCU must file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 (the “Schedule 14D-9”) within ten (10) business days of the date of the launch of the Offer. The Schedule 14D-9 must include a statement by the board of directors of CCU as to whether it recommends that CCU shareholders accept or reject the Offer, if it expresses no opinion and remains neutral toward the Offer, or if it is unable to take a position with respect to the Offer. Chilean law does not require a recommendation of the Board, acting as such, that the shareholders accept or reject the Offer and does not preclude the Board from issuing a position with respect to the Offer.

Based on CCU’s public filings, as of December 31, 2020, there were 369,502,872 issued and outstanding Shares of CCU, including, as of March 31, 2021, 76,248,975 Shares underlying ADSs. IRSA owns, directly and indirectly, 227,481,716 Shares, representing approximately 61.56% of the outstanding Shares of CCU. As a result of IRSA’s current aggregate beneficial ownership of approximately 61.56% of the issued and outstanding Shares of CCU, and its influence in the election of the directors of CCU, IRSA may be deemed to exert substantial influence over CCU. All nine members of CCU’s board of directors elected during the CCU’s annual shareholders’ meeting which took place on April 14, 2021 were elected by the vote of IRSA.

The Offer is subject to certain terms and conditions. See “The Offer — Section 13. Conditions of the Offer.”

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Tendering holders of Shares who have Shares registered in their own name and who tender directly to the Chilean Share Tender Agent or the U.S. Share Tender Agent will not be obligated to pay brokerage fees, commissions or stock transfer taxes on the sale of their Shares pursuant to the Offer. Tendering holders of ADSs who have ADSs registered in their own name and who tender directly to the ADS Tender Agent, will not be obligated to pay brokerage fees or commissions or, except as set forth in Instruction 4 of the ADS Letter of Transmittal, transfer taxes on the sale of their ADSs pursuant to the Offer. However, payment to such tendering holders of ADSs will be made in U.S. dollars, with the dollar amount thereof based on the ADS Tender Offer Price Exchange Rate, and such payment will be further subject to deductions in respect of the distribution fee of US$0.05 per ADS relating to the cancellation of such ADSs for the purpose of tendering charged by the ADS Depositary, as well as any applicable withholding taxes. Tendering holders of Shares and tendering holders of ADSs who own Shares and/or ADSs through a broker or other nominee may have to pay a fee to such broker or nominee if such broker or nominee tenders their Share and/or ADSs on their behalf. IRSA will pay all charges and expenses of the U.S. Settlement Agent, U.S. Share Tender Agent, the Chilean Share Tender Agent and the ADS Tender Agent incurred in connection with the Offer, but will not pay the distribution fees associated with the cancellation of ADSs for purposes of tendering Shares into the Offer or any costs associated with the conversion of the Tender Offer Price at the ADS Tender Offer Price Exchange Rate. See “The Offer — Section 16. Fees and Expenses.”

This Offer to Purchase and the related Form of Chilean Share Acceptance, Form of U.S. Share Acceptance and ADS Letter of Transmittal contain important information and should be read carefully in their entirety before any decision is made with respect to the Offer.

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SPECIAL FACTORS

Section 1. Background of the Transactions.

Historical Background

The relationship between IRSA and CCU dates back to 1986 when IRSA first acquired controlling interests in CCU. IRSA attained such controlling interests by purchasing common stock at an auction conducted by a receiver who had assumed control of CCU following the economic crisis in Chile in the early 1980’s, which resulted in CCU’s inability to meet its obligations to its creditors.

At that time, IRSA was a joint venture between Quiñenco and the Schörghuber Group from Germany, through its wholly owned subsidiary Finance Holding International B.V. (“FHI”) of the Netherlands. Quiñenco and the Schörghuber Group were each an indirect owner of 30.8% of CCU’s common shares at the time.

On April 17, 2003, the Schörghuber Group gave Quiñenco formal notice of its intent to sell 100% of its interest in FHI to Heineken Americas B.V., a subsidiary of Heineken. As a result of the sale, Quiñenco and Heineken Americas B.V., the latter through FHI, became the only two shareholders of IRSA, the owner of 61.6% of CCU’s equity at that time, each with a 50% interest in IRSA. Heineken and FHI subsequently formed Heineken Chile, to hold FHI’s 50% interest in IRSA, resulting in Quiñenco and Heineken Chile being the only two current shareholders of IRSA, with 50% equity each. On December 30, 2003, FHI merged into Heineken Americas B.V., which together with Heineken remained as the only shareholders of Heineken Chile. IRSA subsequently made several acquisitions of CCU Shares, resulting in its ownership reaching approximately 66.1% in 2006. Thereafter, in connection with CCU’s capital increase in 2013, IRSA’s ownership was diluted to approximately 60%. As of the date of this Offer, IRSA owns directly 54.72% and indirectly 6.84% of CCU’s equity, for an aggregate of approximately 61.56%.

The following tables summarize IRSA’s historical direct acquisitions and dispositions of Shares:

Acquisition Period (Month - Year)	Means of Acquisition	Number of Shares
December 1985	Purchase of shares	6,274,746
January 1986	Purchase of shares	2,381,944
February 1986	Purchase of shares	285,126
March 1986	Purchase of shares	1,735,144
April 1986	Purchase of shares	251,824
May 1986	Purchase of shares	1,705,739
July 1986	Purchase of shares	26,818
September 1986	Purchase of shares	3,200,893
October 1986	Purchase of shares	61,033,550
November 1986	Purchase of shares	52,098
January 1987	Purchase of shares	8,216,154
November 1987	Purchase of shares	133,240
December 1987	Purchase of shares	157,840
January 1988	Purchase of shares	48,896
March 1988	Purchase of shares	65,053
May 1988	Purchase of shares	1,324,258
June 1988	Subscription of shares	73,009,278
December 1988	Purchase of shares	439
August 1989	Purchase of shares	762,369
October 1989	Purchase of shares	8,545
January 1990	Subscription of shares	12,835,429
February 1990	Subscription of shares	309,037
March 1990	Subscription of shares	444,540
January 1997	Subscription of shares	21,875,000
June 2003	Purchase of shares	58,199
December 2003	Purchase of shares	18,966
April 2004	Purchase of shares	54,233

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Acquisition Period (Month - Year)	Means of Acquisition	Number of Shares
July 2005	Purchase of shares	8,099,074
March 2021*	Purchase of shares	5,780,000

* On March 24, 2021, IRSA purchased 5,780,000 Shares of CCU at a purchase price of Ch$6,799.72 per share, for an aggregate purchase price of Ch$39,349,173,964 (including commissions and VAT on commissions). The Shares were purchased through the Santiago Stock Exchange.

Disposition Period (Month - Year)	Means of Disposition	Number of Shares
August 2005	Sale of shares	7,946,707

The following table shows IRSA’s historical acquisitions of Shares through its subsidiary Inversiones IRSA:

Acquisition Period (Month - Year)	Means of Acquisition	Number of Shares
August 2005	Purchase of shares	7,946,707
March 2006	Purchase of shares	6,200,000
October 2013	Purchase of shares	11,133,284

Section 2. Purpose of and Reasons for the Offer.

None of IRSA, IRSA’s board of directors, the Dealer Manager, the U.S. Settlement Agent, the Information Agent, the U.S. Share Tender Agent, the Chilean Share Tender Agent or the ADS Tender Agent is making any recommendation to you as to whether to tender or refrain from tendering your Shares (including those in the form of ADSs) pursuant to the Offer. You must make your own decision as to whether to tender your Shares (including those in the form of ADSs) pursuant to the Offer and, if so, how many such Shares to tender. In doing so, you should read carefully the information in this Offer to Purchase, the related Form of Chilean Share Acceptance, Form of U.S. Share Acceptance and ADS Letter of Transmittal, including the purpose and effects of the Offer. You should discuss whether to tender your Shares (including those in the form of ADSs) with your own broker or other financial advisor, if any.

By means of the Offer, IRSA intends to acquire an aggregate of up to 16,390,172 Shares, from all holders, wherever located, in the form of Shares or ADSs, for investment purposes. If IRSA were to acquire all 16,390,172 shares it seeks to acquire in the Offer, IRSA’s beneficial ownership of outstanding shares in CCU would increase to approximately 66.0%. As of the date of this Offer to Purchase, IRSA’s beneficial ownership of outstanding Shares in CCU equals approximately 61.56%.

IRSA is conducting the Offer on a voluntary basis (that is, it is not required by law to conduct such Offer) and because IRSA already exercises control over CCU, the purpose of the Offer is not to obtain control of CCU, and this Offer to Purchase does not include a projected business plan for the succeeding twelve months for CCU and its subsidiaries because no such changes are expected to occur on the basis of the Offer. IRSA does not intend to take CCU private or effect the delisting of CCU’s Shares or ADSs.

The Tender Offer Price was determined based on discussions between IRSA and the Dealer Manager.

There is an active trading market for CCU’s Shares and ADSs on the Santiago Stock Exchange and the NYSE, respectively. For example, the most recent closing price of CCU’s Shares and ADSs as of May 17, 2021 was Ch$6,265 per share and US$17.47 per ADS, which is lower than the Tender Offer Price.

Additionally, as of February 26, 2021 (the last trading day on the Santiago Stock Exchange and the New York Stock Exchange before IRSA’s filing of a Schedule 13D/A with the SEC with respect to its intention to increase its ownership interest by up to an additional 6% of the outstanding Common Stock of CCU), the last reported sale price of Shares on the Santiago Stock Exchange was Ch$6,154.30 per Share and the last sale price of ADSs reported on the New York Stock Exchange was US$17.30 per ADS (which when divided by two (2), the number of Shares represented per ADS, is approximately US$8.65 per share).

Based on CCU’s public filings, as of as of December 31, 2020, there were 369,502,872 issued and outstanding Shares of CCU, including, as of March 31, 2021, 76,248,975 Shares underlying ADSs.

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Section 3. Certain Effects of the Offer.

We expect Ch$115,000 million will be required to purchase the Shares and ADSs in the Offer if the Offer is fully subscribed at the Tender Offer Price, of which approximately Ch$3,500 million will be required to pay related professional fees and expenses.

Upon consummation of the Offer, holders of Shares and ADSs that are purchased pursuant to the Offer will not have the opportunity to participate in the future earnings, profits and growth of CCU and will not have any right to vote on CCU’s’ corporate matters, unless they retain an ownership interest in CCU. To the extent that IRSA’s percentage ownership of CCU is increased pursuant to the Offer, its interests in the net book value and net earnings of CCU will increase correspondingly to approximately 66.0%, assuming sufficient outstanding Shares and ADSs are tendered by holders and purchased by IRSA pursuant to the Offer. As a result, IRSA will receive a greater benefit from any income generated by CCU’s operations and any increase in the value of CCU following the Offer. Similarly, IRSA will bear a greater portion of the losses generated by CCU’s operations and any decrease in the value of CCU after completion of the Offer. Holders of Shares and ADSs that are purchased pursuant to the Offer will not face the risk of losses that could be generated by CCU’s operations or the risk of a decline in the value of CCU Shares or ADSs after completion of the Offer, with respect to any Shares and/or ADSs tendered by them under the Offer.

Section 4. Offer Subject to Chilean Law.

In light of CCU’s jurisdiction of incorporation, the Offer is being conducted by IRSA in Chile in compliance with Chilean regulations and requirements for the Offer.

The Offer is subject to the requirements of Regulation 14D and Regulation 14E under the Exchange Act, as well as the requirements for tender offers under Chilean law, which afford tendering holders the following protections which are in addition to, and do not conflict with, Regulation 14D and Regulation 14E of the Exchange Act. These requirements include: (i) the same price must be paid to each shareholder on a per share basis; (ii) the offeror cannot withdraw the offer except for predetermined and disclosed termination conditions (that can be waived); (iii) the tender offer is subject to the supervision of the CMF; (iv) the offeror cannot buy shares outside of the tender offer during the Offer; (v) the tender offer terms may only be changed to improve the price, increase the amount of shares offered to be purchased or extend the tender offer period for a minimum of five (5) and a maximum term of fifteen (15) additional days; and (vi) the offeror must comply with information obligations.

An English translation of the Chilean Aviso de Inicio (commencement notice) has been filed as Exhibit 99(a)(1)(I) to the Schedule TO filed by IRSA with respect to the Offer, but such translation, as is the case with respect to any and all translated documents filed pursuant to the Offer, is for informational purposes only.

Section 5. Interests of Directors and Executive Officers.

Our directors and executive officers are set forth in Annex A to this Offer to Purchase.

Section 6. Security Ownership of Certain Beneficial Owners, Directors and Executive Officers.

As of March 31, 2021, the following IRSA directors and officers beneficially owned an aggregate 17,091 shares of CCU’s common stock, as set forth in the following table:

IRSA Director	Ownership of CCU’s common stock Number of Shares (% of aggregate CCU common stock)
Andrónico Luksic Craig	*
Francisco Pérez Mackenna	14,897 (0.004%)

(*)
Mr. Andrónico Luksic Craig is a member of the Luksic family, which controls Quiñenco, the owner of 50% of the equity interests in IRSA. IRSA currently owns approximately 61.56% of CCU's outstanding shares.

IRSA Officer	Ownership of CCU’s common stock Number of Shares (% of aggregate CCU common stock)
Alessandro Bizzarri Carvallo	2,194 (0.0006%)

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Section 7. Transactions and Arrangements Concerning the Shares and ADSs.

For a discussion of acquisitions of Shares and ADSs by IRSA, see “Special Factors — Section 1. Background of the Transactions.” IRSA’s aggregate percentage beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) of the outstanding Shares as of the date of this Offer to Purchase is approximately 61.56%.

Except as set forth in this Offer to Purchase, none of IRSA nor, to IRSA’s best knowledge, any director or executive officer of IRSA, is a party to any contract, agreement, arrangement, understanding or relationship with any other person with respect to any securities of CCU (including, without limitation, any contract, agreement, arrangement, understanding or relationship concerning the transfer or the voting of any such securities, finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of loans, guarantees against loss, divisions of profits or losses, or the giving or withholding of proxies, consents or authorizations).

Section 8. Related Party Transactions.

IRSA Related Parties

As of the date hereof, IRSA’s sole related parties, pursuant to Section 100 of the Capital Markets Law, are its subsidiaries Inversiones IRSA and CCU, its shareholders Quiñenco and Heineken Chile and IRSA’s directors and officers, their spouses or relatives in the second degree of consanguinity, and any other entity controlling or controlled by or under direct or indirect common control with IRSA. IRSA has no sole controlling shareholder for purposes of Section 97 of the Capital Markets Law. Quiñenco and Heineken Chile are IRSA’s controller members (miembros del controlador) pursuant to Section 98 of the Capital Markets Law. Except as set forth in this Offer to Purchase, as of the date hereof, there have been no transactions over the past two years between IRSA and any of CCU or CCU’s affiliates who are not natural persons.

To the knowledge of IRSA, there were no transactions between any executive officer, director or affiliate of CCU that is a natural person and IRSA or any of IRSA’s executive officers and directors, where the aggregate value of the transaction or series or similar transactions with that person exceeds $60,000. However, below is a list of CCU’s directors who are affiliated with IRSA or its affiliates:

Andrónico Luksic Craig was appointed chairman of the board of CCU in April 2013 and he has served as a director since November 1986. He is currently a member of the board of directors of Cervecera CCU Chile Limitada, Embotelladoras Chilenas Unidas S.A., Companía Cervercerías Unidas Argentina S.A., Central Cervecera de Colombia S.A.S. and Zona Franca Central Cervecera S.A.S. He is currently chairman of the boards of Quiñenco and LQ Inversiones Financieras S.A., vice-chairman of the boards of Banco de Chile and Compañía Sud Americana de Vapores S.A., as well as a member of the board of directors of several other companies and institutions. In addition, Mr. Luksic is Trustee Emeritus of Babson College, a member of the Harvard Global Advisory Council, the Columbia Global Leadership Council, the International Advisory Board of the Blavatnik School of Government at Oxford University, the International Advisory Boards of both the Tsinghua University School of Economics and Management and the Fudan University School of Management, and the Americas Executive Board of the MIT Sloan School of Management. Quiñenco, the owner of 50% of the equity interests of IRSA, is a holding company of the Luksic Group (as defined below), which is controlled by the Luksic family. Mr. Andrónico Luksic is a member of the Luksic family.

Francisco Pérez Mackenna has served as director of CCU since July 1998 and previously, between 1991 and 1998, he held the position of chief executive officer of said Company. In 1998 he was appointed chief executive officer of Quiñenco, a position he holds to date. He is a member of the board of several companies, including Cervecera CCU Chile Limitada, Embotelladoras Chilenas Unidas S.A., Viña San Pedro Tarapacá S.A., Companía Cervercerías Unidas Argentina S.A., Compañía Pisquera de Chile S.A., Inversiones y Rentas S.A., Banco de Chile, Banchile Corredores de Seguros S.A., LQ Inversiones Financieras S.A., Sociedad Matriz SAAM S.A., Nexans, Hapag Lloyd and Invexans Limited. He is also chairman of the board of Compañía Sud Americana de Vapores S.A., Empresa Nacional de Energía Enex S.A., Invexans S.A. and Tech Pack S.A. He received a degree in Business Administration from the Pontificia Universidad Católica de Chile and a Master’s degree in Business Administration from the University of Chicago.

Pablo Granifo Lavin has served as director of CCU since April 2013. He has been the chairman of the board of Banco de Chile S.A. since 2007 and chairman of the board of Viña San Pedro Tarapacá S.A. since 2013. He is a member of the board of Quiñenco, IRSA, Cervecera CCU Chile Limitada and Embotelladoras Chilenas Unidas S.A. Additionally, he is chairman of the boards of Banchile Asesoría Financiera S.A., Socofin S.A., and Banchile

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Administradora General de Fondos S.A., and member of the executive committee of Banchile Corredores de Seguros Limitada and of the board of Empresa Nacional de Energía Enex S.A. Mr. Granifo holds a degree in Business Administration from the Pontificia Universidad Católica de Chile.

Rodrigo Hinzpeter Kirberg has served as director of CCU since July 2015. He is also member of the board of Cervecera CCU Chile Limitada, Embotelladoras Chilenas Unidas S.A., Companía Cervercerías Unidas Argentina S.A. and Inversiones y Rentas S.A. Since 2014 he has been the general counsel of Quiñenco. Before that, he was Secretary of Interior Affairs (2010-2012) and, later, the Secretary of Defense of the Government of Chile (2012-2014). He holds a Law degree from the Pontificia Universidad Católica de Chile.

José Miguel Barros was appointed director of CCU in April 2016. He is member of the board of various subsidiaries, including Cervecera CCU Chile Limitada, Embotelladoras Chilenas Unidas S.A., Viña San Pedro Tarapacá S.A. and Compañía Pisquera de Chile S.A. He is an international director and partner of Banco de Inversiones LarraínVial S.A. and currently a member of the board of Directors of Lipigas S.A., Construmart S.A and Stel Chile S.A. Mr. Barros holds a degree in Business Administration from the Pontificia Universidad Católica de Chile and graduated from the PADE of ESE Business School, Universidad de Los Andes.

Carlos Molina Solís has served as director of CCU since April 2012 and as vice- chairman of the board since May 2018. He is also a member of the board of directors of IRSA, Cervecera CCU Chile Limited, Embotelladoras Chilenas Unidas S.A., Compañía Cervecerías Unidas Argentina S.A., Viña San Pedro Tarapacá S.A., and Compañía Pisquera de Chile S.A., and chief executive officer of Corporación Dinámica Industrial, S.A. in Mexico. He has over 30 years of management and strategic consulting experience in multiple industries, especially in beverages and consumer goods across the Americas. In beverages, his roles have included business development for Heineken Americas; planning and strategy for Femsa Cerveza; and board member of Kaiser in Brazil. Prior to these roles, Mr. Molina was a partner in Booz, Allen & Hamilton, a global business consulting firm.. Mr. Molina has a BBA (Bachelor of Business Administration) from the University of Houston, and an MBA from the University of Texas.

Marc Gross has served as director of CCU since May 2020. He is also a member of the board of directors of IRSA, Cervecera CCU Chile Limitada, Embotelladoras Chilenas Unidas S.A. and Compañía Cervecerías Unidas Argentina S.A. Mr. Gross has worked for Danone Group and Sara Lee. In 1995, Mr. Gross joined Heineken and worked in Greece as Plant Director. In 1999, he became regional operations & supply chain director Europe for Heineken and in 2002 took over the position of managing director of Heineken Nederland. In June 2005, he was appointed chief supply chain officer and member of the Global Executive Team. In this position, he was responsible for the supply chain, including manufacturing, worldwide as well as for R&D. During the period of 2010 until 2015, he held the position of chief executive officer of Empaque Mexico. From 2012 until 2017, he also served as non-executive director of Keonys, a high tech company in France. Since June 2020, Mr. Gross is principal advisor to the Executive Board of Directors of SHV for their global operations. Mr. Gross graduated as engineer from Ecole Nationale Supérieure des Arts et Métiers Paris, France and from Technical University Aachen, Germany.

Rory Cullinan has served as director of CCU since May 2018. He is also a member of the board of directors of IRSA, Cervecera CCU Chile Limitada, Embotelladoras Chilenas Unidas S.A. and Compañía Cervecerías Unidas Argentina S.A. Mr. Cullinan has wide experience across different markets and sectors, working in Europe, Africa, America and Russia. Mr. Cullinan held various positions in the Royal Bank of Scotland, including as executive chairman of the Investment Bank. He is currently non-executive director at Broadstone Inc, a listed SPAC and advisor to several companies.

Additionally, IRSA does not have material relationships with any of CCU’s other shareholders, except for Inversiones IRSA, and prior to the date of this Offer to Purchase, IRSA has not engaged in prior discussions relating to the Offer with any such other CCU shareholders, except for its affiliate Inversiones IRSA. IRSA is not a party to any shareholders’ agreement with any of CCU’s other shareholders and, as of the date of this Offer to Purchase, IRSA has no intention to enter into any such agreements.

