CCU Compania Cervecerias Unidas SA

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Filed Pursuant to Rule 424(b)(2)
Registration No. 333-190641

Prospectus supplement

(To prospectus dated August 15, 2013)

22,583,797 shares

Compañía Cervecerías Unidas S.A.

Common stock in the form of shares or American Depositary Shares

We are offering 22,583,797 shares of our common stock in the form of shares or American Depositary Shares (“ADSs”). This prospectus relates to an offering by the international underwriters of 8,581,842 shares in the form of ADSs in the United States and elsewhere outside Chile. The Chilean placement agents are offering 14,001,955 shares in Chile. Each ADS represents two shares of our common stock. The ADSs initially will be evidenced by American Depositary Receipts (“ADRs”).

All of the shares of common stock will be sold initially through a book auction on the Santiago Stock Exchange in a process known as subasta de un libro de órdenes , in compliance with Chilean law and the rules of the Santiago Stock Exchange. All orders of shares of common stock made by prospective purchasers, including by the international underwriters for purposes of the international offering, must be placed through an authorized Chilean broker under Chilean law. See “Order Book Auction.” The shares of common stock awarded to the international underwriters in the subasta de un libro de órdenes will be eligible for deposit in our ADS facility, subject to the terms of our amended and restated deposit agreement dated as of July 31, 2013 (the “Deposit Agreement”). See “Underwriting.”

Our ADSs are traded on the New York Stock Exchange under the symbol “CCU,” and our shares of common stock are traded on the Santiago Stock Exchange, the Chilean Electronic Stock Exchange and the Valparaiso Stock Exchange, also under the symbol “CCU”. On September 12, 2013, the closing prices on the New York Stock Exchange per ADS and on the Santiago Stock Exchange per share were US$26.68 and CLP 6,702.6, respectively.

Investing in our common stock involves risks. See “ Risk Factors ” beginning on page S-11 of this prospectus supplement and on page 6 of our annual report on Form 20-F for the year ended December 31, 2012, which is incorporated by reference herein.

Note: Figures for “Per ADS” and “ADSs” reflect amounts attributable to the offering of ADSs in the United States and elsewhere outside Chile, and figures for “Per Share” and “Shares” reflect amounts attributable to the offering of shares in Chile.

The global offering is part of a capital increase of 51,000,000 shares of our common stock approved by our shareholders on June 18, 2013. In connection with the capital increase, we are required by Chilean law to make a preemptive rights offering to our existing shareholders (including shares represented by ADSs) of 51,000,000 shares of our common stock. In the preemptive rights offering, we will be offering existing holders of shares of our common stock, including ADR holders, the right to subscribe for newly issued shares of common stock at the price at which shares of common stock, in the form of shares, are being offered in Chile. The Company plans to market the global offering prior to the commencement of the preemptive rights offering and price it on the date before the commencement of the preemptive rights offering. The preemptive rights offering in Chile will commence on September 13, 2013 and must remain open for 30 days. Our controlling shareholder has indicated that it will waive its rights with respect to 22,583,797 shares of common stock subject to such preemptive rights offering and these shares will be made available for the global offering. See “Preemptive Rights Offering.”

Our company and our shares of common stock have been registered with the Superintendencia de Valores y Seguros (the Chilean Superintendency of Securities and Insurance, or the SVS). The SVS has not approved or disapproved of the securities offered hereby (including in the form of ADSs) or determined if this prospectus or the Spanish language prospectus that will be used in Chile is truthful or complete.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The shares will be ready for delivery on or about September 17, 2013.

Sole Global Coordinator and Joint Bookrunner

Joint Bookrunners

The date of this prospectus supplement is September 12, 2013.

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Prospectus supplement

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About this prospectus

This document is in two parts. The first part is this prospectus supplement, which describes the specific terms of this offering and also adds to and updates information contained in the accompanying prospectus and the documents incorporated by reference into this prospectus supplement and the accompanying prospectus. The second part, the accompanying prospectus, gives more general information about us and the securities we may offer from time to time under our shelf registration statement, some of which may not apply to this offering. If the description of this offering in the accompanying prospectus is different from the description in this prospectus supplement, you should rely on the information contained in this prospectus supplement.

