Compañía Cervecerías Unidas S.A.

CCU and C.C.U.

90.413.000 – 1

1.4.            Securities Register No.

Av. Vitacura 2670, piso 23, comuna de Las Condes, Región Metropolitana, Santiago, Chile.

1.6.            Phone

Compañía Cervecerías Unidas S.A., through its subsidiaries and affiliates (hereinafter together "CCU"), is a regional multi-category beverage company, with operations in Chile, Argentina, Bolivia, Colombia, Paraguay and Uruguay. In Chile, CCU is one of the largest players in each one of the beverage categories in which it participates, including beer, soft drinks, mineral and bottled water, juice, wine and pisco, among others.

In South America, it is the second largest brewer in Argentina and also participates in the cider, spirits and wine industries; in Uruguay and Paraguay it operates in the beer, mineral and bottled water, soft drinks, wine and juice categories; in Bolivia it participates in the beer, bottled water, soft drinks, juice and malt beverage industries; in Colombia it participates in the beer and malt beverage industry.

3.1.            Currency

USD 600,000,000

The Notes will be issued in the form of one or more global notes without coupons. Notes sold in reliance on Rule 144A will be deposited with Citibank, N.A. as Trustee and custodian for the Depository Trust Company (“DTC”) and registered in the name of DTC or its nominee, and the Notes to be sold outside the United States in reliance on Regulation S will be deposited with the Trustee as custodian for DTC, or its nominee for the accounts its direct or indirect participants , including Euroclear Bank S.A./N.V. as operator of of Euroclear System, and and Clearstream Banking, société anonyme.

1

3.4.1.                 Original Amount of the Series

USD 600,000,000

N/A

The Notes will be issued in minimum denominations of US$150,000 and integral multiples of US$1,000 in excess thereof.

N/A

3.350%

3.4.6.                 Issue Date

January 19, 2022

3.5.1.                Type and Amount of Guarantees

3.6.            Extraordinary Redemption

Subject to the terms of the Indenture, the issuer may redeem them in accordance with the following:

(1) Make-whole Redemption: Prior to October 19, 2031 (three months prior to their maturity date) (the “Par Call Date”), the Issuer may redeem the Notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

(a)             (i) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (considering the Par Call Date as the maturity date of the Notes) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate for applicable United States treasury notes plus 25 basis points less (ii) interest accrued to the date of redemption, and

(b)    100% of the principal amount of the Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date.

(2) Par Call Redemption: On or after the Par Call Date, the Issuer may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.

(3) Tax Redemption: The Notes may be redeemed, in whole but not in part, at the Issuer’s option, at a redemption price equal to 100% of the outstanding principal amount of the Notes, plus accrued and unpaid interest, if any, to the redemption date and any Additional Amounts, if: (i) as a result of any change to the tax laws of a Relevant Jurisdiction, the Issuer has or will become obligated to pay Additional Amounts in respect of interest received on the Notes at a rate of withholding or deduction in excess of 4.0%, and (ii) such change occurs on or after the date of the Indenture, and such obligation cannot be avoided by the Issuer.

Notes sold to the Initial Purchasers in the United States of America.

5.2.            Standards for approval of Transaction

The Notes will be unsecured and unsubordinated obligations and will, at all times, rank pari passu in right of payment with all other existing and future unsecured and unsubordinated indebtedness (except for obligations preferred by operation of Chilean law, including labor and tax claims). The Notes will be effectively subordinated to secured debt to the extent of the assets securing such debt. In addition, the Notes will be structurally subordinated to all existing and future unsecured and unsubordinated debt and other liabilities (including trade payables) of our subsidiaries.

As of September 30, 2021, the Issuer had CLP 355,280 million (equivalent to US$438 million) aggregate principal amount of indebtedness outstanding that ranked pari passu in right of payment with the Notes, with no secured indebtedness. As of September 30, 2021, our subsidiaries had CLP 146,379 million (equivalent to US$335 million) of indebtedness outstanding.

The Notes are redeemable at the Issuer’s option, as follows:

(1) Make-Whole Redemption: Prior to October 19, 2031 (three months prior to the Maturity Date) (the “Par Call Date”), the Company may redeem the Notes at its option, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of:

(a) (i) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points less (ii) interest accrued to the Redemption Date, and (b) 100% of the principal amount of the Notes to be redeemed. In either case, plus accrued and unpaid interest thereon to the Redemption Date.

(2) Par Call Redemption: On or after the Par Call Date, the Company may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to the Redemption Date.

The Indenture contains covenants applicable to the Issuer and certain of its Significant Subsidiaries including, among other things:

• limitation on liens;

• limitation on sale and leaseback transactions;

• consolidation, merger, sale or conveyance; and

• reporting requirements.

These covenants are subject to important exceptions and qualifications.

The issue contemplates certain events of default (Events of Default); the occurrence of an Event of Default may entail the acceleration of the Notes and the exercise of other rights, subject to (i) certain limitations and agreed-upon cures and cure periods, (ii) the procedures set forth in the Indenture, and (iii) in any case, subject to the insolvency financial protection rules contemplated in Law No. 20,720 (Law of Reorganization and Liquidation of Companies and Individuals). The following are Events of Default under the Notes:

a)                the Company defaults in the payment of any principal of the Notes, when due and payable;

b)               the Company defaults in the payment of any interest or any Additional Amount when due and payable on any Note and the continuance of such default for a period of 30 days;

c)                the Company fails to perform or observe any other covenant or agreement in the Notes and such default continues for more than 90 days after written notice of such default has been given to the Issuer by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding;

d)               a default in the payment of the principal of, or interest on, Indebtedness of the Company or any of its Significant Subsidiaries, other than the Notes, in an aggregate principal amount exceeding US$150,000,000, if such default shall continue for more than the period of grace;

e)                one or more final and non-appealable judgments or decrees rendered for the payment of money having an aggregate principal amount exceeding US$150,000,000 against the Company or any Significant Subsidiary and are not paid, as long as such judgment or decree is not dismissed or discharged within the periods set forth in the Indenture;

f)                a final decree or order by a court having jurisdiction has been entered adjudging the Company or any of its Significant Subsidiaries as bankrupt or insolvent; or a final decree or order of a court having jurisdiction has been entered for the appointment of a receiver or liquidator or for the liquidation or dissolution of the Company or any of its Significant Subsidiaries pursuant to bankruptcy or insolvency laws (other than insolvency financial protection (protección financiera concursal)) and such decree or order is not stayed or lifted within the periods set forth in the Indenture;

g)                the Company or any of its Significant Subsidiaries institutes any proceeding to be adjudicated as voluntary bankrupt or reorganization, or consents to the filing of a bankruptcy or reorganization proceeding against it, or the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of it or its property (other than insolvency financial protection (protección financiera concursal)).

The Notes have not been registered and the Issuer does not intend to register them with the U.S. Securities and Exchange Commission ("SEC") under the U.S. Securities Act of 1933, as amended, and are subject to restrictions on transfer and resale.

The Notes have not been and will not be registered with or approved by the Comisión de Mercados Financieros (CMF). Accordingly, the Notes cannot and will not be offered or sold, directly or indirectly, in a public offering under Chilean law No. 18,045 and regulations of the CMF.