CCU’s directors are compensated as follows, per the shareholders’ meeting referenced above:

-
a gross monthly fee for attendance to Board Meetings of Unidad de Fomento (“UF,” an inflation linked accounting unit used in Chile) 100 per director, and UF 200 for the chairman, regardless of the number of meetings held within such period, plus

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-
an amount equivalent to 3% of the distributed dividends, for the board as a whole, at a rate of one-ninth for each director and in proportion to the time each one served as such during the year (provided that, if the distributed dividends exceed 50% of the net income, the board of directors’ variable remuneration shall be calculated over a maximum of 50% of such profits).

Additionally, directors that are members of the directors committee receive a gross monthly remuneration of UF 50, plus the amount that, as the percentage of the dividends, is required to complete one third of the total remuneration a director is entitled to, pursuant to article 50 bis of Law No. 18,046 and CMF Regulation No. 1956. Directors that are members and observers of the audit committee receive a gross monthly remuneration of UF 50.

The remunerations of CCU’s directors are as follows:

Directors’ remunerations:

	For the years ended as of December 31,
	2020	2019	2018
	Ch$	Ch$	Ch$
Audit Committee	63,120,000	47,386,000	29,185,000
Directors’ Committee	64,837,000	47,154,000	35,179,000
Attendance meetings fee (*)	1,380,976,000	1,266,892,000	952,490,000
Dividend Participation	2,097,276,000	6,038,934,000	2,270,840,000

(*)
Includes payments of attendance meetings fee and dividend participation accrued in 2019.

Additionally, IRSA and certain of its affiliates, including members of the Luksic family and their affiliated entities and Heineken and its affiliates, who are the beneficial owners of IRSA, engage in a variety of transactions with CCU in the ordinary course of business, as described further below.

On November 30, 2005, CCU and Heineken Brouwerijen B.V., an affiliate of Heineken, amended their License and Technical Assistance Agreements, which provide CCU with the exclusive rights to produce, sell and distribute Heineken beer in Chile and Argentina commencing on June 18, 2003. These agreements have an initial term of 10 years beginning in June 2003, renewable for subsequent periods of five years.

On October 12, 2011, CCU and Heineken Brouwerijen B.V. signed the Amended and Restated versions of their Trademark License Agreements, which provide CCU with the exclusive rights to produce, sell and distribute Heineken beer in Chile and Argentina, in force as of January 1, 2011. These agreements have an initial term of 10 years, and automatically renew on January 1 of each year for a new period of ten years, unless any party gives notice of its decision not to renew, in which case the agreements will be in force until the last renewal period expires.

On September 28, 2012, Compañía Industrial Cervecera S.A. (“CICSA”), a subsidiary of CCU, and Amstel Brouwerijen B.V., an affiliate of Heineken, signed a Trademark License Agreement, which provides CCU with the exclusive rights to produce, sell and distribute Amstel beer in Argentina, effective as of August 1, 2012. This agreement has an initial term of ten years, and automatically renews on January 1 of each year for anew period of ten years, unless any party gives notice of its decision not to renew, in which case the agreement will be in force until the last renewal period expires.

On June 4, 2013, CICSA, Milotur, a subsidiary of CCU, and Heineken Brouwerijen B.V. entered into a Trademark License Agreement, which provides CCU with the exclusive rights to produce, sell and distribute Heineken beer in Uruguay, in force as of May 1, 2013. This agreement has an initial term of ten years, and automatically renews on January 1 of each year for a new period of ten years, unless any party gives notice of its decision not to renew, in which case the agreement will be in force until the last renewal period expires.

On November 10, 2014, Central Cervecera de Colombia S.A.S., a joint venture of CCU, and Heineken Brouwerijen B.V. signed a Trademark License Agreement providing the exclusive rights to import, produce, sell and distribute Heineken beer in Colombia. This agreement has an initial term of thirteen years as of March 1, 2015, and will each year thereafter, on January 1, be automatically renewed for subsequent five year periods unless, starting in 2029, any party gives notice of its decision not to renew, in which case the agreement will be

17

in force until the expiration of the latest renewal period. This agreement was amended on March 29, 2019, to include Zona Franca Central Cervecera S.A.S., a joint venture of CCU, as brewer for the production of Heineken in Colombia.

On July 15, 2015, CICSA, Bebidas Bolivianas BBO S.A. (“BBO”), a joint venture of CCU, and Heineken Brouwerijen B.V. signed an Ancillary Trademark License Agreement, providing the exclusive rights to produce, sell and distribute Heineken beer in Bolivia, in force as of January 1, 2015. This agreement has an initial term of ten years, and will be automatically renewed for a five-year period unless any party gives notice of its decision not to renew, in which case the agreement will be in force until the last renewal period expires.

Additionally, a Technical Assistance Agreement was executed with Heineken Technical Services B.V. (currently Heineken Supply Chain B.V.), an affiliate of Heineken, on May 4, 2005, whereby the latter was appointed, on a non-exclusive basis, as our technical advisor in respect of operational aspects of CCU’s breweries, including special services regarding project engineering for extensions of the breweries’ capacity and construction of new plants, assistance in development of new products, production methods and distribution systems as well as advice on purchasing systems, among others. This agreement has an initial term of one year from May 4, 2005, renewable for subsequent periods of one year each, unless either party gives at least three months’ prior written notice to the other of its intention to terminate the agreement. This agreement has been renewed automatically each year.

In January 28, 2015, a Trademark License Agreement was executed between Cervecería CCU Chile Limitada, a subsidiary of CCU, and Heineken Brouwerijen B.V. to produce, sell and distribute beer under the brand name “Sol” in Chile. The agreement contemplates a ten-year term as of July 1, 2014, and shall each year, on July 1, be automatically renewed for a new period of ten years, unless any party gives notice in writing of its decision not to renew.

On March 23, 2015, CICSA and Heineken Brouwerijen B.V. signed a Trademark License Agreement, which provides CCU with the exclusive rights to produce, sell and distribute Sol beer in Argentina, effective as of March 1, 2015. This agreement has an initial term of ten years, and will be automatically renewed, on January 1 of each year, for a ten-year period unless any party gives notice of its decision not to renew, in which case the agreement will be in force until the last renewal period expires.

In 2015, CCU revised and amended the 2014 amended and restated Framework Agreement entered with Banco de Chile, a subsidiary of Quiñenco, which was in effect as of May 1, 2003, for the rendering of banking services to CCU and certain of its subsidiaries and affiliates, including, among others, payment to suppliers and shareholders, cashier service, transportation of valuables and payment of salaries.

On April 4, 2016, Central Cervecera de Colombia S.A.S., a joint venture of CCU, and Heineken Brouwerijen B.V. signed a Trademark License Agreement providing the exclusive rights to import, produce, sell and distribute Tecate beer in Colombia. This agreement came into force on April 1, 2016, will continue to be in force until February 28, 2028, and each year thereafter, on January 1, will be automatically renewed for subsequent five year periods unless, starting in 2029, any party gives notice of its decision not to renew, in which case the agreement will be in force until the expiration of the latest renewal period. This agreement was amended on March 29, 2019, to include Zona Franca Central Cervecera S.A.S. as brewer for the production of Tecate in Colombia.

On September 27, 2017, Central Cervecera de Colombia S.A.S. and Heineken Brouwerijen B.V. signed a Trademark License Agreement, which provides CCU with the exclusive rights to import, produce, sell and distribute Sol beer in Colombia. This agreement came into force on July 1, 2017, will continue to be in force until February 28, 2028, and shall each year thereafter, on January 1, be automatically renewed for subsequent five-year periods unless, starting in 2029, any party gives notice of its decision not to renew, in which case the agreement will be in force until the expiration of the latest renewal period.

In January 2018, Bebidas del Paraguay S.A., a subsidiary of CCU, and Heineken Brouwerijen B.V. entered into a Distribution Agreement, which provides CCU with the exclusive rights to distribute Sol beer in Paraguay, effective as of December 1, 2017. This agreement has an initial term of five years, and will be automatically renewed for a three-year period unless any party gives notice of its decision not to renew, in which case the agreement will be in force until the expiration of the first period or the respective subsequent period.

18

On April 20, 2018, Bebidas del Paraguay S.A. and Heineken Brouwerijen B.V. signed a Trademark License Agreement and a Distribution Agreement, which provide CCU with the exclusive rights to produce, sell and distribute Heineken beer in Paraguay. These agreements have an initial term of five years from May 1, 2018, and will be automatically renewed for subsequent three-year periods unless any party gives notice of its decision not to renew. Therefore, and as agreed on June 11, 2018, the Trademark License Agreement entered on November 28, 2012, by CICSA and Heineken Brouwerijen B.V., which provided CICSA with the exclusive rights to produce, sell and distribute Heineken beer in Paraguay, was terminated with retroactive effects as of April 30, 2018 and, in its place, Heineken Brouwerijen B.V. and CICSA entered into a Supply Agreement, which provides CICSA the non-exclusive right to sell and supply Heineken Lager in the Paraguayan market to Bebidas del Paraguay S.A. for a period of five years beginning on April 30, 2018.

On November 13, 2018, CCU and Heineken Brouwerijen B.V. signed an Amendment Agreement to the Amended and Restated Trademark License Agreement with Cercevera CCU Chile Limitada, dated October 12, 2011, in order to include, as of January 1, 2018, the trademark “Heineken 0.0” to the trademarks CCU has the exclusive rights to produce, sell and distribute in Chile.

On November 1, 2019, Bebidas del Paraguay S.A. and Amstel Brouwerijen B.V. signed a Distribution Agreement, which provides CCU with the exclusive rights to distribute Amstel beer in Paraguay, effective as of October 1, 2019. This agreement has an initial term of five years, and will automatically renew for subsequent three-year periods, unless any party gives notice of its decision not to renew, in which case the agreement will be in force until expiration of the first period or the respective subsequent period.

19

Below are the details of the accounts receivable and payable between CCU and its related parties as of December 31, 2020 and 2019:

Accounts Receivable - Current:

Tax ID	Company	Country of origin	Ref.	Relationship	Transaction	Currency	As of December 31, 2020	As of December 31, 2019
							ThCh$	ThCh$
6,062,786-K	Andrónico Luksic Craig	Chile	(1)	Chairman of CCU	Sales of products	CLP	1,038	1,334
6,525,286-4	Carlos Mackenna Iñiguez	Chile	(1)	Subsidiary director	Sales of products	CLP	38	—
52,000,721-0	Representaciones Chile Beer Kevin Michael Szot E.I.R.L.	Chile	(6)	Shareholder of subsidiary	Sale of shares	CLP	535	—
52,000,721-0	Representaciones Chile Beer Kevin Michael Szot E.I.R.L.	Chile	(1)	Shareholder of subsidiary	Sales of products	CLP	12,106	19,475
76,029,109-9	Inversiones Chile Chico Ltda.	Chile	(1)	Related to the controller's shareholder	Services provided	CLP	—	1,928
76,079,669-7	Minera Antucoya	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	—	350
76,111,872-2	Inversiones Tv Medios Ltda.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	—	22
76,178,803-5	Viña Tabalí S.A.	Chile	(1)	Related to the controller's shareholder	Services provided	CLP	238	30,888
76,178,803-5	Viña Tabalí S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	543	1,437
76,363,269-5	Inversiones Alabama Ltda.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	—	2,046
76,380,217-5	Hapag-Lloyd Chile SpA.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	219	2,948
76,455,830-8	DiWatts S.A.	Chile	(1)	Related joint venture shareholder	Sales of products	CLP	713	—
76,486,051-9	Inversiones Río Elqui SpA.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	10,943	11,845
76,727,040-2	Minera Centinela	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	—	1,081
77,003,342-K	Origen Patagónico SpA.	Chile	(1)	Related to non-controlling subsidiary	Sales of products	CLP	1,383	—
77,051,330-8	Cervecería Kunstmann Ltda.	Chile	(1)	Related to non-controlling subsidiary	Services provided	CLP	11,792	22,755
77,051,330-8	Cervecería Kunstmann Ltda.	Chile	(1)	Related to non-controlling subsidiary	Sales of products	CLP	393,062	192,227
77,755,610-K	Comercial Patagona Ltda.	Chile	(1)	Subsidiary of joint venture	Sales of products	CLP	2,053,679	1,277,205
78,053,790-6	Servipag Ltda.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	2,554	—
78,259,420-6	Inversiones PFI Chile Ltda.	Chile	(1)	Shareholder of joint operation	Services provided	CLP	311,962	380,253
78,306,560-6	Inmobiliaria e Inversiones Rio Claro S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	193	—
81,095,400-0	Sonacol S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	455	—
81,148,200-5	Ferrocarril de Antofagasta a Bolivia S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	11,828	5,453
81,805,700-8	Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda.	Chile	(1)	Shareholder of subsidiary	Advance purchase	CLP	800,000	800,000
81,805,700-8	Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda.	Chile	(4)	Shareholder of subsidiary	Sales of products	UF	—	48,353
81,805,700-8	Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda.	Chile	(3)	Shareholder of subsidiary	Loan	UF	37,013	33,827
81,805,700-8	Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda.	Chile	(1)	Shareholder of subsidiary	Sales of products	CLP	5,716	2,898
84,356,800-9	Watts S.A.	Chile	(1)	Related joint venture shareholder	Sales of products	CLP	7,275	—
90,160,000-7	Compañía Sud Americana de Vapores S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	1,781	2,173
90,703,000-8	Nestlé Chile S.A.	Chile	(1)	Shareholder of subsidiary	Services provided	CLP	83	—
91,021,000-9	Invexans S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	—	32

20

Tax ID	Company	Country of origin	Ref.	Relationship	Transaction	Currency	As of December 31, 2020	As of December 31, 2019
							ThCh$	ThCh$
91,705,000-7	Quiñenco S.A.	Chile	(1)	Controller's shareholder	Sales of products	CLP	2,327	2,141
92,011,000-2	Empresa Nacional de Energía Enex S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	1,039	6,841
92,048,000-4	SAAM S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	2,573	85
93,920,000-2	Antofagasta Minerals S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	1,984	3,218
94,625,000-7	Inversiones Enex S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	153,688	177,270
96,427,000-7	Inversiones y Rentas S.A.	Chile	(1)	Controller	Services provided	CLP	—	2,708
96,536,010-7	Inversiones Consolidadas Ltda.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	773	2,325
96,571,220-8	Banchile Corredores de Bolsa S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	2,293	889
96,591,040-9	Empresas Carozzi S.A.	Chile	(1)	Shareholder of joint operation	Sales of products	CLP	13,947	936
96,610,780-4	Portuaria Corral S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	466	—
96,645,790-2	Socofin S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	3,056	1,028
96,657,210-8	Transportes Fluviales Corral S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	927	—
96,689,310-9	Transbank S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	64	—
96,790,240-3	Minera Los Pelambres	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	—	588
96,810,030-0	Radiodifusión SpA.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	64	—
96,819,020-2	Agrícola El Cerrito S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	—	22
96,847,140-6	Inmobiliaria Norte Verde S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	—	32
96,892,490-7	Protección y Seguridad S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	—	248
96,908,930-0	San Vicente Terminal Internacional S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	3,387	—
96,908,970-K	San Antonio Terminal Internacional S.A.	Chile	(1)	Related to the controller's shareholder	Services provided	CLP	1,465	9,516
96,919,980-7	Cervecería Austral S.A.	Chile	(1)	Joint venture	Services provided	CLP	1,387,990	126,755
96,919,980-7	Cervecería Austral S.A.	Chile	(1)	Joint venture	Sales of products	CLP	876	—
96,922,250-7	Agrícola Valle Nuevo S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	—	32
96,951,040-5	Inversiones Rosario S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	—	65
97,004,000-5	Banco de Chile	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	48,428	9,767
99,506,030-2	Muellaje del Maipo S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	3,260	—
99,511,240-K	Antofagasta Terminal Internacional S.A.	Chile	(1)	Related to the controller's shareholder	Sales of products	CLP	1,289	—
99,542,980-2	Foods Compañía de Alimentos CCU Ltda.	Chile	(1)	Joint venture	Services provided	CLP	—	17,626
0-E	Central Cervecera de Colombia S.A.S.	Colombia	(2)	Joint venture	Sales of products	USD	—	77,375
0-E	Heineken Brouwerijen B.V.	Netherlands	(2)	Related to the controller's shareholder	Services provided	USD	17,977	—
0-E	QSR S.A.	Paraguay	(2)	Related to the subsidiary's shareholder	Sales of products	PYG	57	688

21

Accounts Receivable - Non-Current:

Tax ID	Company	Country of origin	Ref.	Relationship	Transaction	Currency	As of December 31, 2020	As of December 31, 2019
							ThCh$	ThCh$
52,000,721-0	Representaciones Chile Beer Kevin Michael Szot E.I.R.L.	Chile	(6)	Shareholder of subsidiary	Sale of shares	CLP	42,506	—
81,805,700-8	Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda.	Chile	(3)	Shareholder of subsidiary	Loan	UF	90,049	118,122

Accounts Payable – Current:

Tax ID	Company	Country of origin	Ref.	Relationship	Transaction	Currency	As of December 31, 2020	As of December 31, 2019
							ThCh$	ThCh$
52,000,721-0	Representaciones Chile Beer Kevin Michael Szot E.I.R.L.	Chile	(1)	Shareholder of subsidiary	Services received	CLP	263	—
76,115,132-0	Canal 13 SpA.	Chile	(1)	Related to the controller's shareholder	Services received	CLP	120,997	148,288
76,216,511-2	Sugal Chile Ltda.	Chile	(2)	Related to the subsidiary's shareholder	Purchase of products	USD	34,429	—
76,380,217-5	Hapag-Lloyd Chile SpA.	Chile	(1)	Related to the controller's shareholder	Services received	CLP	598	24,910
76,406,313-2	Cervecería Rapa Nui Ltda.	Chile	(1)	Shareholder of subsidiary	Services received	CLP	7,515	—
76,455,830-8	DiWatts S.A.	Chile	(1)	Related joint venture shareholder	Purchase of products	CLP	86,929	161,612
76,460,328-1	Inversiones Diaguitas #33 SpA.	Chile	(5)	Shareholder of subsidiary	Loan	CLP	196,765	188,669
76,486,051-9	Inversiones Río Elqui SpA.	Chile	(1)	Related to non-controlling subsidiary	Services received	CLP	3,964	—
77,003,342-K	Origen Patagónico SpA.	Chile	(1)	Related to non-controlling subsidiary	Services received	CLP	—	9
77,051,330-8	Cervecería Kunstmann Ltda.	Chile	(1)	Related to non-controlling subsidiary	Services received	CLP	—	480
77,755,610-K	Comercial Patagona Ltda.	Chile	(1)	Subsidiary of joint venture	Services received	CLP	43,453	72,148
78,053,790-6	Servipag Ltda.	Chile	(1)	Related to the controller's shareholder	Services received	CLP	801	1,972
78,259,420-6	Inversiones PFI Chile Ltda.	Chile	(1)	Shareholder of joint operation	Purchase of products	CLP	1,107,795	258,133
81,805,700-8	Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda.	Chile	(1)	Shareholder of subsidiary	Services received	CLP	—	919
84,356,800-9	Watts S.A.	Chile	(1)	Related joint venture shareholder	Royalty	CLP	13,287	—
92,011,000-2	Empresa Nacional de Energía Enex S.A.	Chile	(1)	Related to the controller's shareholder	Purchase of products	CLP	51,959	1,898
94,058,000-5	Servicios Aeroportuarios Aerosan S.A.	Chile	(1)	Related to the controller's shareholder	Services received	CLP	1,234	911
96,591,040-9	Empresas Carozzi S.A.	Chile	(1)	Shareholder of joint operation	Purchase of products	CLP	251,751	654,756
96,689,310-9	Transbank S.A.	Chile	(1)	Related to the controller's shareholder	Services received	CLP	3,288	273
96,798,520-1	Saam Extraportuarios S.A.	Chile	(1)	Related to the controller's shareholder	Services received	CLP	1,920	807
96,810,030-0	Radiodifusión SpA.	Chile	(1)	Related to the controller's shareholder	Services received	CLP	18,128	14,230
96,908,970-K	San Antonio Terminal Internacional S.A.	Chile	(1)	Related to the controller's shareholder	Services received	CLP	444	1,792
96,919,980-7	Cervecería Austral S.A.	Chile	(1)	Joint venture	Purchase of products	CLP	2,658,239	1,806,688
96,919,980-7	Cervecería Austral S.A.	Chile	(1)	Joint venture	Royalty	CLP	832,449	76,420
97,004,000-5	Banco de Chile	Chile	(1)	Related to the controller's shareholder	Services received	CLP	—	22,230
0-E	Paulaner Brauerei Gruppe GmbH & Co. KGaA	Germany	(2)	Related to the subsidiary's shareholder	Purchase of products	USD	72,913	—
0-E	Ecor Ltda.	Bolivia	(2)	Related to the subsidiary's shareholder	Services received	BOB	11,051	30,565

22

Tax ID	Company	Country of origin	Ref.	Relationship	Transaction	Currency	As of December 31, 2020	As of December 31, 2019
							ThCh$	ThCh$
0-E	Premium Brands S.R.L.	Bolivia	(2)	Related to the subsidiary's shareholder	Purchase of products	BOB	607	—
0-E	Zegla Ltda.	Brazil	(2)	Related to the subsidiary's shareholder	Services received	USD	87,846	—
0-E	Central Cervecera de Colombia S.A.S.	Colombia	(2)	Joint venture	Services received	USD	73,030	145,454
0-E	Zona Franca Central Cervecera S.A.S.	Colombia	(2)	Joint venture	Services received	USD	38,270	—
0-E	Nestlé Waters Marketing & Distribution S.A.S.	France	(2)	Related to the subsidiary's shareholder	Purchase of products	Euros	—	11,893
0-E	Amstel Brouwerijen B.V.	Netherlands	(2)	Related to the controller's shareholder	License and technical assistance	Euros	85,588	59,740
0-E	Heineken Brouwerijen B.V.	Netherlands	(2)	Related to the controller's shareholder	Purchase of products	USD	3,408,971	1,355,062
0-E	Heineken Brouwerijen B.V.	Netherlands	(2)	Related to the controller's shareholder	License and technical assistance	Euros	6,115,308	2,100,423
0-E	Heineken Brouwerijen B.V.	Netherlands	(2)	Related to the controller's shareholder	Royalty	USD	91,587	21,004
0-E	Heineken Brouwerijen B.V.	Netherlands	(2)	Related to the controller's shareholder	Royalty	Euros	2,859,390	1,645,953
0-E	Banco BASA S.A.	Paraguay	(2)	Related to the subsidiary's shareholder	Services received	PYG	5	—
0-E	Gráfica Editorial Inter-Sudamericana S.A.	Paraguay	(2)	Related to the subsidiary's shareholder	Services received	PYG	—	122
0-E	Hoteles Contemporáneos S.A.	Paraguay	(2)	Related to the subsidiary's shareholder	Services received	PYG	940	494
0-E	Palermo S.A.	Paraguay	(2)	Related to the subsidiary's shareholder	Services received	PYG	172	—
0-E	Société des Produits Nestlé S.A.	Switzerland	(2)	Related to the subsidiary's shareholder	Royalty	Other currencies	93,707	160,245
0-E	Tetra Pak Global Distribution S.A.	Switzerland	(2)	Related to the subsidiary's shareholder	Purchase of products	USD	56,761	—

Conditions of the balances and transactions with related parties:

(1)
Business operations agreed upon Chilean peso with a payment condition usually up to thirty (30) days.