You should read this prospectus supplement, the accompanying prospectus, the documents incorporated by reference into this prospectus supplement and the accompanying prospectus, the additional information described under “Where You Can Find More Information” and “Incorporation by Reference” in this prospectus supplement and any free writing prospectus provided in connection with this offering before deciding whether to invest in the securities offered by this prospectus supplement.

You should not consider any information in this prospectus supplement or the accompanying prospectus to be investment, legal or tax advice. You should consult your own counsel, accountants and other advisers for legal, tax, business, financial and related advice regarding the purchase of any of the securities offered by this prospectus supplement.

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Non-GAAP/IFRS information

In this prospectus supplement, we present Operating Result, which is a non-IFRS and non-GAAP financial measure. A non-IFRS and non-GAAP financial measure does not have a standardized meaning prescribed by either IFRS or U.S. GAAP. For management purposes, Operating Result is defined as earnings before other gains (losses), net financial expense, equity and income of joint ventures, foreign currency exchange differences, result as per adjustment units and income taxes.

Our management believes that disclosure of Operating Result provides useful information to investors and financial analysts in their review of our operating performance and their comparison of our operating performance to the operating performance of other companies in the beverage industry and other industries. Operating Result is not a substitute for IFRS or U.S. GAAP measures of earnings. Investors should also note that our presentation of Operating Result may not be comparable to similarly titled indicators used by other companies.

The following is a reconciliation of our gains (losses) from operational activities, the most directly comparable IFRS measure to Operating Result for the years ended December 31, 2008, 2009, 2010, 2011, 2012 and the six-month periods ended June 30, 2012 and 2013.

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Where you can find more information

We file annual and current reports and other information, including the registration statement of which this prospectus supplement is a part and exhibits to the registration statement, with the SEC. Our SEC filings are available to the public from the SEC’s web site at http://www.sec.gov. You may also read and copy any document we file at the SEC’s public reference room in Washington, D.C. located at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. You may also obtain copies of any document we file at prescribed rates by writing to the Public Reference Section of the SEC at that address. Please call the SEC at 1-800-SEC-0330 for further information on the public reference room. Information about us, including our SEC filings, is also available on our website at http://www.ccu.cl and/or http://www.ccuinvestor.com. We are an issuer in Chile of securities registered with the SVS. Shares of our common stock are traded on the Santiago Stock Exchange, the Chilean Electronic Stock Exchange and the Valparaiso Stock Exchange, which we refer to collectively as the “Chilean Stock Exchanges,” under the symbol “CCU”. Accordingly, we are currently required to file quarterly and annual reports and issue hechos esenciales o relevantes (notices of essential or material events) to the SVS, and provide copies of such reports and notices to the Chilean Stock Exchanges. All such reports are in Spanish and available at http://www.ccu.cl and/or http://www.ccuinvestor.com and http://www.svs.cl. The information contained on and linked from our Internet site or the SVS site is not incorporated by reference into this prospectus supplement and the accompanying prospectus.

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Incorporation by reference

We are “incorporating by reference” in this prospectus supplement specified documents that we file with the SEC, which means:

We incorporate by reference in this prospectus supplement the documents listed below and any future Annual Reports on Form 20-F and any future Reports on Form 6-K (to the extent designated in the Form 6-K as being filed and incorporated by reference in this prospectus supplement) that we file with the SEC under the Securities Exchange Act of 1934, as amended, or the Exchange Act, after the date of this prospectus supplement and prior to the termination of the offering under this prospectus supplement:

We are not incorporating any document or information furnished and not filed in accordance with SEC rules. Upon written or oral request, we will provide you with a copy of any of the incorporated documents without charge (not including exhibits to the documents unless the exhibits are specifically incorporated by reference into the documents). You may submit such a request for this material to Compañía Cervecerías Unidas S.A., Vitacura 2670, Twenty-Third Floor, Santiago, Chile, Attention: Investor Relations, Felipe Arancibia (562) 2427-3050/(562) 2427-3104 or via e-mail to faranci@ccu.cl and/or investor@ccuinvestor.com.