(2)
Business operations agreed upon in foreign currencies and with a payment condition up to thirty (30) days. Balances are presented at the closing exchange rate.

(3)
An agreement of the subsidiary Compañía Pisquera de Chile S.A. with Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda. due to differences resulting from the capital contributions made by the latter. It establishes a 3% annual interest over capital, with annual payments to be made in eight instalments of UF 1,124 each beginning February 28, 2007, and a UF 9,995 bullet payment at the last contribution date. In accordance with the contract, Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda. renewed the contract for a period of nine years with maturing in the year 2023. Consequently, the UF 9,995 will be paid in nine equal and successive instalments of UF 1,200 each and a final payment of UF 2,050 beginning on February 28, 2015.

(4)
An agreement of the supply of grapes between the subsidiary Compañía Pisquera de Chile S.A. and Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda. These contracts stipulate a 3% annual interest on the capital with a term of eight years and annual payments. The last payment was paid on May 30, 2020.

(5)
Business operations agreed upon Chilean pesos of the subsidiary Cervecería Guayacán SpA. with Inversiones Diaguitas # 33 SpA., which will accrue interest corresponding to the nominal TAB rate of thirty (30) days plus spread of 0.78% per year. This operation will mature on December 31, 2021.

(6)
Corresponds to shares of subsidiary Cervecería Szot SpA. from subsidiary Cervecería Kunstmann S.A. sold to Representaciones Chile Beer Kevin Michael Szot E.I.R.L. The total amount of the transaction raised ThCh$42,506 for the sale of 15,167 shares. An interest of UF plus 3.79% annually will be applied to the value (base 360 days). The account receivable will be paid by Representaciones Chile Beer Kevin Michael Szot E.I.R.L. to CK in the same proportion of the dividends it will receive from the participation it owns in Cervecería Szot SpA.

23

For the years ended December 31, 2020 and 2019, the most significant transactions between CCU and its related parties were as follows:

Tax ID	Company	Country of origin	Relationship	Transaction	2020		2019
					Amounts	(Charges)/ Credits (Effect on Income)	Amounts	(Charges)/ Credits (Effect on Income)
					ThCh$	ThCh$	ThCh$	ThCh$
52,000,721-0	Representaciones Chile Beer Kevin Michael Szot E.I.R.L	Chile	Shareholder of subsidiary	Loan payment	10,000	—	—	—
52,000,721-0	Representaciones Chile Beer Kevin Michael Szot E.I.R.L	Chile	Shareholder of subsidiary	Loan	10,000	—	—	—
52,000,721-0	Representaciones Chile Beer Kevin Michael Szot E.I.R.L	Chile	Shareholder of subsidiary	Sale of shares	42,506	—	—	—
76,079,669-7	Minera Antucoya	Chile	Related to the controller's shareholder	Sales of products	904	641	2,813	1,988
76,115,132-0	Canal 13 SpA.	Chile	Related to the controller's shareholder	Services received	1,333,295	(1,333,295)	2,054,644	(2,054,644)
76,178,803-5	Viña Tabalí S.A.	Chile	Related to the controller's shareholder	Services provided	2,400	2,400	69,567	25,771
76,313,970-0	Inversiones Irsa Ltda.	Chile	Related to the controller	Dividends paid	5,964,834	—	14,493,784	—
76,380,217-5	Hapag-Lloyd Chile SpA.	Chile	Related to the controller's shareholder	Services received	63,170	—	160,967	—
76,727,040-2	Minera Centinela	Chile	Related to the controller's shareholder	Sales of products	2,691	1,902	9,016	6,372
76,800,322-K	Yanghe Chile SpA.	Chile	Shareholder of subsidiary	Dividends paid	1,338,697	—	927,097	—
77,051,330-8	Cervecería Kunstmann Ltda.	Chile	Related to non-controlling subsidiary	Services received	86,545	(86,545)	135,589	(135,589)
77,051,330-8	Cervecería Kunstmann Ltda.	Chile	Related to non-controlling subsidiary	Sales of products	438,916	339,730	796,617	614,988
77,755,610-K	Comercial Patagona Ltda.	Chile	Subsidiary of joint venture	Services received	475,007	(475,007)	544,738	(544,738)
77,755,610-K	Comercial Patagona Ltda.	Chile	Subsidiary of joint venture	Sales of products	7,256,373	4,673,700	6,975,121	4,492,551
78,259,420-6	Inversiones PFI Chile Ltda.	Chile	Shareholder of joint operation	Purchase of products	9,978,333	—	10,237,934	—
78,259,420-6	Inversiones PFI Chile Ltda.	Chile	Shareholder of joint operation	Services provided	1,500,292	1,500,292	2,289,097	2,289,097
78,259,420-6	Inversiones PFI Chile Ltda.	Chile	Shareholder of joint operation	Services received	177,330	(177,330)	269,996	(269,996)
79,985,340-K	Cervecera Valdivia S.A.	Chile	Shareholder of subsidiary	Dividends paid	2,499,985	—	3,886,021	—
81,805,700-8	Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda.	Chile	Shareholder of subsidiary	Purchase of products	5,294,100	—	4,496,965	—
81,805,700-8	Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda.	Chile	Shareholder of subsidiary	Dividends paid	1,033,478	—	928,507	—
81,805,700-8	Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda.	Chile	Shareholder of subsidiary	Loan	37,013	5,767	36,828	4,285
81,805,700-8	Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda.	Chile	Shareholder of subsidiary	Sales of products	6,468	4,270	12,367	8,164
90,703,000-8	Nestlé Chile S.A.	Chile	Shareholder of subsidiary	Dividends paid	7,590,887	—	4,931,641	—
91,705,000-7	Quiñenco S.A.	Chile	Controller's shareholder	Sales of products	13,829	9,695	19,952	13,932
92,011,000-2	Empresa Nacional de Energía Enex S.A.	Chile	Related to the controller's shareholder	Purchase of products	124,888	(124,888)	200,481	(200,481)
92,011,000-2	Empresa Nacional de Energía Enex S.A.	Chile	Related to the controller's shareholder	Services received	463,728	(463,728)	444,367	(444,367)
93,920,000-2	Antofagasta Minerals S.A.	Chile	Related to the controller's shareholder	Sales of products	9,796	7,266	38,007	28,630
94,625,000-7	Inversiones Enex S.A.	Chile	Related to the controller's shareholder	Sales of products	1,078,599	765,828	1,394,919	988,572
96,427,000-7	Inversiones y Rentas S.A.	Chile	Controller	Dividends paid	46,345,861	—	112,614,526	—
96,427,000-7	Inversiones y Rentas S.A.	Chile	Controller	Services provided	9,274	9,274	9,176	9,176
96,571,220-8	Banchile Corredores de Bolsa S.A.	Chile	Related to the controller's shareholder	Investments	488,700,000	—	531,200,000	—
96,571,220-8	Banchile Corredores de Bolsa S.A.	Chile	Related to the controller's shareholder	Investment Rescue	483,900,000	73,833	552,594,958	274,958
96,591,040-9	Empresas Carozzi S.A.	Chile	Shareholder of joint operation	Purchase of products	4,818,549	—	5,201,040	—
96,591,040-9	Empresas Carozzi S.A.	Chile	Shareholder of joint operation	Sales of products	113,971	106,961	86,790	81,906
96,657,690-1	Inversiones Punta Brava S.A.	Chile	Related to the controller's shareholder	Services received	17,783	(17,783)	—	—
96,657,690-1	Inversiones Punta Brava S.A.	Chile	Related to the controller's shareholder	Sales of products	734	521	1,188	840

24

Tax ID	Company	Country of origin	Relationship	Transaction	2020		2019
					Amounts	(Charges)/ Credits (Effect on Income)	Amounts	(Charges)/ Credits (Effect on Income)
					ThCh$	ThCh$	ThCh$	ThCh$
96,689,310-9	Transbank S.A.	Chile	Related to the controller's shareholder	Services received	279,243	(279,243)	187,378	(187,378)
96,798,520-1	SAAM Extraportuario S.A.	Chile	Related to the controller's shareholder	Services received	26,662	—	41,188	—
96,810,030-0	Radiodifusión SpA.	Chile	Related to the controller's shareholder	Services received	194,185	(194,185)	306,153	(306,153)
96,919,980-7	Cervecería Austral S.A.	Chile	Joint venture	Purchase of products	14,135,192	—	14,235,437	—
96,919,980-7	Cervecería Austral S.A.	Chile	Joint venture	Dividends received	635,969	—	438,258	—
96,919,980-7	Cervecería Austral S.A.	Chile	Joint venture	Royalty	583,211	(583,211)	331,083	(331,083)
96,919,980-7	Cervecería Austral S.A.	Chile	Joint venture	Services provided	334,106	334,106	253,789	253,789
96,919,980-7	Cervecería Austral S.A.	Chile	Joint venture	Sales of products	51,067	36,831	71,885	51,102
97,004,000-5	Banco de Chile	Chile	Related to the controller's shareholder	Derivatives	157,275,212	(4,262,234)	75,540,396	2,859
97,004,000-5	Banco de Chile	Chile	Related to the controller's shareholder	Interests	121,403	(121,403)	149,209	(149,209)
97,004,000-5	Banco de Chile	Chile	Related to the controller's shareholder	Investments	426,057,614	—	106,006,335	—
97,004,000-5	Banco de Chile	Chile	Related to the controller's shareholder	Services received	401,541	(401,541)	393,096	(393,096)
97,004,000-5	Banco de Chile	Chile	Related to the controller's shareholder	Sales of products	145,533	130,223	246,431	223,733
97,004,000-5	Banco de Chile	Chile	Related to the controller's shareholder	Investment Rescue	422,665,655	54,456	105,256,049	175,733
99,542,980-2	Foods Compañía de Alimentos CCU Ltda.	Chile	Joint venture	Purchase of products	—	—	5,515	(5,515)
99,542,980-2	Foods Compañía de Alimentos CCU Ltda.	Chile	Joint venture	Capital decrease	—	—	11,200,000	—
99,542,980-2	Foods Compañía de Alimentos CCU Ltda.	Chile	Joint venture	Services provided	27,744	27,744	325,857	325,857
99,542,980-2	Foods Compañía de Alimentos CCU Ltda.	Chile	Joint venture	Consignation sales	—	—	956,516	—
0-E	Ecor Ltda.	Bolivia	Related to the subsidiary's shareholder	Services received	140,109	(140,109)	157,818	(157,818)
0-E	Central Cervecera de Colombia S.A.S.	Colombia	Joint venture	Capital contribution	19,287,372	—	—	—
0-E	Zona Franca Central Cervecera S.A.S.	Colombia	Joint venture	Capital contribution	—	—	13,563,816	—
0-E	Amstel Brouwerijen B.V.	Netherlands	Related to the controller's shareholder	License and technical assistance	26,010	(26,010)	265,594	(265,594)
0-E	Cigar Trading S.R.L.	Paraguay	Related to the subsidiary's shareholder	Sales of products	1,368	958	704	368
0-E	Consignataria de Ganado S.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	—	—	239	60
0-E	Emprendimientos Hoteleros S.A.E.C.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	14,681	10,277	15,626	9,009
0-E	Fundación Ramón T. Cartes	Paraguay	Related to the subsidiary's shareholder	Sales of products	217	152	3,860	1,005
0-E	Ganadera Las Pampas S.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	13,611	9,528	457	135
0-E	Gráfica Editorial Inter-Sudamericana S.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	464	325	967	665
0-E	Heineken Brouwerijen B.V.	Netherlands	Related to the controller's shareholder	Purchase of products	10,419,088	—	12,449,658	—
0-E	Heineken Brouwerijen B.V.	Netherlands	Related to the controller's shareholder	License and technical assistance	12,444,232	(12,444,232)	10,395,266	(10,395,266)
0-E	Heineken Brouwerijen B.V.	Netherlands	Related to the controller's shareholder	Services received	182,716	(182,716)	116,703	(116,703)
0-E	Banco BASA S.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	1,788	1,252	1,458	797
0-E	Cementos Concepción S.A.E.	Paraguay	Related to the subsidiary's shareholder	Sales of products	4,823	3,376	—	—
0-E	Chajha S.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	15,414	10,790	4,284	893
0-E	Club Libertad	Paraguay	Related to the subsidiary's shareholder	Sales of products	14,358	10,050	3,304	1,412
0-E	Ganadera Sofía S.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	1,962	1,374	—	—
0-E	La Misión S.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	958	671	774	543
0-E	Palermo S.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	4,706	3,294	3,161	1,040
0-E	Prana S.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	1,310	917	—	—

25

Tax ID	Company	Country of origin	Relationship	Transaction	2020		2019
					Amounts	(Charges)/ Credits (Effect on Income)	Amounts	(Charges)/ Credits (Effect on Income)
					ThCh$	ThCh$	ThCh$	ThCh$
0-E	QSR S.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	40,417	28,293	93,590	60,787
0-E	Tabacalera del Este S.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	14,215	9,950	3,489	2,152
0-E	Societé des Produits Nestlé S.A.	Switzerland	Related to the subsidiary's shareholder	Royalty	671,730	(671,730)	528,805	(528,805)

For the years ended December 31, 2019 and 2018, the most significant transactions between CCU and its related parties were as follows:

Tax ID	Company	Country of origin	Relationship	Transaction	2019		2018
					Amounts	(Charges)/ Credits (Effect on Income)	Amounts	(Charges)/ Credits (Effect on Income)
					ThCh$	ThCh$	ThCh$	ThCh$
76,079,669-7	Minera Antucoya	Chile	Related to the controller's shareholder	Sales of products	2,813	1,988	2,045	1,454
76,115,132-0	Canal 13 SpA.	Chile	Related to the controller's shareholder	Services received	2,054,644	(2,054,644)	2,641,844	(2,641,844)
76,178,803-5	Viña Tabali S.A.	Chile	Related to the controller's shareholder	Services provided	69,567	25,771	90,214	90,214
76,313,970-0	Inversiones Irsa Ltda.	Chile	Related to the controller	Dividends paid	14,493,784	—	4,522,295	—
76,380,217-5	Hapag-Lloyd Chile SpA.	Chile	Related to the controller's shareholder	Services received	160,967	—	159,652	—
76,727,040-2	Minera Centinela	Chile	Related to the controller's shareholder	Sales of products	9,016	6,372	7,246	5,152
76,800,322-K	Yanghe Chile SpA.	Chile	Shareholder of subsidiary	Dividends paid	927,097	—	1,107,211	—
77,051,330-8	Cervecería Kunstmann Ltda.	Chile	Related to non-controlling subsidiary	Services received	135,589	(135,589)	113,507	(113,507)
77,051,330-8	Cervecería Kunstmann Ltda.	Chile	Related to non-controlling subsidiary	Sales of products	796,617	614,988	773,056	589,466
77,755,610-K	Comercial Patagona Ltda.	Chile	Subsidiary of joint venture	Services received	544,738	(544,738)	405,845	(405,845)
77,755,610-K	Comercial Patagona Ltda.	Chile	Subsidiary of joint venture	Sales of products	6,975,121	4,492,551	5,691,405	3,761,223
78,259,420-6	Inversiones PFI Chile Ltda.	Chile	Shareholder of joint operation	Purchase of products	10,237,934	—	10,555,440	—
78,259,420-6	Inversiones PFI Chile Ltda.	Chile	Shareholder of joint operation	Services provided	2,289,097	2,289,097	2,756,584	2,756,584
78,259,420-6	Inversiones PFI Chile Ltda.	Chile	Shareholder of joint operation	Services received	269,996	(269,996)	302,332	(302,332)
79,985,340-K	Cervecera Valdivia S.A.	Chile	Shareholder of subsidiary	Dividends paid	3,886,021	—	990,073	—
81,805,700-8	Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda.	Chile	Shareholder of subsidiary	Purchase of products	4,496,965	—	5,432,008	—
81,805,700-8	Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda.	Chile	Shareholder of subsidiary	Dividends paid	928,507	—	768,325	—
81,805,700-8	Cooperativa Agrícola Control Pisquero de Elqui y Limarí Ltda.	Chile	Shareholder of subsidiary	Loan	36,828	4,285	35,016	3,863
81,805,700-8	Cooperativa Agrícola Control Pisquero de Elqui y Limari Ltda.	Chile	Shareholder of subsidiary	Sales of products	12,367	8,164	3,731	2,464
90,703,000-8	Nestlé Chile S.A.	Chile	Shareholder of subsidiary	Dividends paid	4,931,641	—	3,922,143	—
91,705,000-7	Quiñenco S.A.	Chile	Controller's shareholder	Sales of products	19,952	13,932	20,362	14,330
92,011,000-2	Empresa Nacional de Energía Enex S.A.	Chile	Related to the controller's shareholder	Purchase of products	200,481	(200,481)	227,106	(227,106)
92,011,000-2	Empresa Nacional de Energía Enex S.A.	Chile	Related to the controller's shareholder	Services received	444,367	(444,367)	277,482	(277,482)
92,048,000-4	SAAM S.A.	Chile	Related to the controller's shareholder	Services received	—	—	11,453	—
93,920,000-2	Antofagasta Minerals S.A.	Chile	Related to the controller's shareholder	Sales of products	38,007	28,630	34,966	27,973
94,625,000-7	Inversiones Enex S.A.	Chile	Related to the controller's shareholder	Sales of products	1,394,919	988,572	1,434,303	1,020,286
96,427,000-7	Inversiones y Rentas S.A.	Chile	Controller	Dividends paid	112,614,526	—	35,137,554	—
96,427,000-7	Inversiones y Rentas S.A.	Chile	Controller	Services provided	9,176	9,176	9,106	9,106
96,571,220-8	BanChile Corredores de Bolsa S.A.	Chile	Related to the controller's shareholder	Investments	531,200,000	—	1,231,060,000	—
96,571,220-8	BanChile Corredores de Bolsa S.A.	Chile	Related to the controller's shareholder	Investment Rescue	552,594,958	274,958	1,220,115,263	1,225,263
96,591,040-9	Empresas Carozzi S.A.	Chile	Shareholder of joint operation	Purchase of products	5,201,040	—	3,823,086	—

26

Tax ID	Company	Country of origin	Relationship	Transaction	2019		2018
					Amounts	(Charges)/ Credits (Effect on Income)	Amounts	(Charges)/ Credits (Effect on Income)
					ThCh$	ThCh$	ThCh$	ThCh$
96,591,040-9	Empresas Carozzi S.A.	Chile	Shareholder of joint operation	Sales of products	86,790	81,906	35,852	28,656
96,657,690-1	Inversiones Punta Brava S.A.	Chile	Related to the controller's shareholder	Services received	—	—	87,894	(87,894)
96,657,690-1	Inversiones Punta Brava S.A.	Chile	Related to the controller's shareholder	Sales of products	1,188	840	1,095	779
96,689,310-9	Transbank S.A.	Chile	Related to the controller's shareholder	Services received	187,378	(187,378)	167,149	(167,149)
96,798,520-1	SAAM Extraportuario S.A.	Chile	Related to the controller's shareholder	Services received	41,188	—	83,711	—
96,810,030-0	Radiodifusión SpA.	Chile	Related to the controller's shareholder	Services received	306,153	(306,153)	470,325	(470,325)
96,919,980-7	Cervecería Austral S.A.	Chile	Joint venture	Purchase of products	14,235,437	—	10,055,050	—
96,919,980-7	Cervecería Austral S.A.	Chile	Joint venture	Dividends received	438,258	—	372,088	—
96,919,980-7	Cervecería Austral S.A.	Chile	Joint venture	Royalty	331,083	(331,083)	329,276	(329,276)
96,919,980-7	Cervecería Austral S.A.	Chile	Joint venture	Services provided	253,789	253,789	258,099	258,099
96,919,980-7	Cervecería Austral S.A.	Chile	Joint venture	Sales of products	71,885	51,102	38,444	28,125
97,004,000-5	Banco de Chile	Chile	Related to the controller's shareholder	Derivatives	75,540,396	2,859	42,723,097	(753,383)
97,004,000-5	Banco de Chile	Chile	Related to the controller's shareholder	Interests	149,209	(149,209)	165,325	(165,325)
97,004,000-5	Banco de Chile	Chile	Related to the controller's shareholder	Investments	106,006,335	—	374,540,529	—
97,004,000-5	Banco de Chile	Chile	Related to the controller's shareholder	Investment Rescue	105,256,049	175,733	371,884,715	343,839
97,004,000-5	Banco de Chile	Chile	Related to the controller's shareholder	Services received	393,096	(393,096)	368,839	(368,839)
97,004,000-5	Banco de Chile	Chile	Related to the controller's shareholder	Sales of products	246,431	223,733	247,781	218,469
99,542,980-2	Foods Compañía de Alimentos CCU S.A.	Chile	Joint venture	Purchase of products	5,515	(5,515)	24,944	(24,944)
99,542,980-2	Foods Compañía de Alimentos CCU S.A.	Chile	Joint venture	Capital decrease	11,200,000	—	—	—
99,542,980-2	Foods Compañía de Alimentos CCU S.A.	Chile	Joint venture	Services provided	325,857	325,857	444,677	444,677
99,542,980-2	Foods Compañía de Alimentos CCU S.A.	Chile	Joint venture	Consignation sales	956,516	—	3,029,169	—
0-E	Bebidas Bolivianas BBO S.A.	Bolivia	Associate (until july 2018)	Sales of products	—	—	194,516	73,916
0-E	Ecor Ltda.	Bolivia	Related to the subsidiary's shareholder	Services received	157,818	(157,818)	67,426	(67,426)
0-E	Zona Franca Central Cervecera S.A.S.	Colombia	Joint venture	Capital contribution	13,563,816	—	59,505,559	—
0-E	Heineken Brouwerijen B.V.	Netherlands	Related to the controller's shareholder	Purchase of products	12,449,658	—	11,604,832	—
0-E	Amstel Brouwerijen B.V.	Netherlands	Related to the controller's shareholder	License and technical assistance	265,594	(265,594)	247,395	(247,395)
0-E	Heineken Brouwerijen B.V.	Netherlands	Related to the controller's shareholder	License and technical assistance	10,395,266	(10,395,266)	9,678,688	(9,678,688)
0-E	Heineken Brouwerijen B.V.	Netherlands	Related to the controller's shareholder	Services received	116,703	(116,703)	73,733	(73,733)
0-E	Banco BASA S.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	1,458	797	—	—
0-E	Chajha S.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	4,284	893	2,003	1,318
0-E	Cigar Trading S.R.L.	Paraguay	Related to the subsidiary's shareholder	Sales of products	704	368	671	392
0-E	Club Libertad	Paraguay	Related to the subsidiary's shareholder	Sales of products	3,304	1,412	7,697	4,737
0-E	Consignataria de Ganado S.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	239	60	—	—
0-E	Emprendimientos Hoteleros S.A.E.C.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	15,626	9,009	12,401	8,101
0-E	Fundación Ñande Paraguay	Paraguay	Related to the subsidiary's shareholder	Sales of products	—	—	1,602	947
0-E	Fundación Ramón T. Cartes	Paraguay	Related to the subsidiary's shareholder	Sales of products	3,860	1,005	217	107
0-E	Ganadera Las Pampas S.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	457	135	836	242
0-E	Gráfica Editorial Inter-Sudamericana S.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	967	665	5,973	4,154
0-E	La Misión S.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	774	543	871	610

27

Tax ID	Company	Country of origin	Relationship	Transaction	2019		2018
					Amounts	(Charges)/ Credits (Effect on Income)	Amounts	(Charges)/ Credits (Effect on Income)
					ThCh$	ThCh$	ThCh$	ThCh$
0-E	Palermo S.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	3,161	1,040	4,069	2,825
0-E	QSR S.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	93,590	60,787	32,858	19,080
0-E	Tabacalera del Este S.A.	Paraguay	Related to the subsidiary's shareholder	Sales of products	3,489	2,152	25,861	16,339
0-E	Societé des Produits Nestlé S.A.	Switzerland	Related to the subsidiary's shareholder	Royalty	528,805	(528,805)	706,629	(706,629)

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THE OFFER

Section 1. Terms of the Offer.

The Offer is being made by IRSA to all holders of Shares (including those represented by ADSs), wherever located, subject to and in compliance with applicable law and regulations.

Number of Shares and ADSs. Upon the terms and subject to certain conditions of the Offer (including, if the Offer is extended or amended, the terms and conditions of any extension or amendment), we will purchase an aggregate of up to 16,390,172 Shares validly tendered and not properly withdrawn before the applicable Expiration Date, from all holders, wherever located, whether they currently hold such Shares in the form of Shares or ADSs, in accordance with “The Offer — Section 5. Tender Withdrawal Rights”, at the Tender Offer Price. The Tender Offer Price for the Shares tendered to the Chilean Share Tender Agent or the U.S. Share Tender Agent and accepted for payment pursuant to the Offer will be paid in Chilean pesos. The Tender Offer Price for the Shares represented by ADSs tendered to the ADS Tender Agent that are accepted for payment pursuant to the Offer will also be paid by IRSA in Chilean pesos. However, IRSA has directed the U.S. Settlement Agent to coordinate with the FX Agent for the U.S. dollar conversion of the Tender Offer Price payable to holders of ADSs that are tendered to the ADS Tender Agent, upon instruction of the ADS Tender Agent and for the account of holders who tender their ADSs to the ADS Tender Agent. As a result, holders of Shares represented by ADSs tendered to the ADS Tender Agent that are accepted for payment pursuant to the Offer will receive payment in United States dollars converted at the ADS Tender Offer Price Exchange Rate, less distribution fees and applicable withholding taxes, upon the terms and subject to certain conditions described in this Offer to Purchase and in the related ADS Letter of Transmittal. Holders of Shares represented by ADSs who tender their ADSs to the ADS Tender Agent should note that the ADS Tender Offer Price Exchange Rate at which the Tender Offer Price is expected to be exchanged into U.S. dollars may fluctuate and that none of the U.S. Settlement Agent, the FX Agent, IRSA, the Chilean Share Tender Agent, or the ADS Tender Agent can guarantee the ADS Tender Offer Price Exchange Rate at which the Tender Offer Price is expected to be exchanged into U.S. dollars or the timing in which such exchange can be completed. If there are delays with the conversion of the Tender Offer Price into U.S. dollars, the settlement of the Tender Offer for holders of Shares who tender ADSs to the ADS Tender Agent may be delayed, and such delay may be substantial.

If the Offer is over-subscribed as described below, Shares or ADSs tendered and not properly withdrawn will be subject to proration. IRSA will make adjustments to such proration to avoid purchases of fractional Shares.

The Offer will expire at (i) in respect of Shares (including in the form of ADSs) tendered to the U.S. Share Tender Agent or the ADS Tender Agent, 3:30 p.m., New York City time on June 17, 2021, and (ii) in the case of Shares tendered to the Chilean Share Tender Agent, 5:30 p.m., New York City time on June 17, 2021, or, in each case, such later time and date to which we may extend the Offer. Only Shares (including those underlying ADSs) validly tendered and not properly withdrawn will be purchased pursuant to the Offer. See “The Offer — Section 15. Extension of the Offer; Termination; Amendment.” There will not be a subsequent offering period for the offer.

The Offer is conditioned upon satisfaction or waiver of the conditions set forth in “The Offer — Section 13. Conditions of the Offer.”

We will purchase only those Shares (including those underlying ADSs) properly tendered and not properly withdrawn. However, because of the proration provisions described in this Offer to Purchase, we may not purchase all of the Shares or ADSs tendered if more than 16,390,172 Shares, in the form of Shares or ADSs, are properly tendered and not properly withdrawn. We will return Shares or ADSs that we do not purchase because of the proration provisions, or because of the cancellation of the Offer, or those Shares or ADSs that do not comply with the requirements set forth herein, to the tendering Share or ADS holders, through the Chilean Share Tender Agent or the respective securities intermediary, the U.S. Share Tender Agent or the ADS Tender Agent, as applicable, along with all the documentation provided by Share or ADS holders, at our expense promptly after the Offer expires, without giving rise to any right to indemnification, payment or reimbursement for the shareholder or ADS holder, as applicable, nor shall it imply any obligation or liability whatsoever for IRSA, its agents, officials, advisors or representatives.

If the number of Shares or ADSs properly tendered in the Offer and not properly withdrawn prior to the Expiration Date is less than or equal to 16,390,172 Shares, whether in the form of Shares or ADSs, we will,

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subject to applicable law and upon the terms and subject to the conditions of the Offer, purchase all Shares, whether currently in the form of Shares or ADSs, so tendered.

Proration. If the Offer is over-subscribed, proration of tendered Shares (including those in the form of ADSs) will be required, and we will determine the proration factor promptly following the Expiration Date. Subject to adjustment to avoid the purchase of fractional Shares, proration for each holder tendering Shares (including those in the form of ADSs) will be based on the ratio of the total number of Shares (including those tendered in the form of ADSs) to be acquired pursuant to the Offer to the total number of Shares (including those tendered in the form of ADSs) properly tendered and not properly withdrawn by all holders. The actual number of Shares to be acquired will be the integer resulting from such ratio, which integer will equal the maximum number of Shares sought to be acquired in this Offer, with appropriate adjustments made among tendering holders in accordance with customary procedures. Due to the fact that each ADS represents two Shares, in case that the product of the application of the proration procedures described above resulted in a fractional number of ADSs, the proration factor to be applied to such ADSs will be adjusted in accordance with customary procedures to the one resulting in a number of whole ADSs (not in excess of the maximum number of Shares sought to be purchased in this Offer), and only those ADSs reflecting Shares accepted for purchase will be submitted by the ADS Tender Agent for cancellation by the ADS Depositary in order to deliver the underlying Shares to the Chilean Share Tender Agent on the payment date. The preliminary results of any proration will be announced together with the announcement of the preliminary results of the Offer by press release (which we intend to do promptly after the Expiration Date). After the Expiration Date, holders may obtain preliminary proration information from the Information Agent and also may be able to obtain the information from their brokers.

Tender Offer Price. The Tender Offer Price is Ch$6,800 per Share (equivalent to Ch$13,600 per ADS), in cash, without interest. The Tender Offer Price for the Shares tendered to the Chilean Share Tender Agent or the U.S. Share Tender Agent and accepted for payment pursuant to the Offer will be paid in Chilean pesos. The Tender Offer Price for the Shares represented by ADSs tendered to the ADS Tender Agent that are accepted for payment pursuant to the Offer will also be paid by IRSA in Chilean pesos. However, IRSA has directed the U.S. Settlement Agent to coordinate with the FX Agent for the U.S. dollar conversion of the Tender Offer Price payable to holders of ADSs that are tendered to the ADS Tender Agent, upon instruction of the ADS Tender Agent and for the account of holders who tender their ADSs to the ADS Tender Agent. As a result, holders of Shares represented by ADSs tendered to the ADS Tender Agent that are accepted for payment pursuant to the Offer will receive payment in United States dollars converted at the ADS Tender Offer Price Exchange Rate, less distribution fees and applicable withholding taxes, upon the terms and subject to certain conditions described in this Offer to Purchase and in the related ADS Letter of Transmittal. Holders of Shares represented by ADSs who tender their ADSs to the ADS Tender Agent should note that the ADS Tender Offer Price Exchange Rate at which the Tender Offer Price is expected to be exchanged into U.S. dollars may fluctuate and that none of the U.S. Settlement Agent, the FX Agent, IRSA, the Chilean Share Tender Agent, or the ADS Tender Agent can guarantee the ADS Tender Offer Price Exchange Rate at which the Tender Offer Price is expected to be exchanged into U.S. dollars or the timing in which such exchange can be completed. If there are delays with the conversion of the Tender Offer Price into U.S. dollars, the settlement of the Tender Offer for holders of Shares who tender ADSs to the ADS Tender Agent may be delayed, and such delay may be substantial.

Following the commencement of the Offer, IRSA will request that CCU make available its shareholder registry and security position listings to IRSA and cause the ADS Depositary to provide IRSA with the list of record holders for ADSs and security position listings, for the purpose of disseminating this Offer to Purchase to holders of Shares and ADSs. This Offer to Purchase and the related Form of Chilean Share Acceptance, Form of U.S. Share Acceptance, ADS Letter of Transmittal and other relevant documents, will be mailed to U.S record holders of Shares and holders of ADSs pursuant to the requirements of Regulation 14D under the Exchange Act, and will be furnished to each broker, dealer, commercial bank, trust company or other nominee holders of Shares or ADSs and similar persons whose names, or the names of whose nominees, appear on such list of holders of Shares and holders of ADSs or, if applicable, who are listed as participants in a clearing agency’s security position listing, for subsequent transmittal to beneficial owners of Shares or ADSs.

We will purchase only those Shares (including those underlying ADSs) properly tendered and not properly withdrawn, subject to the satisfaction of the conditions set forth in this Offer to Purchase. However, because of the proration provisions described in this Offer to Purchase, we may not purchase all of the Shares or ADSs

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tendered if more than the number of Shares (including those underlying ADSs) we seek to purchase are properly tendered. We will return tendered shares of Shares or ADSs that we do not purchase because of the proration provisions to the tendering share or ADS holders at our expense promptly following the Expiration Date.

Section 2. Acceptance for Payment.

Upon the terms and subject to the conditions of the Offer, IRSA will accept for payment and pay, subject to the proration provisions of the Offer, for the Shares (including those underlying ADSs) validly tendered prior to the applicable Expiration Date and not properly withdrawn, promptly after the later of (1) the Expiration Date and (2) the satisfaction or waiver of the conditions set forth in “The Offer — Section 13. Conditions of the Offer” and, in any case, pursuant to applicable U.S. and Chilean law or practice. In addition, subject to the applicable rules of the SEC and the Capital Markets Law, IRSA reserves the right, in its sole discretion, to delay the acceptance for payment or the payment for the Shares and ADSs pending receipt of any regulatory approval that may be required.

IRSA will announce the final results of the Offer by means of a notice given to the CMF, the Chilean Stock Exchanges authorized by the CMF and CCU (the “Results Notice”), as well as an ad published in the electronic newspapers El Líbero (www.ellibero.cl) and El Mostrador (www.elmostrador.cl) on the second day following the Expiration Date (the “Results Ad”). If IRSA accepts any Shares (including those underlying the ADSs) for payment, the Results Notice and the Results Ad will include the aggregate number of tendered Shares (including those represented by ADSs), the aggregate number of Shares (including those represented by ADSs) to be purchased by IRSA, the proration factor, as applicable, and the aggregate participation that IRSA will have in CCU following settlement of the Offer. The delivery of the Shares (including those represented by ADSs) to the Chilean Share Tender Agent, who will receive them on behalf of IRSA, shall occur simultaneously with the payment of the price for such Shares, on the date and subject to the conditions described below.

For purposes of the Offer, IRSA shall be deemed to have accepted for payment tendered Shares (including those represented by ADSs) when and if IRSA gives oral or written notice to the U.S. Share Tender Agent, the Chilean Share Tender Agent and the ADS Tender Agent, as applicable, of its acceptance of the tenders of such Shares and ADSs.

Payment for Shares (including those represented by ADSs) accepted for payment pursuant to the Offer will be made by deposit of the Tender Offer Price with the Chilean Share Tender Agent, acting as agent for the tendering holders of Shares (including those represented by ADSs) for the purpose of receiving payments from IRSA and transmitting such payments to such tendering holders, provided that, with respect to holders who tender their ADSs to the ADS Tender Agent, the Chilean Share Tender Agent shall further credit any payments corresponding to such securities to the U.S. Settlement Agent, who, acting directly or through the Chilean Sub-Custodian, shall, acting upon the instruction of the ADS Tender Agent, use the Chilean peso amounts to purchase United States dollars on behalf of such holders of Shares represented by ADSs, and further transfer such United States dollar amounts to the ADS Tender Agent, which will act as an agent for such holders for the purpose of receiving payments from IRSA and transmitting such payments to such tendering holders.

Payment for Shares that are tendered to the U.S. Share Tender Agent and accepted for payment pursuant to the Offer will be made only after timely receipt by the U.S. Share Tender Agent of the documents, for delivery by the U.S. Share Tender Agent to the Chilean Share Tender Agent, as set forth in “The Offer — Section 3. Procedures for Accepting the Offer — Holders of Shares — Tenders to the U.S. Share Tender Agent” in this Offer to Purchase.

Payment for Shares that are tendered to the Chilean Share Tender Agent and accepted for payment pursuant to the Offer will be made only after timely receipt by the Chilean Share Tender Agent of (1) a completed Form of Chilean Share Acceptance (consisting of a duly executed sale order and a stock transfer form signed in blank (traspaso(s) de acciones)) pursuant to applicable law, setting forth the maximum aggregate amount of Shares that such holder wishes to tender as acceptance of the Offer, subject to the terms and conditions of the Offer); (2) (i) the original certificate(s) of title (“título(s)”) representing the Shares that they wish to tender and that are in their possession, or a certificate that should be issued by the Shareholder’s Office of CCU, that is managed by DCV Registros, located at Avenida Los Conquistadores 1730, 24th floor, Providencia, Santiago, confirming that the certificate(s) are deposited in a custodial account established with the DCV; (ii) a certificate issued by the Shareholder’s Office of CCU, that is managed by DCV Registros, dated no earlier than ten (10) days prior to the applicable date of its submission to the Chilean Share Tender Agent or the Holder’s Broker, as applicable,

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confirming that it has no record that the Shares which you intend to tender are subject to any liens, pledges, charges or encumbrances, and that therefore they can be registered in the name of the Chilean Share Tender Agent or the applicable Holder’s Broker; (iii) a photocopy of both sides of the ID card (cédula de identidad) or passport or that of your representative, if applicable, and at the time of delivery of such photocopy, you will be required to deliver a notarized copy of the applicable ID card or present the original together with any photocopies for purposes of verification thereof by the Chilean Share Tender Agent or the Holder’s Broker, as applicable; (iv) in case delivery of the aforementioned documents is done by a representative, an original (or a notarized copy, if executed by means of a public deed) of a valid and outstanding power of attorney granted before or authorized by a notary public, with due authority to represent the holder in the present transaction, which shall have been granted no earlier than sixty (60) days prior to its delivery, or, if executed by means of a public deed, certified as valid no earlier than sixty (60) days prior to its delivery; and (v) in the case of holders of Shares that are legal entities or whose Shares are registered in the name of communities or estates, notarized copies of all instruments of incorporation, modifications, existing authorizations and other pertinent resolutions, as well as an authorized copy of all the documents that recognize the legal capacity of their representatives, which scope of representation should be sufficient to act on the holders’ behalf for purposes of the acceptance of this Offer, with a certificate of validity dated no earlier than sixty (60) days prior to the date of delivery to the Chilean Share Tender Agent or the Holder’s Broker, as applicable; and (3) exclusively in those cases where the shareholder or Holder’s Broker, as applicable, does not have one in effect, execute a services agreement, as required by CMF General Rule No. 380 with the Chilean Share Tender Agent or the Chilean securities intermediary to be used for tendering, and all or any forms of transfer and/or other documents that may be required at the discretion of the Chilean Share Tender Agent or Holder’s Broker in relation to the due transfer and delivery of the Shares, in accordance with applicable regulation.

Payment for Shares resulting from ADSs accepted for payment pursuant to the Offer will be made only after timely receipt by the ADS Tender Agent of ADRs evidencing such tendered ADSs or book-entry transfer of such tendered ADSs, together with a properly completed and duly executed ADS Letter of Transmittal or an Agent’s Message (as defined in “The Offer — Section 4. Procedures for Accepting the Offer — Holders of ADSs”) confirming transfer of such tendered ADSs into the ADS Tender Agent’s account at the Book-Entry Transfer Facility (as defined in “The Offer — Section 4. Procedures for Accepting the Offer — Holders of ADSs — Book-Entry Delivery”). Holders of ADSs should recognize that the Offer is made only for Shares, and that by tendering their ADSs into the Offer, such Holders have authorized the ADS Tender Agent to instruct the U.S. Settlement Agent (whether directly or through the Chilean Sub-Custodian) to further tender such securities to the Chilean Share Tender Agent and subsequent to the Results Notice and the Results Ad, to further instruct the ADS Depositary to unwind such ADSs and to deliver the underlying Shares to the ADS Tender Agent account with the U.S. Settlement Agent (through the Chilean Sub-Custodian), for delivery of the underlying Shares to the Chilean Share Tender Agent against payment of the Tender Offer Price. For a description of the procedure for tendering ADSs pursuant to the Offer, see “The Offer — Section 4. Procedures for Accepting the Offer — Holders of ADSs.” Under no circumstances will interest be paid by IRSA on the Tender Offer Price paid for Shares (including those represented by ADSs) pursuant to the Offer regardless of any delay in making such payments or extension of the Expiration Date.

You can withdraw previously tendered Shares or ADSs from the Offer at any time until the applicable Expiration Date of the Offer provided that if we have not agreed by July 18, 2021 (sixty (60) days after the commencement of the Offer) to accept your Shares (in the form of Shares or ADSs) for payment, you can withdraw them at any time after such date until they are accepted for payment.

If any tendered Shares (including those represented by ADSs) are not purchased, whether due to proration or for any other reason, pursuant to the terms and conditions of the Offer, or if certificates are submitted for more Shares (including those represented by ADSs) than are tendered, certificates for such unpurchased or untendered Shares (including those represented by ADSs) will be returned (or, in the case of such securities tendered by book-entry transfer, such securities will be credited to the appropriate account), without expense to the tendering holder, promptly following the expiration or termination of the Offer.

Section 3. Procedures for Accepting the Offer — Holders of Shares.

Tenders to the U.S. Share Tender Agent

Any holder of Shares who desires to accept the Offer in respect of all or any portion of such holder’s Shares and tender such Shares to the U.S. Share Tender Agent should (1) complete the Form of U.S. Share Acceptance

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(including a duly executed sale order and a stock transfer form signed in blank (traspaso(s) de acciones)) pursuant to applicable law, setting forth the information for such holder’s Chilean custodian and the maximum aggregate amount of Shares that such holder wishes to tender as acceptance of the Offer, subject to the terms and conditions of the Offer in accordance with the instructions printed thereon and submit it to the U.S. Share Tender Agent, to the address appearing on the back cover page of this Offer to Purchase, for delivery by the U.S. Share Tender Agent to the Chilean Share Tender Agent, at any time between stock market opening and closing times up to the applicable Expiration Date; and (2) simultaneously with their acceptance of the Offer, deliver to the U.S. Share Tender Agent, either directly or through such Holder’s Broker, for delivery by the U.S. Share Tender Agent to the Chilean Share Tender Agent, (i) the original certificate(s) of title (“título(s)”) representing the Shares that they wish to tender and that are in their possession, or a certificate that should be issued by the Shareholder’s Office of CCU, that is managed by DCV Registros, located at Avenida Los Conquistadores 1730, 24th floor, Providencia, Santiago, confirming that the certificate(s) are deposited in a custodial account established with the DCV; (ii) a certificate issued by the Shareholder’s Office of CCU, that is managed by DCV Registros, dated no earlier than ten (10) days prior to the applicable date of its submission to the U.S. Share Tender Agent for the account of the Chilean Share Tender Agent or the Holder’s Broker, as applicable, confirming that it has no record that the Shares which the holder intends to tender are subject to any liens, pledges, charges or encumbrances, and that therefore they can be registered in the name of the Chilean Share Tender Agent or the Holder’s Broker, as applicable; (iii) a photocopy of both sides of the ID card (cédula de identidad) or passport of each holder or any representative thereof, if applicable, and at the time of delivery of such photocopy, holders will be required to deliver a notarized copy of the applicable ID card or passport or present the original together with any photocopies for purposes of verification thereof by the U.S. Share Tender Agent and the Chilean Share Tender Agent or the Holder’s Broker, as applicable; (iv) in case delivery of the aforementioned documents is done by a representative, an original (or a notarized copy, if executed by means of a public deed) of a valid and outstanding power of attorney granted before or authorized by a notary public, with due authority to represent the holder in the present transaction, which shall have been granted no earlier than sixty (60) days prior to its delivery, or, if executed by means of a public deed, certified as valid no earlier than sixty (60) days prior to its delivery; and (v) in the case of holders of Shares that are legal entities or whose Shares are registered in the name of communities or estates, notarized copies of all instruments of incorporation, modifications, existing authorizations and other pertinent resolutions, as well as an authorized copy of all the documents that recognize the legal capacity of their representatives, which scope of representation should be sufficient to act on the holders’ behalf for purposes of the acceptance of this Offer, with a certificate of validity dated no earlier than sixty (60) days prior to the date of delivery to the U.S. Share Tender Agent or the Holder’s Broker, as applicable; and all or any forms of transfer and/or other documents that may be required at the discretion of the U.S. Share Tender Agent or Holder’s Broker in relation to the due transfer and delivery of the Shares, in accordance with applicable regulation. Any holder of Shares whose Shares are registered in the name of a broker, dealer, commercial bank, trust company or other nominee must contact such broker, dealer, commercial bank, trust company or other nominee if such holder desires to tender such Shares.

Tenders to the Chilean Share Tender Agent

Any holder who holds Shares and who desires to accept the Offer in respect of all or any portion of such holder’s Shares and tender such Shares to the Chilean Share Tender Agent should refer to the English translation of the Chilean Aviso de Inicio (commencement notice) that has been filed as Exhibit 99(a)(1)(I) to the Schedule TO filed by IRSA with respect to the Offer (which translation, as is the case with respect to any and all translated documents filed pursuant to the Offer, is for informational purposes only), as the procedures for tendering Shares to the Chilean Share Tender Agent, including the applicable Expiration Date, differ from those for tendering Shares to the U.S. Share Tender Agent.

General Provisions Applicable to the Tender of Shares

Any Shares tendered pursuant to the Offer as described above must be registered in CCU’s Shareholder Registry to the name of the tendering shareholder or its stock broker, agent, depositary or representative, must have been paid in full and free of any liens, restrictions, litigation, attachments, injunctions, third party preemptive rights, encumbrances or subject to third party rights subject to enforcement vis a vis the tendering shareholder and, in generally, any other circumstances which may restrict or limit their assignment, transfer or ownership.

The date of transfer of the Shares shall be deemed to be the day when the Results Notice is delivered to its relevant recipients. For all legal purposes, the date when the Results Notice is delivered will be deemed to be the

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date when the tendering shareholders have accepted the Offer and when the sale of the Shares will be deemed to have taken place. The delivery of the Shares (including those represented by ADSs) by the Chilean Share Tender Agent shall occur simultaneously with the payment of the price for such Shares, on the date and subject to the conditions described in “The Offer — Section 2. Acceptance for Payment” in this Offer to Purchase.

If the Chilean Share Tender Agent deems, at its sole discretion, that the stock transfer form (“traspaso de acciones”) in respect of a holder’s of Shares is defective or that the stock transfer set forth in the applicable stock transfer form (“traspaso de acciones”) is not in accordance with the terms and conditions of the Offer, unless such defect is remedied prior to the applicable Expiration Date, such holder’s Shares shall be deemed as if they had never been tendered into the Offer. In these cases, the applicable tendered Shares will be returned (or, in the case of Shares tendered by book-entry transfer, such Shares will be credited to the appropriate account) by the Chilean Share Tender Agent or the U.S. Share Tender Agent, as applicable, without expense to the tendering holder, promptly after the applicable Expiration Date.

With respect to tenders of Shares to the Chilean Share Tender Agent, pension fund managers, general fund managers, and those institutional investors who decide to participate in the Offer and are required to remain as owners of record of their investments until the time of their sale shall be bound by the procedures and mechanisms required by applicable regulations; however, they will be required to deliver their applicable Form of Chilean Share Acceptance within the term of the Offer at the offices of the Chilean Share Tender Agent; provided that they will not be required to tender their original título(s) (certificate(s) of title) as set forth in (2) above to the Chilean Share Tender Agent, until (and simultaneously with the moment that) the entity receives payment therefor.

Book-Entry Transfer

The DCV Custodial Account has been established with respect to the Shares at DCV for purposes of the Offer. Shares held in book-entry form directly on the DCV system may be tendered by sending to the Chilean Share Tender Agent or U.S. Share Tender Agent, as applicable, at its address set forth on the back cover of this Offer to Purchase a properly completed and duly executed Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable, together with the applicable items described above, and effecting book-entry delivery of the Shares to the DCV Custodial Account.

Certificates of Title and/or Other Document(s) of Title

If the título(s) have been issued but have been lost or destroyed, the Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable, should nevertheless be completed, signed and returned to the Chilean Share Tender Agent or U.S. Share Tender Agent, as applicable, as soon as possible and the título(s) should be forwarded as soon as possible thereafter but in no event should the título(s) be received later than the Expiration Date. If the título(s) are lost or destroyed, the holder of Shares should follow the procedures set forth in Article 13 of the Chilean Corporate Regulations and request CCU’s Shareholder’s Office, which is administered by DCV Registros, located at Avenida Los Conquistadores 1730, 24^th floor, Providencia, Santiago, Chile, telephone (+56 2) 2393-9003 to issue substitute título(s). When completed, the new título(s) must be submitted to the Chilean Share Tender Agent or U.S. Share Tender Agent, as applicable, in accordance with the above-described procedure, in support of the Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable.

The method of delivery of título(s) for Shares and all other required documents is at the option and risk of the tendering holder of Shares and the delivery will be deemed made only when actually received by the Chilean Share Tender Agent or U.S. Share Tender Agent, as applicable. In all cases, sufficient time should be allowed to ensure timely delivery. Registered mail with return receipt requested, properly insured, is recommended for Shares sent by mail.

Any holder of Shares whose Shares are registered in the name of a broker, dealer, commercial bank, trust company or other nominee must contact such broker, dealer, commercial bank, trust company or other nominee if such holder desires to tender such Shares.

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Form of Chilean Share Acceptance or Form of U.S. Share Acceptance

Each holder of Shares by whom or on whose behalf a Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable, is executed irrevocably undertakes, represents, warrants and agrees to and with IRSA (so as to bind the holder and the holder’s personal representatives, heirs, successors and assigns) to the following effect:

(a)
that the execution of a Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable, shall constitute: (1) an acceptance of the Offer in respect of the number of Shares identified in the Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable; and (2) an undertaking to execute all further documents and give all further assurances which may be required to enable IRSA to obtain the full benefit of this section and/or perfect any of the authorities expressed to be given hereunder, on and subject to the terms set out or referred to in this document and the Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable, and that, subject only to the rights set out in “The Offer — Section 5. Tender Withdrawal Rights,” each such acceptance shall be irrevocable;

(b)
that the Shares in respect to which the Offer is accepted or deemed to be accepted are fully paid and non-assessable, sold free from all liens, pledges, charges and encumbrances and together with all rights now or hereafter attaching thereto, including voting rights and the right to all dividends, other distributions and interest payments hereafter declared, made or paid;

(c)
that the execution of the Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable, constitutes, subject to the accepting holder not having validly withdrawn his or her acceptance, the irrevocable appointment of the Chilean Share Tender Agent, its directors and agents as such holder’s attorney and/or agent (the “Attorney”) and an irrevocable instruction to the Attorney to complete and execute his or her signed traspaso(s) and all or any form(s) of transfer and/or other document(s) at the discretion of the Attorney in relation to the Shares referred to in paragraph (a) above in respect of which the accepting holder of Shares has not validly withdrawn acceptance in favor of IRSA or such other person or persons as IRSA may direct and to deliver such form(s) of transfer and/or other document(s) at the discretion of the Attorney together with the título(s) and/or other document(s) of title relating to such Shares and to do all such other acts and things as may in the opinion of the Attorney be necessary or expedient for the purpose of, or in connection with, the acceptance of the Offer and to vest in IRSA or its nominee(s) the Shares as aforesaid;

(d)
that the execution of the Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable, constitutes, subject to the accepting holder of Shares not having validly withdrawn its acceptance, an irrevocable authority and request (1) to CCU, its General Manager (Gerente General) or its agents to procure the registration of the transfer of the Shares pursuant to the Offer and the delivery of the new título(s) and/or other document(s) of title in respect thereof to IRSA or as IRSA may direct; and (2) to IRSA or its agents to record and act upon any instructions with regard to notices and payments which have been recorded in the records of CCU in respect of such holder’s holding(s) of Shares;

(e)
that the holder of Shares will deliver to the Chilean Share Tender Agent or U.S. Share Tender Agent, as applicable, at the address shown on the back page of this Offer to Purchase such holder’s título(s) and/or document(s) of title in respect of the Shares referred to in paragraph (a);

(f)
that this section shall be incorporated in and form part of the Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable, which shall be read and construed accordingly; and

(g)
that the holder agrees to ratify each and every act or thing which may be done or effected by IRSA or any of its directors or agents or CCU or its agents, as the case may be, in the proper exercise of any of its power and/or authorities thereunder.

Tendering Holders are Responsible for Required Deliveries

The method of delivery of certificate(s) for Shares and all other required documents is at the option and risk of the tendering holder of Shares and the delivery will be deemed made only when a properly completed and signed Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable, and either (i) título(s) evidencing the Shares or (ii) evidence of book-entry delivery of the Shares to the DCV Custodial Account are

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actually received by the Chilean Share Tender Agent or U.S. Share Tender Agent, as applicable. In all cases, you should allow sufficient time to ensure timely delivery. Registered mail with return receipt requested, properly insured, is recommended for Shares sent by mail.

Partial Tenders

If fewer than all of the Shares delivered to the Chilean Share Tender Agent or U.S. Share Tender Agent, as applicable, are to be tendered, the holder thereof should so indicate in the Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable, by filling in the number of Shares which are to be tendered. In such case, a new título for the remainder of the Shares represented by the old título will be sent to the person(s) signing such Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable, (or delivered as such person properly indicates thereon) as promptly as practicable following the date the tendered Shares are purchased. You will be deemed to tender all your Shares delivered to the DCV Custodial Account unless otherwise indicated in your Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable.

All Shares delivered to the Chilean Share Tender Agent or U.S. Share Tender Agent, as applicable, or DCV Custodial Account will be deemed to have been tendered unless otherwise indicated.

Guaranteed Delivery

There is no guaranteed delivery procedure for the tendering of Shares into the Offer.

Acceptance of Offer Through a Power of Attorney

If a holder of Shares wishes to accept the Offer but is away from home or if the Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable, is being signed under a power of attorney, the holder’s appointed attorney should send the Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable, by the quickest means to the holder for execution or, if the holder has executed a power of attorney, have the Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable, signed by the appointed attorney. The completed and executed Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable, together with the required documents should be delivered to the Chilean Share Tender Agent or U.S. Share Tender Agent, as applicable, at the address set forth on the back cover of this Offer to Purchase and accompanied by the power of attorney (or a duly certified copy thereof). Any power of attorney must have been granted before or authorized by a notary public in Chile. The power of attorney (or a duly certified copy thereof) will be submitted for registration by the Chilean Share Tender Agent or U.S. Share Tender Agent, as applicable, and returned as directed. No other signatures are acceptable.

Acceptance of Offer and Representations by Holder

The tender of Shares pursuant to any one of the procedures described above will constitute the tendering holder’s acceptance of the Offer, as well as the tendering holder’s representation and warranty that (a) such holder owns the Shares being tendered within the meaning of Rule 14e-4 promulgated under the Exchange Act, (b) the tender of such Shares complies with Rule 14e-4, and (c) such holder has the full power and authority to tender and assign the Shares tendered, as specified in the Form of Chilean Share Acceptance or Form of U.S. Share Acceptance, as applicable.

IRSA’s acceptance for payment of Shares tendered pursuant to the Offer will constitute a binding agreement between the tendering holders and IRSA containing the terms of the Offer.

Matters Concerning Validity, Eligibility and Acceptance

All questions as to the form of documents and the validity, eligibility (including time of receipt) and acceptance for payment of any tender of Shares will be determined by IRSA, in its sole discretion, which determination shall be final and binding. IRSA reserves the absolute right to reject any or all tenders of Shares determined by it not to be in proper form or the acceptance for payment of or payment for which may, in the opinion of IRSA’s counsel, be unlawful. IRSA also reserves the absolute right to waive any defect or irregularity in any tender of Shares. None of IRSA or the Chilean Share Tender Agent or U.S. Share Tender Agent, as applicable, or any other person will be under any duty to give notification of any defect or irregularity in tenders or incur any liability for failure to give any such notification.

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Under no circumstances will we pay interest on the Tender Offer Price, including, but not limited to, by reason of any delay in making payment. In addition, if certain events occur, we may not be obligated to purchase Shares and ADSs in the Offer. See “The Offer — Section 13. Conditions of the Offer.”

We urge U.S. Holders who hold Shares through a broker, dealer, commercial bank, trust company or other nominee to consult their nominee to determine whether transaction costs are applicable if they tender Shares through their nominee and not directly to the Chilean Share Tender Agent or U.S. Share Tender Agent, as applicable.

Section 4. Procedures for Accepting the Offer — Holders of ADSs.

To tender Shares in the form of ADSs to the ADS Tender Agent pursuant to the Offer:

(a)
(1) the holder must deliver to the ADS Tender Agent a properly completed and duly executed ADS Letter of Transmittal (or copy thereof, provided the signature is original) and all other documents required by the ADS Letter of Transmittal at one of its addresses set forth on the back cover of this Offer to Purchase and (2) ADRs for the ADSs to be tendered must be received by the ADS Tender Agent at one of such addresses by the applicable Expiration Date; or

(b)
a holder’s ADSs must be delivered pursuant to the procedures for book-entry transfer described below (and a properly completed and duly executed ADS Letter of Transmittal (or copy thereof, provided the signature is original), unless an Agent’s Message (as defined below) confirming such delivery is received by the ADS Tender Agent) by the Expiration Date.

The term “Agent’s Message” means a message, transmitted by the Book-Entry Transfer Facility (as defined below) to and received by the ADS Tender Agent and forming a part of a book-entry confirmation which states that the Book-Entry Transfer Facility has received an express acknowledgment from the participant tendering the ADSs which are the subject of such book-entry confirmation that such participant has received and agrees to be bound by the terms of the ADS Letter of Transmittal and that IRSA may enforce such agreement against such participant.

General Provisions Applicable to the Tender of ADSs.

The date of transfer of the Shares underlying ADSs shall be deemed to be the day when the Results Notice is delivered to its relevant recipients. For all legal purposes, the date when the Results Notice is delivered will be deemed to be the date when the tendering ADS holders have accepted the Offer and when the sale of the Shares underlying ADSs will be deemed to have taken place. Following delivery of the Results Notice, the ADSs will be cancelled and the underlying Shares will be delivered to the ADS Tender Agent’s account with the U.S. Settlement Agent, which will hold such Shares on behalf of the Chilean Share Tender Agent for the account of IRSA. The delivery of the Shares represented by ADSs by the U.S. Settlement Agent shall occur simultaneously with the payment of the price for such Shares, on the date and subject to the conditions described in “The Offer — Section 2. Acceptance for Payment” in this Offer to Purchase.

Book-Entry Delivery

The ADS Tender Agent will establish an account with respect to the ADSs at The Depository Trust Company (the “Book-Entry Transfer Facility”) for purposes of the Offer within two (2) business days after the date of this Offer to Purchase, and any financial institution that is a participant in the system of the Book-Entry Transfer Facility may make book-entry delivery of ADSs by causing the Book-Entry Transfer Facility to transfer such ADSs into the ADS Tender Agent’s account in accordance with the procedures of the Book-Entry Transfer Facility. However, although delivery of ADSs may be effected through book-entry transfer, a properly completed and duly executed ADS Letter of Transmittal or an Agent’s Message and any other required documents must, in any case, be received by the ADS Tender Agent at one of its addresses set forth on the back cover of this Offer to Purchase prior to the Expiration Date. Delivery of the ADS Letter of Transmittal and any other required documents or instructions to the Book-Entry Transfer Facility does not constitute delivery to the ADS Tender Agent.

If tender is made by Book-Entry Transfer Facility, the ADS Letter of Transmittal must be delivered by means of Agent’s Message.

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Partial Tenders

If fewer than all of the ADSs evidenced by ADRs delivered to the ADS Tender Agent are to be tendered, the holder thereof should so indicate in the ADS Letter of Transmittal by filling in the number of ADSs which are to be tendered in the box entitled “Number of ADSs Tendered” in the ADS Letter of Transmittal. In such case, a new ADR for the untendered ADSs represented by the old ADR will be sent to the person(s) signing such ADS Letter of Transmittal (or delivered as such person properly indicates thereon) as promptly as practicable following the date the tendered ADSs are accepted for payment, and such holder shall be responsible for any fees of the ADS Depositary in connection with the issuance of such ADR, in accordance with the terms of the deposit agreement governing the ADSs.

All ADSs delivered to the ADS Tender Agent will be deemed to have been tendered unless otherwise indicated. See Instruction 4 of the ADS Letter of Transmittal.

Signature Guarantees

Except as otherwise provided in the next sentence, all signatures on an ADS Letter of Transmittal must be guaranteed by a financial institution (including most banks, savings and loan associations and brokerage houses) which is a participant in the Security Transfer Agents Medallion Program, the Stock Exchange Medallion Program or the New York Stock Exchange, Inc. Medallion Signature Program (each, an “Eligible Institution”). Signatures on an ADS Letter of Transmittal need not be guaranteed (a) if the ADS Letter of Transmittal is signed by the registered holder(s) of the ADSs tendered therewith and such holder(s) have not completed the box entitled “Special Issuance Instructions” on the ADS Letter of Transmittal or (b) if such ADSs are tendered for the account of an Eligible Institution. See Instructions 1 and 5 of the ADS Letter of Transmittal.

Guaranteed Delivery

There is no guaranteed delivery procedure for the tendering of Shares in the form of ADSs into the Offer.

Other Requirements

Notwithstanding any other provisions hereof, payment for ADSs accepted for payment pursuant to the Offer will, in all cases, be made only after receipt by the ADS Tender Agent of ADRs evidencing such ADSs or book-entry transfer of such ADSs, a properly completed and duly executed ADS Letter of Transmittal (or a copy thereof, provided the signature is original) or an Agent’s Message, together with any required signature guarantees and any other documents required by the ADS Letter of Transmittal. Under no circumstances will interest be paid on the Tender Offer Price to be paid by IRSA, regardless of any extension of the Offer or any delay in making such payment.

The method of delivery of ADSs and all other required documents, including through the Book-Entry Transfer Facility, is at the option and risk of the tendering holders of ADSs and the delivery will be deemed made only when actually received by the ADS Tender Agent (including, in the case of book-entry transfer, by book-entry confirmation). In all cases, sufficient time should be allowed to ensure a timely delivery. Registered mail with return receipt requested, properly insured, is recommended for ADSs sent by mail.

Acceptance of Offer and Representations by Holder

The tender of ADSs pursuant to any one of the procedures described above will constitute the tendering holder’s acceptance of the Offer, as well as the tendering holder’s representation and warranty that (a) such holder owns the ADSs being tendered within the meaning of Rule 14e-4 promulgated under the Exchange Act, (b) the tender of such ADSs complies with Rule 14e-4, and (c) such holder has the full power and authority to tender and assign the ADSs tendered, as specified in the ADS Letter of Transmittal. IRSA’s acceptance for payment of Shares resulting from ADSs tendered pursuant to the Offer will constitute a binding agreement between the tendering holder of ADSs and IRSA containing the terms of the Offer.

Matters Concerning Validity, Eligibility and Acceptance

All questions as to the form of documents and the validity, eligibility (including time of receipt) and acceptance for payment of any tender of ADSs will be determined by IRSA, in its sole discretion, which determination shall be final and binding on all parties. IRSA reserves the absolute right to reject any or all tenders of ADSs

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determined by it not to be in proper form or if the acceptance for payment of, or payment for, such ADSs may, in the opinion of IRSA’s counsel, be unlawful. IRSA also reserves the absolute right to waive any defect or irregularity in any tender of ADSs, whether or not similar defects or irregularities are waived in the case of other holders. No tender of ADSs will be deemed to have been validly made until all defects and irregularities have been cured or waived. None of IRSA, the ADS Tender Agent or any other person will be under any duty to give notification of any defect or irregularity in tenders or incur any liability for failure to give any such notification. IRSA’s interpretation of the terms and conditions of the Offer (including the ADS Letter of Transmittal and the instructions thereto) will be final and binding on all parties.

Appointment as Attorney-in-Fact

By executing the ADS Letter of Transmittal (or delivering an Agent’s Message) as set forth above, the tendering holder of ADSs irrevocably appoints each of IRSA and the ADS Tender Agent (and their respective sub-agents) as attorney-in-fact of such holder, with full power of substitution, to register the transfer of the tendered ADSs, to surrender the tendered ADSs for withdrawal of the Shares represented by the ADSs upon payment by IRSA of the requisite distribution fees, and to instruct the ADS Depositary as to delivery of those Shares.

Under no circumstances will we pay interest on the Tender Offer Price, including, but not limited to, by reason of any delay in making payment. In addition, if certain events occur, we may not be obligated to purchase Share and ADSs in the Offer. See “The Offer — Section 13. Conditions of the Offer.”

We urge holders who hold ADSs through a broker, dealer, commercial bank, trust company or other nominee to consult their nominee to determine whether transaction costs are applicable if they tender ADSs through their nominee and not directly to the ADS Tender Agent. Holders of Shares represented by ADSs tendered to the ADS Tender Agent that are accepted for payment pursuant to the Offer will receive payment in United States dollars, with the dollar amount thereof based on the ADS Tender Offer Price Exchange Rate, less distribution fees charged by the ADS Depositary and applicable withholding taxes.

Section 5. Tender Withdrawal Rights.

You may withdraw a portion or all of the Shares or ADSs that you have previously tendered pursuant to the Offer at any time prior to the Expiration Date.

For a tender withdrawal to be effective, a written or facsimile transmission notice of tender withdrawal must be timely received by the Chilean Share Tender Agent, U.S. Share Tender Agent or the ADS Tender Agent, as applicable, at one of their respective addresses set forth on the back cover of this Offer to Purchase. Any such notice of tender withdrawal must specify the name of the person who tendered the Shares or ADSs to be withdrawn and the number of Shares or ADSs to be withdrawn and the name of the registered holder, if different from that of the person who tendered such Shares or ADSs. If the Shares or ADSs to be withdrawn have been delivered to the Chilean Share Tender Agent, U.S. Share Tender Agent or the ADS Tender Agent, as applicable, a signed notice of tender withdrawal (with such signature guaranteed by an Eligible Institution in the case of ADSs except for ADSs tendered by an Eligible Institution) must be submitted prior to the release of such Shares or ADSs. Such notice must also specify, in the case of Shares or ADSs tendered by delivery of certificates, the serial numbers shown on the particular título(s) (certificate(s) of title) or ADRs evidencing the Shares or ADSs to be withdrawn or, in the case of Shares or ADSs tendered by book-entry transfer, the name and number of the account to be credited with the withdrawn Shares or ADSs. In addition, Shares tendered by book-entry transfer may be withdrawn only by means of the tender withdrawal procedures made available by DCV Registros and must comply with the DCV’s procedures. ADSs tendered by the book-entry transfer may be withdrawn only by means of the tender withdrawal procedures made available by the Book-Entry Transfer Facility and must comply with the Book-Entry Transfer Facility’s procedures. Tender withdrawals may not be rescinded, and Shares and ADSs withdrawn will thereafter be deemed not validly tendered for purposes of the Offer. However, withdrawn Shares and ADSs may be retendered again by following one of the procedures described in “The Offer — Section 3. Procedures for Accepting the Offer —Holders of Shares” and “— Section 4. Procedures for Accepting the Offer — Holders of ADSs,” as applicable, at any time prior to the Expiration Date. Whenever the U.S. Share Tender Agent or the ADS Tender Agent, as applicable, receive notice of tender withdrawal of Shares or ADSs, as applicable, such notice shall be deemed to have been received by the U.S. Share Tender Agent or the ADS Tender Agent, as applicable, on behalf of, and deemed delivered to, the Chilean Share Tender Agent.

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Certificates for the corresponding Shares and/or ADSs will be returned (or, in the case of Shares and ADSs tendered by book-entry transfer, such Shares and ADSs will be credited to the appropriate account), without expense to the tendering holder, promptly following receipt of the applicable withdrawal notice.

All questions as to the form and validity, including the time of receipt, of notices of tender withdrawal, will be determined by us, in our sole discretion, and our determination will be final and binding on all parties. Subject to applicable law, we reserve the absolute right to waive any defect or irregularity in the withdrawal of tendered Shares or ADSs by any Share or ADS holder, whether we waive similar defects or irregularities in the case of other Share or ADS holders. None of IRSA, the Information Agent, the Chilean Share Tender Agent, the U.S. Share Tender Agent, the ADS Tender Agent or any other person will be obligated to give notice of any defects or irregularities in any notice of tender withdrawal, nor will any of them incur liability for failure to give any notice.

Section 6. Tax Consequences.

The following describes the material U.S. federal income tax and Chilean tax consequences of the sale of Shares (including those represented by ADSs) pursuant to the Offer.

U.S. Federal Income Tax Consequences

The following is a summary of certain U.S. federal income tax consequences to investors of the tender of their Shares or ADSs pursuant to the Offer. This discussion is based on the tax laws of the United States currently in effect, including the Internal Revenue Code of 1986, as amended (the “Code”), final, temporary and proposed Treasury regulations, administrative pronouncements and judicial decisions, all of which are subject to change, possibly with retroactive effect. This discussion does not address U.S. state, local or non-U.S. tax consequences, the U.S. federal estate and gift taxes, the Medicare tax on net investment income or the federal alternative minimum tax. The discussion applies only to investors that hold the Shares or ADSs as capital assets for U.S. federal income tax purposes and it does not address special classes of holders, such as certain financial institutions, insurance companies, dealers and traders in securities or foreign currencies, persons holding Shares or ADSs as part of a hedge, straddle or conversion transaction, U.S. Holders whose functional currency for U.S. federal income tax purposes is not the U.S. Dollar, tax-exempt organizations, certain taxpayers who file applicable financial statements and are required to recognize income when the associated revenue is reflected on such financial statements or persons holding Shares or ADSs that own or are deemed to own ten percent or more of any class of CCU stock. These special classes of holders are urged to consult their U.S. tax advisors as to any special U.S. provisions that may be applicable to them.

For purposes of this discussion, a “U.S. Holder” is a beneficial owner of Shares or ADSs that is, for U.S. federal income tax purposes, (i) a citizen or individual resident of the United States; (ii) a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States or any political subdivision thereof; (iii) an estate the income of which is subject to U.S. federal income taxation regardless of its source; or (iv) a trust that (A) is subject to the primary supervision of a United States court and the control of one or more United States persons or (B) has a valid election in effect under applicable Treasury Regulations to be treated as a United States person. A “Non-U.S. Holder” is a beneficial owner of Shares or ADSs that is not a U.S. Holder.

The treatment of partners in a partnership that owns Shares or ADSs may depend on the status of such partners and the status and activities of the partnership and such persons should consult their own tax advisors about the consequences of tendering the Shares or ADSs.

U.S. Holders

Participation in the Offer. In general, a U.S. Holder that receives cash for the Shares or ADSs pursuant to the Offer will recognize gain or loss for U.S. federal income tax purposes equal to the difference between the amount realized in exchange for the Shares or ADSs (generally the U.S. dollar value of the cash received by such U.S. Holder) and such U.S. Holder’s adjusted tax basis in such Shares or ADSs. Such capital gain or loss will be long-term capital gain or loss if at the time of sale, exchange or other taxable disposition the Shares or ADSs have been held for more than one year. Under current U.S. federal income tax law, net long-term capital gain of certain U.S. Holders (including individuals) is eligible for taxation at preferential rates. The deductibility of capital losses is subject to certain limitations under the Code.

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Gain, if any, realized by a U.S. Holder on the sale, exchange or other taxable disposition of Shares or ADSs generally will be treated as U.S. source gain for U.S. foreign tax credit purposes. Consequently, if a Chilean income tax is imposed on the sale or disposition of Shares or ADSs, a U.S. Holder that does not receive sufficient foreign source income from other sources may not be able to derive effective U.S. foreign tax credit benefits in respect of such Chilean income tax. Alternatively, a U.S. Holder may take a deduction for all foreign income taxes paid during the taxable year if it does not elect to claim a foreign tax credit for any foreign taxes paid or accrued during the taxable year. U.S. Holders should consult their own tax advisors regarding the application of the foreign tax credit rules to their disposition of Shares or ADSs.

Foreign Currency Exchange. A U.S. Holder that receives its sale proceeds in U.S. dollars will not recognize any foreign currency gain or loss. A U.S. Holder that elects to receive its sale proceeds in Chilean pesos and converts the proceeds into U.S. dollars on the same day as it receives them will not recognize any foreign currency gain or loss. A U.S. Holder that elects to receive its sale proceeds in Chilean pesos and converts the proceeds into U.S. dollars at a later date may recognize foreign currency gain or loss which will be taxed as U.S. source ordinary income or loss.

Non-Participation in the Offer. U.S. Holders whose Shares or ADSs are not purchased pursuant to the Offer will not recognize gain or loss for U.S. federal income tax purposes as a result of the Offer.

PFIC

It is expected that CCU will not be a “passive foreign investment company” (“PFIC”) for U.S. federal income tax purposes for CCU’s current taxable year or for the foreseeable future. However, because PFIC status depends upon the composition of a company’s income and assets and the market value of its assets from time to time, and because it is unclear whether certain types of CCU’s income constitute passive income for PFIC purposes, there can be no assurance that CCU will not be considered a PFIC for any taxable year. If CCU were to become a PFIC for any taxable year during which a beneficial owner held Shares or ADSs, certain adverse consequences could apply to the beneficial owner, including the imposition of higher amounts of tax than would otherwise apply, and additional filing requirements. U.S. Holders should consult their tax advisors regarding the consequences to them if CCU were a PFIC, as well as the availability and advisability of making any election that might mitigate the adverse consequences of PFIC status.

Non-U.S. Holders

Subject to the discussion of backup withholding below, a Non-U.S. Holder generally will not be subject to U.S. federal income tax on any gain realized upon the sale or other disposition of Shares or ADSs unless: (i) the gain is effectively connected with such Non-U.S. Holder’s conduct of a trade or business within the United States (and, under certain treaties, is attributable to a U.S. permanent establishment); or (ii) such Non-U.S. Holder is an individual, present in the United States for 183 days or more in the taxable year of disposition and meets certain other conditions; or (iii) the Shares or ADSs that are exchanged constitute a “United States real property interest” with respect to the Non-United States Holder.

U.S. Backup Withholding and Information Reporting

Information reporting generally will apply to proceeds from the sale, exchange or other taxable disposition (including redemption) of Shares underlying ADSs within the United States, or by a U.S. payor or U.S. middleman, to a U.S. Holder (other than an exempt recipient). As noted in “The Offer — Section 4. Procedures for Accepting the Offer — Holders of ADSs,” a holder of Shares underlying ADSs (other than an “exempt recipient,” including a corporation, a Non-U.S. Holder that provides appropriate certification (if the payor does not have actual knowledge that such certificate is false) and certain other persons) that receives cash in exchange for Shares and/or ADSs from the ADS Tender Agent may be subject to U.S. federal backup withholding tax (currently at a rate equal to 24%), unless such holder provides its taxpayer identification number and certifies that such holder is not subject to backup withholding tax by submitting a completed U.S. Internal Revenue Service Form W-9 to the ADS Tender Agent. Accordingly, each U.S. Holder should complete, sign and submit U.S. Internal Revenue Service Form W-9 in order to avoid the imposition of such backup withholding tax. Non-U.S. Holders of ADSs who tender their ADSs with the ADS Tender Agent should complete and sign the appropriate U.S. Internal Revenue Service Form W-8 (a copy of which may be obtained from the ADS Tender Agent) and submit such form to the ADS Tender Agent in order to avoid backup withholding.

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Chilean Tax Consequences

Gains recognized by an individual who is not domiciled or resident in Chile or any legal entity that is not organized under the laws of the Republic of Chile and does not have a permanent establishment in Chile (a “Non-Chilean Holder”) upon the sale of Shares will not be subject to Chilean taxes provided that all the following requirements are met: (a) such Shares shall have a “high trading presence” (presencia bursátil) in a Chilean Stock Exchanges authorized by the CMF, (b) the sale of Shares must be made (1) in any of the Chilean Stock Exchanges authorized by the CMF, (2) within the process of a public tender offer for Shares governed by Title XXV of the Capital Markets Law (such as the Offer) or (3) as a result of a contribution of securities to a mutual fund under the provisions of article 109 of the Chilean Income Tax Law, (c) such Shares must have been acquired (1) in any of the Chilean Stock Exchanges authorized by the CMF, (2) within the process of a public tender offer for Shares governed by Title XXV of the Capital Markets Law, (3) in an initial public offering of Shares resulting from the formation of CCU or a subsequent capital increase in CCU, (4) in an exchange of public offered securities convertible into Shares, or (5) as a result of the contribution of securities into a mutual fund under the provisions of article 109 of Chilean Income Tax Law and (d) CCU’s stock must have been acquired after April 19, 2001.

Shares are considered to have a “high trading presence” in an authorized Chilean Stock Exchange when they have been traded for a certain number of days at or beyond a volume threshold specified under Chilean law and regulations. As of the date of this Offer to Purchase, the Shares are considered to have a “high trading presence” in an authorized Chilean Stock Exchange. Should the Shares cease to have a “high trading presence” in the authorized Chilean Stock Exchange, transfer of Shares may be subject to capital gains taxes from which holders of “high trading presence” securities are exempted, and which will apply at varying levels depending on the time of the transfer in relation to the date of loss of sufficient trading volume to qualify as a “high trading presence” security. If Shares regain “high trading presence,” the tax exemptions will again be available to holders thereof.

If the Shares do not qualify for the above exemption, capital gains on their sale could be subject to a 35% Chilean withholding tax. Such rate could be reduced by the application of a double tax treaty subscribed by Chile. Provisional withholding obligations are applicable under Chilean law based on different rates depending on whether the capital gain can be determined at the time of the sale.

The tax basis of Shares received in exchange for ADSs will be the acquisition value of the Shares on the date of exchange, duly adjusted by local inflation. For purposes of tax Ruling No. 324, dated January 29, 1990, issued by the Chilean Servicio de Impuestos Internos (the “Chilean IRS”), the valuation procedure set forth in the deposit agreement between CCU and the ADS Depositary, which values the Shares that are being exchanged at the highest reported sales price at which they trade on the Santiago Stock Exchange on the day on which the transfer of such Shares from the ADS Depositary to the Non-Chilean Holder is recorded on the books of CCU’s share registrar, will determine the acquisition value for this purpose. In the case where the sale of the Shares is made on a day that is different from the date on which the exchange is recorded, capital gains subject to taxation in Chile may be generated. Notwithstanding the foregoing, following the criteria of tax Ruling No. 3708, dated October 1, 1999, issued by the Chilean IRS, the deposit agreement provides that in the event that the exchanged Shares are sold by the Non-Chilean Holder on a Chilean Stock Exchange on the same day on which the transfer is recorded on CCU’s share registrar or within two (2) Chilean business days prior to the date on which the sale is recorded on those books, the acquisition value of such exchanged Shares shall be the price registered in the invoice issued by the stock broker that participated in the sale transaction.

No Chilean stamp, issue, registration or similar taxes or duties will apply to the sale of Shares pursuant to the Offer.

Because individual circumstances may differ, you should consult your tax advisor regarding the applicability of the rules discussed above to you and the particular tax effects to you of the Offer.

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Section 7. Price Range of Shares and ADSs; Dividends.

Price Range of Shares

The shares of common stock of CCU are listed and traded on the Santiago Stock Exchange under the symbol “CCU.” The Santiago Stock Exchange is the principal trading market for shares not represented by ADSs. The following table sets forth, for the periods indicated, the quarterly high and low intraday prices of the common stock in Chilean pesos as reported by the Santiago Stock Exchange. The following information reflects nominal Chilean peso amounts as of the trade dates and has not been restated in constant Chilean pesos.

	High	Low
Fiscal Year 2019
First Quarter	Ch$9,974	Ch$8,600
Second Quarter	Ch$9,940	Ch$8,812
Third Quarter	Ch$9,990	Ch$7,789
Fourth Quarter	Ch$8.199	Ch$6,850
Fiscal Year 2020
First Quarter	Ch$7,868	Ch$4,989
Second Quarter	Ch$6,812	Ch$5,151
Third Quarter	Ch$6,440	Ch$4,982
Fourth Quarter	Ch$5,899	Ch$4,125
Fiscal Year 2021
First Quarter	Ch$6,735	Ch$5,247
Second Quarter (through May 17, 2021)	Ch$6,850	Ch$6,265

On May 17, 2021, the closing price on the Santiago Stock Exchange per Share was Ch$6,265 (or US$8.75, based on the Observed Exchange Rate as of May 18, 2021). You should obtain current market quotations for common shares before deciding whether to tender your common shares.

Price Range of ADSs

CCU’s ADSs are listed and traded on the NYSE under the symbol “CCU.” The NYSE is the principal trading market for ADSs. Each ADS represents two (2) shares of CCU’s common stock. Based on CCU’s public filings, as of the close of business on March 31, 2021, there were 76,248,975 Shares underlying ADSs (with each ADS representing two Shares). The following table sets forth, for the periods indicated, the quarterly high and low intraday prices of the ADSs in U.S. dollars as reported by the NYSE.

	High	Low
Fiscal Year 2019
First Quarter	US$29.47	US$24.92
Second Quarter	US$29.48	US$25.55
Third Quarter	US$29.40	US$21.71
Fourth Quarter	US$22.52	US$17.80
Fiscal Year 2020
First Quarter	US$20.22	US$11.25
Second Quarter	US$16.62	US$12.53
Third Quarter	US$15.90	US$12.66
Fourth Quarter	US$15.79	US$10.72
Fiscal Year 2021
First Quarter	US$18.89	US$14.72
Second Quarter (through May 17, 2021)	US$19.19	US$17.47

On May 17, 2021, the closing price of ADSs reported on the NYSE was US$17.47 per ADS (which when divided by two (2), the number of Shares represented per ADS, is approximately US$8.74 per Share). You should obtain current market quotations for ADSs before deciding whether to tender your ADSs.

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Dividends

As required by the Chilean law No. 18,046 on Stock Corporations, unless otherwise decided by unanimous vote of the holders of all of the issued and outstanding shares, CCU must distribute a cash dividend in an amount equal to at least 30% of its consolidated net profits for each year determined in accordance with Chilean generally accepted accounting principles unless and except to the extent it has incurred losses.

On December 30, 2020, CCU paid interim dividends of Ch$56 per share and Ch$112 per ADS (each ADS representing two (2) common shares), in each case, exclusive of withholdings, to holders of record of Shares or ADSs, as applicable, on December 23, 2020 in respect of net profit for fiscal year 2020. CCU paid dividends of Ch$179.95079 per share and dividends of Ch$359.90158 per ADS (each ADS representing two (2) common shares), in each case, exclusive of withholdings, on April 24, 2020 to holders of record of Shares or ADSs, as applicable, on April 18, 2019 in respect of fiscal year 2019.

As agreed at CCU’s shareholders’ meeting held on April 14, 2021, on April 23, 2021 CCU paid a final dividend of Ch$139.16548 per Share (Ch$278.33096 per ADS) on account of fiscal year 2020 to holders of record of Shares or ADSs as of April 17, 2021.

Section 8. Information Concerning CCU.

Except as otherwise set forth in this Offer to Purchase, the information concerning CCU contained in this Offer to Purchase has been taken from or based upon publicly available documents and records on file with the SEC and other public sources and is qualified in its entirety by reference thereto. None of IRSA or the Information Agent take responsibility for the accuracy or completeness of the information contained in such documents and records or for any failure by CCU to disclose events that may have occurred or may affect the significance or accuracy of any such information but that are unknown to us and the Information Agent.

General. CCU is an open stock corporation (sociedad anónima abierta), with tax identification number (rol unico tributario) 90,413,000 – 1, organized by means of a public deed dated January 8, 1902 under the law of the Republic of Chile. The principal executive offices are located at Avenida Vitacura N°2670, 23^rd floor, Santiago, Chile and the telephone number in Santiago is (56-2) 2427-3000.

CCU is a multi-category beverage company with operations in Chile, Argentina, Bolivia, Colombia, Paraguay and Uruguay. CCU is one of the largest players in each one of the beverage categories in which it participates in Chile, including beer, soft drinks, mineral and bottled water, juice, wine and pisco, among others. As of December 31, 2020, CCU was the largest Chilean brewery, the second-largest brewer in Argentina, the second largest producer of soft drinks in Chile, the second-largest wine producer in Chile, the largest producer of bottled mineral water, juices and sport drinks in Chile and one of the largest pisco producers in Chile. CCU participates in the ciders, spirits and wines industries in Argentina and also participates in the mineral water and soft drinks industries and beer distribution in Uruguay, Paraguay, Colombia and Bolivia. CCU’s principal licensing, distribution and joint venture agreements include Heineken Brouwerijen B.V., PepsiCo Inc., Seven-up International, Schweppes Holdings Limited, Société des Produits Nestlé S.A., Pernod Ricard Chile S.A., Promarca S.A. (Watt’s) and Coors Brewing Company.

Available Information. CCU files annual and current reports and other information with the SEC. CCU’s SEC filings are available to the public over the Internet on the SEC’s EDGAR at www.sec.gov. You may also read and copy any document CCU files with the SEC at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference rooms. CCU maintains a website at www.ccu.cl. These website addresses are not intended to function as hyperlinks, and the information contained on CCU’s website and on the SEC’s website is not incorporated by reference in this Offer to Purchase and you should not consider it a part of this Offer to Purchase.

Section 9. Information Concerning IRSA.

Description of IRSA

IRSA is a Chilean closely held corporation (sociedad anónima cerrada), with tax identification number (rol unico tributario) 96,427,000-7, organized and existing under the laws of the Republic of Chile. IRSA was incorporated pursuant to a public deed issued by Mr. Andres Rubio Flores, in the city of Santiago, on August 2, 1985. As of the date of this Offer to Purchase, IRSA owns, directly or indirectly through its subsidiary Inversiones IRSA, approximately 61.56% of the outstanding Shares. IRSA holds beneficial ownership of 99.9%

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of Inversiones IRSA. Each of Quiñenco and Heineken Chile hold beneficial ownership of 50.0% of IRSA’s shares, and therefore IRSA’s main activity is to serve as a joint venture by means of which Quiñenco and Heineken Chile indirectly hold their participation in CCU.

IRSA’s shareholders, Quiñenco and Heineken Chile, are parties to a Shareholders’ Agreement, which was registered in each of IRSA’s and CCU’s shareholders’ registries (kept by DCV Registros in the case of CCU), which contains joint action agreements restricts and restrictions on the ability of IRSA’s shareholders from independently acquiring shares of CCU, other than through IRSA. The Shareholders’ Agreement also restricts the ability of IRSA’s shareholders to freely sell IRSA shares, as it provides both shareholders with a right of first offer with respect to such shares, among other restrictions, and it provides for the right of IRSA’s shareholders to nominate directors to CCU’s board through its ownership of CCU Shares. There are no other voting agreements among us and any other party, or among our directors or executive officers and third parties, with respect to the voting of IRSA’s or CCU’s shares at IRSA’s and CCU’s shareholders’ meetings.

As of the date of this Offer to Purchase, IRSA has not been assigned any ratings by any credit rating agency.

Quiñenco is a public corporation (sociedad anónima abierta), with tax identification number (rol unico tributario) 91,705,000 – 7, organized under the law of the Republic of Chile. Quiñenco’s common stock is traded on the Santiago Stock Exchange and on the Bolsa Electrónica de Chile – Bolsa de Valores. Quiñenco’s investments are highly diversified and its international presence has increased during recent years. 82.9% of Quiñenco’s outstanding and paid-in capital is owned by Andsberg Inversiones Ltda., Ruana Copper A.G. Agencia Chile, Inversiones Orengo S.A., Inversiones Consolidadas Ltda., Inversiones Salta SpA, Inversiones Alaska Ltda., Inmobiliaria e Inversiones Río Claro S.A. and Inversiones Río Claro Ltda. The Luksburg Foundation indirectly owns 100% of Andsberg Inversiones Ltda.’s equity, 100% of Ruana Copper A.G. Agencia Chile’s equity and 99.76% of Inversiones Orengo S.A.’s equity. Andrónico Mariano Luksic Craig (tax identification number 6.062.786-K) and his family own, in the aggregate, 100% of Inversiones Consolidadas Ltda. and Inversiones Alaska Ltda.’s equity. Mr. Andrónico Luksic Craig’s family owns, in the aggregate, 100% of Inversiones Salta SpA’s equity. Inmobiliaria e Inversiones Río Claro S.A. and Inversiones Río Claro Ltda. are indirectly controlled by the Emian Foundation, in which Mr. Guillermo Antonio Luksic Craig’s estate (tax identification number 6.578.597-8) owns an interest participation.

Heineken Chile is a Chilean limited liability company (sociedad de responsabilidad limitada), currently controlled by Heineken Americas B.V., a Dutch limited liability company, which in turn is an affiliate of Heineken, which is further an affiliate of Heineken N.V. Heineken Holding N.V., a Dutch corporation, is the majority shareholder in Heineken N.V., and is in turn an affiliate of L’Arche Green N.V., which is further an affiliate of L’Arche Holding B.V., an entity which is finally controlled by Ms. C.L. de Carvalho-Heineken. Heineken N.V.’s common stock is traded on the Amsterdam Stock Exchange. Heineken Chile is part of a business conglomerate which operates mostly in the beer market, with extensive international presence.

IRSA’s corporate purpose consists of (a) investments in all kind of personal property and real estate, their management and receipt of proceeds therefrom, the purchase and sale of all kinds of credit, shares and movable assets, in general; (b) the management, on its own behalf or as an agent of all types of movable or immovable assets, tangible or intangible assets, with enough powers to receive proceeds therefrom; (c) the operating of any kind of industrial, agricultural, forestry, mining commercial and transportation activities; (d) the rendering of technical, commercial, industrial, agricultural, forestry, mining and transportation counseling services; (e) importing and exporting, purchase and sale, on its own behalf or as an agent, of movable assets, items, products and raw materials in the industrial, agricultural, forestry, mining, transportation and commercial sectors; (f) the appointment as national or international representatives of companies in the industrial, agricultural, forestry, mining, transportation and commercial sectors; and (g) the incorporation of legal entities relating to the industrial, agricultural, forestry, mining, transportation and commercial sectors.

IRSA’s principal executive offices are located at Enrique Foster Sur 20, 14th floor, Santiago, Chile and its telephone number is +(56 2) 2750-7100.

The name, business address, current principal occupation or employment, five-year employment history and citizenship of each director and executive officer of IRSA is set forth on Annex A to this Offer to Purchase.

The name, business address, current principal occupation or employment, five-year employment history and citizenship of each director, executive officer and legal representative, as applicable, of Quiñenco and Heineken Chile is set forth on Annex B and Annex C, respectively, to this Offer to Purchase.

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Historical Summary Financial Data

The following selected financial data as of and for the years ended December 31, 2019 and 2020 was derived from the audited consolidated financial statements of IRSA, which have been prepared in conformity with International Financial Reporting Standards.

The following table sets forth IRSA’s selected consolidated financial data for the years ended December 31, 2019 and 2020:

Consolidated Statements of Financial Position

	12/31/2020	12/31/2019
	ThCh$	ThCh$
ASSETS
Current assets
Cash and cash equivalents	399,196,053	197,368,317
Trade receivables and other accounts receivable, current	275,387,923	300,013,940
Inventory, current	231,843,261	232,434,461
Other current assets	56,391,805	60,485,597
Total current assets	962,819,042	790,302,315
Non-current assets
Property, plant and equipment	1,082,515,880	1,071,730,034
Investments accounted for using the equity method	131,106,785	136,098,062
Intangible assets other than goodwill	128,257,441	125,618,666
Goodwill	144,327,730	152,092,405
Deferred tax assets	51,044,712	54,528,648
Other non-current assets	55,214,823	25,673,987
Total non-current assets	1,592,467,371	1,591,545,923
Total Assets	2,555,286,413	2,381,848,238

	12/31/2020	12/31/2019
	ThCh$	ThCh$
LIABILITIES
Current Liabilities
Other financial liabilities, current	81,457,480	75,802,649
Employee benefit provisions, current	39,900,588	27,356,205
Trade payables and other accounts payable	324,525,367	306,658,776
Other current liabilities	77,160,470	64,538,843
Total current liabilities	523,043,905	479,213,570
Non-current Liabilities
Other financial liabilities, non-current	435,878,755	267,156,389
Employee benefit provisions, non-current	35,678,357	33,571,138
Deferred tax liabilities	118,729,946	131,582,558
Other non-current liabilities	27,708,612	558,511
Total non-current liabilities	617,995,670	461,081,855
Total Liabilities	1,141,039,575	940,295,425
Equity
Equity attributable to the owners of the parent	783,372,808	795,458,065
Non-controlling interests	630,874,030	646,094,748
Total equity	1,414,246,838	1,441,552,813
Total Liabilities and Equity	2,555,286,413	2,381,848,238

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Consolidated Statements of Comprehensive Income

	12/31/2020	12/31/2019
	ThCh$	ThCh$
INCOME STATEMENT
Revenue	1,857,593,678	1,822,540,697
Costs	(1,701,891,064)	(1,614,417,397)
Gains (losses) from operating activities	174,984,762	233,769,605
Financial income	3,463,200	13,179,134
Financial costs	(30,308,542)	(29,709,130)
Share in profit from associates and joint ventures accounted for using the equity method	(8,437,209)	(16,431,759)
Exchange differences	2,551,547	(9,054,155)
Income from indexed units	(1,504,649)	(9,521,157)
Pre-tax gain	140,749,109	182,232,538
Income tax expense	(35,080,785)	(39,756,517)
Gain	105,668,324	142,476,021
Gain attributable to the owners of the parent	55,164,829	74,915,374
Gain attributable to non-controlling interests	50,503,495	67,560,647
Consolidated Gain	105,668,324	142,476,021

The book value per IRSA share as of December 31, 2020 was Ch$514,651.60.

IRSA’s consolidated financial statements as of and for the years ended December 31, 2019 and 2020 have been prepared in conformity with International Financial Reporting Standards and are included in this Offer to Purchase starting on page F-1.

Based on the information included in the balance sheet and income statements above, IRSA’s liquidity, leverage and profitability ratios for the fiscal years ended December 31, 2019 and 2020, are as follows:

	As of December 31,
	2020	2019
Liquidity Ratios
Liquidity Ratio	1.84	1.65
(Total Current Assets / Total Current Liabilities)
Acid Test	1.40	1.16
((Current Assets – Inventory – Trade receivables and other accounts receivable, current) / Current Liabilities)
Leverage Ratios
Leverage Ratio	1.46	1.18
(Total Liabilities / Equity Attributable to the Owners of the Parent)
Coverage Ratio	5.64	7.13
(Gains Prior to Taxes and Financial Costs / Financial Costs)
Profitability Ratio
Return on Equity	7.04%	9.42%
(Gain attributable to the owners of the parent / Equity Attributable to the Owners of the Parent)
Return on Assets	2.23%	3.11%
(Gain attributable to the owners of the parent / Average Total Assets)

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Section 10. Source and Amount of Funds.

Funding

We expect Ch$115,000 million will be required to purchase the Shares and ADSs in the Offer if the Offer is fully subscribed at the Tender Offer Price, of which approximately Ch$3,500 million will be required to pay related professional fees and expenses. We intend to pay for the offer price with funds obtained from a committed credit facility described below and, if necessary, with cash on hand.

Lender	Date of Incurrence	Principal Amount (in UF*)	Amount Available (in UF*)	Interest Rate	Amortization Schedule and Maturity Date
Scotiabank Chile	February 5, 2021	5,200,000	3,850,000	0.85% per annum	May 31, 2024 – 14.28%
					May 30, 2025 – 14.28%
					May 29, 2026 – 14.28%
					May 31, 2027 – 14.28%
					May 31, 2028 – 42.88%

*
Unidades de Fomento (“UFs”) are inflation-indexed, peso-denominated monetary units. The UF rate is set daily in advance based on changes in the previous month’s inflation rate in Chile.

As of the date of this Offer to Purchase no plans or arrangements to finance or repay the committed credit facility are contemplated or have been made.

Section 11. Risk Factors.

Fluctuations in the currency exchange rate between the U.S. dollar and the Chilean peso may affect the consideration payable to holders of ADSs who tender their securities to the ADS Tender Agent and any failure or delay in the FX Agent’s conversion of the Tender Offer Price at the ADS Tender Offer Price Exchange Rate may result in a delay of the settlement for Holders of ADSs, and such delay may be substantial

Holders of Shares represented by ADSs who tender their ADSs to the ADS Tender Agent should note that the ADS Tender Offer Price Exchange Rate at which the Tender Offer Price is expected to be exchanged into U.S. dollars may fluctuate from time to time, and that such fluctuations may be material. While this Offer to Purchase discloses an “Observed Exchange Rate” as of a recent date, such disclosure is only accurate as of the date referenced, is presented solely for the convenience of the reader and should not be construed as representations that the Chilean peso amounts actually represent such U.S. dollar amounts, that they could be converted into U.S. dollars at the rate indicated, or that any payments in U.S. dollars pursuant to this Offer to Purchase shall be made at any Observed Exchange Rate disclosed herein.

Holders of Shares represented by ADSs who tender their ADSs to the ADS Tender Agent should note that none of the U.S. Settlement Agent, the FX Agent, IRSA, the Chilean Share Tender Agent, or the ADS Tender Agent can guarantee the ADS Tender Offer Price Exchange Rate at which the Tender Offer Price is expected to be exchanged into U.S. dollars or the timing in which such exchange can be completed. While holders of Shares represented by ADSs are expected to receive the Tender Offer Price in U.S. dollars promptly after the expiration of the Tender Offer, any failure or delay in the FX Agent’s conversion of the Tender Offer Price as a result of the unavailability of the Observed Exchange Rate for any reason or the FX Agent’s failure or delay in executing such conversion could lead to a substantial delay of the settlement for Holders of ADSs. Our ability to so delay such payment is limited by applicable law, which requires that we must pay the consideration offered or return the Shares or ADSs tendered promptly after termination or withdrawal of a tender offer.

Section 12. Effect of the Offer on the Market for the Shares and ADSs.

If the conditions to the completion of the Offer are satisfied or waived, immediately after the completion of the Offer, Share or ADS holders which do not tender their Shares or ADSs, as applicable, whose Shares or ADSs do not comply with the requirements set forth herein, or whose Shares or ADSs are partially returned as a result of

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the application of proration procedures as described in this Offer to Purchase will continue to be able to have the opportunity to participate in the future earnings, profits and growth of CCU and will have the right to vote on CCU’s corporate matters. However, the price of the Shares and the ADSs may be affected by IRSA’s announcement of the commencement of the Offer. Consequently, there can be no certainty as to whether the price of the Shares and ADSs will revert to its prior price following completion of the Offer.

Additionally, the successful completion of the Offer can cause a slight decrease in the liquidity of the Shares and the ADSs. Such decrease in liquidity of the Shares and the ADSs may result in higher price volatility and potentially longer delays in executing purchase or sale orders in respect of such Shares or ADSs.

Section 13. Conditions of the Offer.

The Offer will be conditioned upon the following:

• the absence of any Adverse Governmental Action (as defined below).

“Adverse Governmental Action” means the passing, issuance or enactment of any law, regulation, statute, judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority in the United States or Chile, which makes unlawful, limits, stays or prevents the consummation of the Offer.

IRSA reserves the absolute right to waive any of the conditions set forth in this Section.

See “Special Factors — Section 1. Background of the Transactions.”

Section 14. Certain Legal Matters; Regulatory Approvals.

We have filed with the SEC a Schedule TO with respect to the Offer, which includes additional information relating to the Offer. In addition, we have filed a Schedule 13D with the SEC with respect to the Shares.

Except as otherwise discussed herein, we are not aware of any license or regulatory permit that is material to our business that might be adversely affected by our acquisition of Shares or ADSs pursuant to the Offer or of any approval or other action by any government or governmental, administrative or regulatory authority or agency, domestic, foreign or supranational, that would be required for our acquisition or ownership of Shares or ADSs pursuant to the Offer. Should any approval or other action be required, we presently contemplate that we will seek that approval or other action. We are unable to predict whether we will be required to delay the acceptance for payment of or payment for Shares or ADSs tendered pursuant to the Offer pending the outcome of any such matter. There can be no assurance that any approval or other action, if needed, would be obtained without substantial cost or conditions, or that the failure to obtain the approval or other action might not result in adverse consequences to our business and financial condition.

Chilean Securities Law

In accordance with Article 12 of the Capital Markets Law, upon successful completion of the Offer, IRSA must report the acquisition of the Shares to the CMF, the Santiago Stock Exchange and the Bolsa Electrónica de Chile – Bolsa de Valores, on the trading day following the date that the Results Notice is delivered to its relevant recipients.

Antitrust and Regulatory Laws

Under the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), certain acquisitions may not be consummated unless certain information has been furnished to the Federal Trade Commission and the Antitrust Division of the Department of Justice and certain waiting period requirements have been satisfied. Because IRSA already owns more than 50% of the outstanding voting shares of CCU, IRSA believes that the HSR Act is not applicable to the purchase of the Shares and/or the ADSs pursuant to the Offer and that such purchase will not violate such antitrust laws.

There are no requirements under Chilean law that the Chilean Fiscalía Nacional Económica (the “CAA”) be notified of the Offer. The CAA does, however, have broad authority to investigate any intended transaction that the CAA determines is likely to cause an adverse effect on, or lessen, competition. Although it is not anticipated that the CAA will investigate the Offer, no assurance can be given that the CAA will not determine that the Offer is anticompetitive and subject to the scrutiny of the CAA.

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Section 15. Extension of the Offer; Termination; Amendment.

In addition, subject to applicable law, we expressly reserve the right, for any reason, at any time and from time to time prior to the Expiration Date, and regardless of whether any of the events set forth in “The Offer — Section 13. Conditions of the Offer” shall have occurred or are deemed by us to have occurred, to extend the period of time during which the Offer is open and thereby delay acceptance for payment of, and payment for, any Shares or ADSs.

We will effect any such extension by giving oral or written notice of such extension to the Chilean Share Tender Agent, U.S. Share Tender Agent and the ADS Tender Agent and making a public announcement of the extension. We also expressly reserve the right, in our sole discretion, to terminate the Offer and reject for payment and not pay for any Shares or ADSs not theretofore accepted for payment or paid for or, subject to applicable law, to postpone payment for Shares or ADSs upon the occurrence of any of the conditions specified in “The Offer — Section 13. Conditions of the Offer” by giving oral or written notice of the termination or postponement to the Chilean Share Tender Agent, U.S. Share Tender Agent and the ADS Tender Agent and making a public announcement of the termination or postponement. Our reservation of the right to delay payment for Shares or ADSs which we have accepted for payment is limited by applicable law, which requires that we must pay the consideration offered or return the Shares or ADSs tendered promptly after termination or withdrawal of a tender offer. Subject to compliance with applicable law, we further reserve the right, in our sole discretion, and regardless of whether any of the events set forth in “The Offer — Section 13. Conditions of the Offer” have occurred or are deemed by us to have occurred, to amend the Offer prior to the Expiration Date for any reason. Amendments to the Offer may be made at any time and from time to time by public announcement. In the case of an extension of the Offer, such amendment must be issued no later than 9:00 a.m., New York City time, on the next business day after the last previously scheduled or announced Expiration Date in addition to the mandatory notices that we have to publish in two newspapers in Chile on or before the original expiration date. Any public announcement made pursuant to the Offer will be disseminated promptly to Share and ADS holders in a manner reasonably designed to inform Share and ADS holders of the change. Without limiting the manner in which we may choose to make a public announcement, except as required by applicable law or regulation, we shall have no obligation to publish, advertise or otherwise communicate any such public announcement other than by making a release through PR Newswire, Business Wire or another comparable service.

If we materially change the terms of the Offer or the information concerning the Offer, we will extend the Offer to the extent required by Rules 14e-1(a) and 14d-4(d) promulgated under the Exchange Act. These rules and certain related releases and interpretations of the SEC provide that the minimum period during which a tender offer must remain open following material changes in the terms of the Offer or information concerning the Offer (other than a change in price or a change in percentage of securities sought) will depend on the facts and circumstances, including the relative materiality of the terms or information; however, in no event will the Offer remain open for fewer than five (5) business days following such a material change in the terms of, or information concerning, the Offer. If (i) we make any change to increase the price to be paid for the Shares and ADSs, and (ii) the Offer is scheduled to expire at any time earlier than the expiration of a period ending on the tenth business day from, and including, the date that notice of an increase is first published, sent or given to Share and ADS holders in the manner specified in this “Section 15. Extension of the Offer; Termination; Amendment,” the Offer will be extended such that the expiration date is at least ten (10) business days after notice of the increase in the price as announced. For purposes of the Offer, a “business day” means any day other than a Saturday, Sunday or U.S. federal holiday and consists of the time period from 12:01 a.m. through midnight (the end of the day), New York City time.

Section 16. Fees and Expenses.

We have retained Georgeson LLC to act as Information Agent, Banchile Corredores de Bolsa S.A. to act as Chilean Share Tender Agent, Computershare Trust Company, N.A. and Computershare Inc. to act as U.S. Share Tender Agent and ADS Tender Agent, Goldman Sachs & Co. LLC, as Dealer Manager and U.S. Settlement Agent, Claro y Cia., as Chilean counsel, and Milbank LLP, as special U.S. counsel, in connection with the Offer. The Dealer Manager for the Offer and the Information Agent may contact holders of Shares or ADSs by mail, facsimile and personal interviews and may request brokers, dealers and other nominee Share and ADS holders to forward materials relating to the Offer to beneficial owners. Each of the Dealer Manager, the Information Agent,

50

the Chilean Share Tender Agent, U.S. Share Tender Agent and the ADS Tender Agent will receive reasonable and customary compensation for their respective services, will be reimbursed by IRSA for reasonable out-of-pocket expenses and will be indemnified against certain liabilities in connection with the Offer, including certain liabilities under the federal securities laws.

It is estimated that, assuming the Offer is fully subscribed, the expenses incurred by IRSA in connection with the Offer will be approximately as set forth below (in each case, inclusive of applicable taxes):

ADS Tender Agent and U.S. Share Tender Agent	US$128,000
Chilean Share Tender Agent	US$111,000
Information Agent	US$27,000
Dealer Manager and U.S. Settlement Agent	US$820,000
Legal Fees and Related Expenses	US$1,446,000
Filing Fees and Related Fees	US$43,000
Printing, Mailing and Distribution Expenses	US$8,000
Financing Expenses	US$1,935,000
Miscellaneous	US$164,000
Total	US$4,682,000

We will not pay any fees or commissions to brokers, dealers or other persons (other than fees to the Information Agent and the Dealer Manager for the Offer as described above) for soliciting tenders of Shares or ADSs pursuant to the Offer. Share or ADS holders holding Shares or ADSs through brokers, dealers and other nominee stockholders are urged to consult the brokers, dealers and other nominee stockholders to determine whether transaction costs may apply if Share or ADS holders tender Shares or ADSs through the brokers, dealers and other nominee Share or ADS holders and not directly to the Chilean Share Tender Agent, the U.S. Share Tender Agent or ADS Tender Agent, as applicable. We will, however, upon request, reimburse brokers, dealers and commercial banks for customary mailing and handling expenses incurred by them in forwarding the Offer and related materials to the beneficial owners of Shares or ADSs held by them as a nominee or in a fiduciary capacity. No broker, dealer, commercial bank or trust company has been authorized to act as our agent or the agent of the Dealer Manager for the Offer, the Information Agent, the Chilean Share Tender Agent, the U.S. Share Tender Agent or the ADS Tender Agent for purposes of the Offer.

Section 17. Miscellaneous.

We are not aware of any jurisdiction where the making of the Offer or the acceptance of Shares or ADSs pursuant to the Offer is not in compliance with applicable law. If we become aware of any jurisdiction where the making of the Offer or the acceptance of Shares or ADSs pursuant to the Offer is not in compliance with any valid applicable law, we will make a good faith effort to comply with such applicable law. If, after such good faith effort, we cannot comply with such applicable law, the Offer will not be made to, nor will tenders be accepted from or on behalf of, the Share or ADS holders residing in such jurisdiction.

We have filed with the SEC a Schedule TO which contains additional information relating to the Offer. The Schedule TO, including the exhibits and any amendments and supplements thereto, may be examined, and copies may be obtained, at the same places and in the same manner set forth in “The Offer — Section 9. Information Concerning IRSA” with respect to information concerning us. In any jurisdiction where the securities, blue sky or other laws require the Offer to be made by a licensed broker or dealer, the Offer will be deemed to be made on our behalf by one or more registered brokers or dealers licensed under the laws of the applicable jurisdiction.

You should only rely on the information contained in this Offer to Purchase and in the related Form of Chilean Share Acceptance, Form of U.S. Share Acceptance, or ADS Letter of Transmittal or to which we have referred you. We have not authorized any person to provide you with information or make any representation in connection with the Offer other than those contained in this Offer to Purchase, the related Form of Chilean Share Acceptance, Form of U.S. Share Acceptance or ADS Letter of Transmittal or in the other documents that constitute a part of the Offer. If given or made, any recommendation or any such information or representation must not be relied upon as having been authorized by us, IRSA’s Board of Directors, the Chilean Share Tender Agent, U.S. Share Tender Agent, the ADS Tender Agent, the Dealer Manager or the Information Agent.

May 19, 2021. Inversiones y Rentas S.A.

51

Annex A

 

Directors and Executive Officers of IRSA

The following table sets forth the information regarding each director and executive officer of IRSA.

To IRSA’s best knowledge, none of IRSA, or any of the persons listed in this Annex A, have been, during the past five (5) years, (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to any judicial or administrative proceeding during the past five years (except for matters that were dismissed without sanction or settlement) that resulted in a judgment, decree or final order enjoining the person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of federal or state securities laws.

IRSA’s principal business addresses is Enrique Foster Sur 20, 14th floor, Santiago, Chile, Telephone +(56 2) 2750-7210.

A.
Directors

Name and Citizenship	Address	Present and Material Occupations, Positions, Offices or Employment During the Past Five Years and Addresses
Carlos Molina Solís United States	396 Alhambra Circle PH1, Coral Gables, Florida, U.S.A	•	Chairman of IRSA (2012-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
		•	Board Member of CCU (2012-Present) Address: Vitacura 2670, 19th floor, Santiago, Región Metropolitana, Chile
José Francisco Pérez Mackenna Chilean	Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile	•	Vice Chairman of IRSA (2009-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
		•	Chief Executive Officer of Quiñenco S.A. (1998-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
		•	Board Member of CCU (2009-Present) Address: Vitacura 2670, 19th floor, Santiago, Región Metropolitana, Chile
		•	Nexans Board Member (2011-Present) Address: Le Vinci, 4 allée de l’Arche, 92400 Courbevoie, France
		•	Hapag-Lloyd Board Member (2015-Present) Address: Ballindamm 25, 20095 Hamburg, Germany
		•	Banco de Chile S.A. Board Member (2009-Present) Address: Ahumada 251, Santiago, Chile
		•	Invexans S.A. Board Member (2013-Present) Address: Enrique Foster Sur 20, 12th Floor, Las Condes, Santiago, Chile
		•	Sociedad Matriz SAAM S.A. Board Member (2013-Present) Address: Apoquindo 4800, Tower II, 18th Floor, Las Condes, Santiago, Chile
		•	Compañía Sud Americana de Vapores S.A. Board Member (2012-Present) Address: Hendaya 60, 14th Floor, Las Condes, Santiago, Chile
Rory Cullinan Irish	Flat 3, 89 Onslow Square, London. United Kingdom	•	Board Member of IRSA (2019-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
		•	Board Member of CCU (2019-Present) Address: Vitacura 2670, 19th floor, Santiago, Región Metropolitana, Chile

A-1

Name and Citizenship	Address	Present and Material Occupations, Positions, Offices or Employment During the Past Five Years and Addresses
Pablo José Granifo Lavín Chilean	Ahumada 251, Santiago, Chile	•	Board Member of IRSA (2013-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
		•	Chairman of the Board of Directors of Banco de Chile (2007-Present) Address: Ahumada 251, Santiago, Chile
		•	Board Member of CCU (2013-Present) Address: Vitacura 2670, 19th floor, Santiago, Región Metropolitana, Chile
		•	Board Member of Quiñenco (2019-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
Rodrigo Hinzpeter Kirberg Chilean	Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile	•	Board Member of IRSA (2015-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
		•	Board Member of CCU (2015-Present) Address: Vitacura 2670, 19th floor, Santiago, Región Metropolitana, Chile
		•	Quiñenco S.A. Legal Counsel (2014-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
		•	Invexans S.A. Board Member (2016-Present) Address: Enrique Foster Sur 20, 12th Floor, Las Condes, Santiago, Chile
Marc Gross French	Smeetsweg 1, 2382PH, Zoeterwoude, Holland	•	Board Member of IRSA (2020-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
		•	Board Member of CCU (2020-Present) Address: Vitacura 2670, 19th floor, Santiago, Región Metropolitana, Chile

B.
Executive Officers

Name and Citizenship	Address	Present and Material Occupations, Positions, Offices or Employment During the Past Five Years and Addresses
Alessandro Bizzarri Carvallo Chilean	Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile	•	Chief Executive Officer of IRSA (2009-Present). Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
		•	Partner Carvallo Bizzarri Garcia Law firm Address: Nueva Costanera 4229, Suite 206, Vitacura, Santiago, Chile
Rosita Covarrubias Gatica Chilean	Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile	•	Chief Financial Officer of IRSA (2013-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile

A-2

Annex B

 

Directors and Executive Officers of Quiñenco

The following table sets forth the information regarding each director and executive officer of Quiñenco.

To IRSA’s best knowledge, none of Quiñenco, or any of the persons listed in this Annex B, have been, during the past five (5) years, (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to any judicial or administrative proceeding during the past five years (except for matters that were dismissed without sanction or settlement) that resulted in a judgment, decree or final order enjoining the person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of federal or state securities laws.

Quiñenco’s principal business addresses is Enrique Foster Sur 20, 14th floor, Santiago, Chile, Telephone +(56 2) 2750-7100.

A.
Directors

Name and Citizenship	Address	Present and Material Occupations, Positions, Offices or Employment During the Past Five Years and Addresses
Andrónico Luksic Craig Chilean	Enrique Foster Sur 20, 14th floor, Santiago, Chile	•	Chairman of the Board of Directors of Quiñenco (1997-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
		•	Vice Chairman of the Board of Directors of Banco de Chile (2009-Present) Address: Ahumada 251, Santiago, Chile
		•	Nexans Board Member (2013-Present) Address: Le Vinci, 4 allée de l’Arche, 92400 Courbevoie, France
		•	Director of various companies
Jean-Paul Luksic Fontbona Chilean	Apoquindo 4001, 22nd Floor, Las Condes, Santiago, Chile	•	Non-Executive Chairman of Antofagasta plc (2014-Present) Address: Cleveland House, 33 King Street, London SW1Y 6RJ, United Kingdom
		•	Chairman of Antofagasta Minerals (2004-Present) Address: Apoquindo 4001, 18th Floor, Las Condes, Santiago, Chile
		•	Vice Chairman of the Board of Directors of Quiñenco (1993-Present) Address: Enrique Foster Sur 20, 14th floor, Santiago, Chile
		•	Director of various companies
Nicolás Luksic Puga Chilean	Enrique Foster Sur 20, 21st Floor, Santiago, Chile	•	Board Member of Quiñenco S.A. (2013-Present) Address: Enrique Foster Sur 20, 14th floor, Santiago, Chile
		•	Chairman Inmobiliaria e Inversiones Rio Claro S.A. (2013-Present) Address: Enrique Foster Sur 20, 21st Floor, Santiago, Chile
Andrónico Luksic Lederer Chilean	Apoquindo 4001, 21st Floor, Santiago, Chile	•	Board Member of Quiñenco S.A. (2014-Present) Address: Enrique Foster Sur 20, 14th floor, Santiago, Chile
		•	Antofagasta Minerals -Development Vice President (2015-Present) Address: Apoquindo 4001, 18th Floor, Las Condes, Santiago, Chile
Carolina de la Huerta Aguirre Chilean	Espoz 2683, Vitacura, Santiago, Chile	•	Board Member of Quiñenco S.A. (2020-Present) Address: Enrique Foster Sur 20, 14th floor, Santiago, Chile
		•	Chairman of Luksic Foundation (2020-Present)
			Address: Hendaya 60, Suite 801, Las Condes, Santiago, Chile

B-1

Name and Citizenship	Address	Present and Material Occupations, Positions, Offices or Employment During the Past Five Years and Addresses
Hernán Büchi Buc Chilean	Alcántara 498, Las Condes, Santiago, Chile	•	Board Member of Quiñenco S.A. (1997-Present) Address: Enrique Foster Sur 20, 14th floor, Santiago, Chile
		•	Banco de Chile S.A. Board Member (2019-Present)
			Address: Ahumada 251, Santiago, Chile
		•	Invexans S.A. Board Member (2013-Present)
			Address: Enrique Foster Sur 20, 12th Floor, Las Condes, Santiago, Chile
		•	Sociedad Matriz SAAM S.A. Board Member (2013-Present)
			Address: Apoquindo 4800, Tower II, 18th Floor, Las Condes, Santiago, Chile
		•	Compañía Sud Americana de Vapores S.A. Board Member (2013-Present)
			Address: Hendaya 60, 14th Floor, Las Condes, Santiago, Chile
		•	Director of various companies
Pablo Granifo Lavin Chilean	Ahumada 251, Santiago, Chile	•	Board Member of Quiñenco S.A. (2019-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
		•	Board Member of IRSA (2013-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
		•	Chairman of the Board of Directors of Banco de Chile (2007-Present)
			Address: Ahumada 251, Santiago, Chile
		•	Board Member of CCU (2013-Present) Address: Vitacura 2670, 19th floor, Santiago, Región Metropolitana, Chile
Matko Koljatic Maroevic Chilean	Camino Otoñal 2555, Las Condes, Santiago, Chile	•	Board Member of Quiñenco S.A. (2003-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
		•	Director of various companies

B-2

B.
Executive Officers

Name and Citizenship	Address	Present and Material Occupations, Positions, Offices or Employment During the Past Five Years and Addresses
Francisco Pérez Mackenna Chilean	Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile	•	Chief Executive Officer (1998-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
		•	Vice Chairman of IRSA (2009-Present)
			Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
		•	Board Member of CCU (2009-Present)
			Address: Vitacura 2670, 19th floor, Santiago, Región Metropolitana, Chile
		•	Nexans Board Member (2011-Present)
			Address: Le Vinci, 4 allée de l’Arche, 92400 Courbevoie, France
		•	Hapag-Lloyd Board Member (2015-Present)
			Address: Ballindamm 25, 20095 Hamburg, Germany
		•	Banco de Chile S.A. Board Member (2009-Present)
			Address: Ahumada 251, Santiago, Chile
		•	Invexans S.A. Board Member (2013-Present)
			Address: Enrique Foster Sur 20, 12th Floor, Las Condes, Santiago, Chile
		•	Sociedad Matriz SAAM S.A. Board Member (2013-Present)
			Address: Apoquindo 4800, Tower II, 18th Floor, Las Condes, Santiago, Chile
		•	Compañía Sud Americana de Vapores S.A. Board Member (2012-Present)
			Address: Hendaya 60, 14th Floor, Las Condes, Santiago, Chile
Luis Fernando Antúnez Bories Chilean	Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile	•	Chief Financial Officer (1996-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
Mauricio Lob De La Carrera Chilean	Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile	•	Manager of Corporate Affairs and Social Management (2020-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
		•	Public Affairs Manager (2014 – 2020)
			Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
Diego Bacigalupo Aracena Chilean	Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile	•	Business Development Manager (2017-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
		•	Sociedad Matriz SAAM S.A. Board Member (2018-Present)
			Address: Apoquindo 4800, Tower II, 18th Floor, Las Condes, Santiago, Chile
Rodrigo Hinzpeter Kirberg Chilean	Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile	•	Chief Counsel (2014 -Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
		•	Board Member of IRSA (2015-Present)
			Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile

B-3

Name and Citizenship	Address	Present and Material Occupations, Positions, Offices or Employment During the Past Five Years and Addresses
		•	Board Member of CCU (2015-Present)
			Address: Vitacura 2670, 19th floor, Santiago, Región Metropolitana, Chile
		•	Invexans S.A. Board Member (2016-Present)
			Address: Enrique Foster Sur 20, 12th Floor, Las Condes, Santiago, Chile
Pedro Marín Loyola Chilean	Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile	•	Performance Control Manager and Internal Auditor (1999-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
Pilar Rodriguez Alday Chilean	Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile	•	Investor Relations Manager (2008-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
Alvaro Sapag Rajevic Chilean	Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile	•	Sustainability Manager (2014-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
Andrea Tokman Ramos Chilean/U.S.	Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile	•	Chief Economist (2014-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
Davor Domitrovic Grubisic Chilean	Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile	•	Head of Legal and Prevention Manager (2014-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile
Óscar Henríquez Vignes Chilean	Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile	•	General Accountant (1996-Present) Address: Enrique Foster Sur 20, 14th floor, Las Condes, Santiago, Chile

B-4

Annex C

 

Legal Representatives of Heineken Chile

The following table sets forth the information regarding each legal representative of Heineken Chile.

To IRSA’s best knowledge, none of Heineken Chile, or any of the persons listed in this Annex C, have been, during the past five (5) years, (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to any judicial or administrative proceeding during the past five years (except for matters that were dismissed without sanction or settlement) that resulted in a judgment, decree or final order enjoining the person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of federal or state securities laws.

Heineken Chile’s principal business addresses is Mariano Sanchez Fontecilla 310, 2^nd floor, Suite 201, Las Condes, Santiago, Chile, Telephone +(56 2) 2347-1000.

Heineken Chile is organized as a Chilean limited liability company and it has no board of directors given that it is managed by one of its partners, Heineken International B.V., a Dutch limited liability company. Heineken International B.V., as manager of Heineken Chile, has appointed different legal representatives so they may represent and act on behalf of Heineken Chile with specific powers and limitations set forth in Heineken Chile’s outstanding powers of attorney (“PoA”). Heineken Chile’s legal representatives are listed below:

Legal Representatives

Name and Citizenship	Address	Present and Material Occupations, Positions, Offices or Employment During the Past Five Years and Addresses
Jesús García Sánchez-Reyes	Avenida Vitacura 2670, 19th floor, Las Condes, Santiago, Chile.	•	Heineken Chile's legal representative (pursuant to outstanding PoA) (2016 – Present).
Spanish			Address: Mariano Sanchez Fontecilla 310, 2nd floor, Suite 201, Las Condes, Santiago, Chile
		•	General Controller at Compañía Cervecerías Unidas S.A. (CCU) (2015 – Present).
		•	Address: Avenida Vitacura 2670, 19th floor, Las Condes, Santiago, Chile.
Sebastián Obach González	Avenida Andrés Bello 2711, 19th floor, Las Condes, Santiago, Chile.	•	Heineken Chile's legal representative (pursuant to outstanding PoA) (2007 – Present).
Chilean			Address: Mariano Sanchez Fontecilla 310, 2nd floor, Suite 201, Las Condes, Santiago, Chile.
		•	Senior Counsel / Consulting Lawyer at Cariola Díez Pérez-Cotapos Law Firm (1982 – Present).
			Address: Avenida Andrés Bello 2711, 19th floor, Las Condes, Santiago, Chile.
		•	Director of various companies.
Francisco Javier Illanes Munizaga	Avenida Andrés Bello 2711, 19th floor, Las Condes, Santiago, Chile.	•	Heineken Chile's legal representative (pursuant to outstanding PoA) (2018 – Present).
Chilean			Address: Mariano Sanchez Fontecilla 310, 2nd floor, Suite 201, Las Condes, Santiago, Chile.
		•	Partner at Cariola Díez Pérez-Cotapos Law Firm (1987 – Present).
			Address: Avenida Andrés Bello 2711, 19th floor, Las Condes, Santiago, Chile.
		•	Director of various companies.

C-1

Name and Citizenship	Address	Present and Material Occupations, Positions, Offices or Employment During the Past Five Years and Addresses
Gerardo Varela Alfonso	Avenida Andrés Bello 2711, 19th floor, Las Condes, Santiago, Chile.	•	Heineken Chile's legal representative (pursuant to outstanding PoA) (2007 – 2018, and from 2019 - Present).
Chilean			Address: Mariano Sanchez Fontecilla 310, 2nd floor, Suite 201, Las Condes, Santiago, Chile.
		•	Partner at Cariola Díez Pérez-Cotapos Law Firm (1996 – Present, and associate from 1990 – 1996 in the same firm).
			Address: Avenida Andrés Bello 2711, 19th floor, Las Condes, Santiago, Chile.
		•	Board Member of the Board of Directors of Sociedad Procesadora de Leche del Sur S.A. (2020 – Present).
			Address: Avenida Vitacura 4465, Vitacura, Santiago, Chile.
		•	Chairman of the Board of Directors of Sociedad Procesadora de Leche del Sur S.A. (2018 – 2020).
			Address: Avenida Vitacura 4465, Vitacura, Santiago, Chile.
		•	Vice-Chairman of the Board of Directors of Sociedad Procesadora de Leche del Sur S.A. (2011 – 2018).
			Address: Avenida Vitacura 4465, Vitacura, Santiago, Chile.
		•	Board Member of the Board of Directors of Soprole Inversiones S.A. (2016, 2018).
			Address: Avenida Vitacura 4465, Vitacura, Santiago, Chile.
		•	Chairman of the Board of Directors of Soprole Inversiones S.A. (2010 – 2018).
			Address: Avenida Vitacura 4465, Vitacura, Santiago, Chile.
		•	Minister of Education (Chile) (2018).
		•	Director of various other companies.
Andrea Saffie Vega	Avenida Andrés Bello 2711, 19th floor, Las Condes, Santiago, Chile.	•	Heineken Chile's legal representative (pursuant to outstanding PoA) (2020 – Present).
Chilean			Address: Mariano Sanchez Fontecilla 310, 2nd floor, Suite 201, Las Condes, Santiago, Chile.
		•	Partner at Cariola Díez Pérez-Cotapos Law Firm (2020 – Present, and associate from 2008 – 2020 in the same firm).
			Address: Avenida Andrés Bello 2711, 19th floor, Las Condes, Santiago, Chile.
		•	Alternate Board Member of the Board of Directors of Sociedad Procesadora de Leche del Sur S.A. (2020 – Present).
			Address: Avenida Vitacura 4465, Vitacura, Santiago, Chile.
		•	Alternate Board Member of the Board of Directors of Soprole Inversiones S.A. (2020 – Present).
			Address: Avenida Vitacura 4465, Vitacura, Santiago, Chile.
		•	Director of other companies.

C-2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The U.S. Share Tender Agent and ADS Tender Agent for the Offer is:

Computershare

By Mail:	By Overnight Delivery:
Computershare Computershare Trust Company N.A. Voluntary Corporate Actions P.O Box 43011 Providence RI 02940-3011	Computershare Computershare Trust Company N.A Voluntary Corporate Actions 150 Royall Street, Suite V Canton, MA 02021

The Chilean Share Tender Agent for the Offer is:

Banchile Corredores de Bolsa S.A.

By First Class Mail:

 

Banchile Corredores de Bolsa S.A.

Enrique Foster Sur N°20, 6th floor,

Las Condes, Santiago, Chile

Confirmation Telephone Number:

+56 22 661 24 85

Questions or requests for assistance may be directed to the Information Agent at its telephone numbers and address set forth below. Questions or requests for assistance or additional copies of this Offer to Purchase and the ADS Letter of Transmittal may be directed to the Information Agent at the address and telephone numbers set forth below. Share or ADS holders may also contact their broker, dealer, commercial bank or trust company for assistance concerning the Offer.

The Information Agent for the Offer is:

 

1290 Avenue of the Americas, 9th Floor

New York, NY 10104

Share or ADS holders, Banks and Brokers

Call Toll Free: +1-888-680-1526 (for holders in North America)

+1-781-575-2137 (for holders outside North America)

The Dealer Manager for the Offer is:

Goldman Sachs & Co. LLC