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Risk factors

An investment in the securities offered hereby involves certain risks. In addition to the other information contained in, or incorporated by reference into, this prospectus supplement and the accompanying prospectus, you should carefully consider the following discussion of risks before deciding whether an investment in these securities is suitable for you. In addition, you should carefully consider the other risks, uncertainties and assumptions that are set forth under the caption “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2012, as the same may be updated from time to time by our future filings under the Exchange Act, before investing in these securities. For more information, see the section entitled “Incorporation by Reference” in this prospectus supplement.

Risks related to our business

Potential changes to Chilean tax rules may result in an increase in the prices of our products and a corresponding decline in sales volumes.

Michelle Bachelet, former president of Chile and a candidate in the presidential elections scheduled for November of this year, is proposing to replace the existing “ad valorem” tax on beer, wine and liquor products with an excise tax related to the amount of alcohol in each product, which could significantly increase the price of our alcoholic products. In addition, Ms. Bachelet has also proposed to increase income tax rates and other changes to existing tax rules.

The passage of these proposals, or any similar proposals, would be contingent on Michelle Bachelet, succeeding in the elections, pursuing the contemplated agenda and having the support of the Chilean parliament. While previous administrations have in the past attempted to implement proposals to modify these taxes without success as a result of the opposition by the then current parliament, the November 17, 2013 elections include the election of the entire House of Representatives as well as half of the Senate. We cannot predict with any certainty the political climate in Chile following these elections, and the potential existence of support, or lack thereof, to such tax reforms in the future. If these or similar reforms are implemented in Chile, consumers of our products may decrease their purchases, and accordingly, we cannot assure you that we will be able to maintain our current levels of sales or cash flows.

These proposed reforms and any other similar proposals not currently known to us could have a material and adverse effect on our business, results of operations and financial condition.

Concentration of sales to certain customers may result in a significant decline in sales if those customers discontinue making timely payments.

We rely on a limited number of customers to provide a substantial portion of our revenue. Our sales to a particular client or a sub-set of clients continues to represent a significant portion of our sales, significant fluctuations in revenues and results of operations could arise if any of our significant clients were unable to or unwilling to pay for purchased products. If the financial situation of a client deteriorates, insurance companies insuring such client’s accounts receivables may refuse to cover those obligations, or if a client declares bankruptcy we may not be able to collect the debt they owe to us.

One of our largest customers, which accounts for about 5% of our sales has recently violated its covenants under certain of its indebtedness and is in discussions with its creditors regarding a

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recapitalization. If this customer is unable to successfully reach an agreement with its creditors and complete its recapitalization, it may decrease its purchases from us or default on its payment obligations to us. Part of the amount owed to us is currently insured by a credit insurance company, but we cannot assure that such insurance will be available in the future. Moreover, if a default or decrease in purchases occurs during the summer season, the impact could be greater.

Events reported in the media, such as incidents involving beverage contamination, sabotage or tampering, whether or not accurate, can cause damage to our brand reputation and suddenly affect our sales and profitability.

Reports, whether true or not, of illnesses and injuries caused by beverage contamination, sabotage or tampering have in the past severely injured the reputations of participants in the food and beverages industry and could in the future affect us as well. Our brand reputation is one of our most important assets; anything that damages our brand reputation could immediately and severely hurt our sales and, accordingly, our revenues and profits. Product quality issues, real or imagined, or allegations of product contamination or tampering, even if false or unfounded, could tarnish the image of the affected brands and cause customers to choose other products. If any consumer becomes ill as a result of product contamination, sabotage or tampering, we could also be forced to temporarily close some of our facilities or recall our products from the distribution chain as we investigate the source of product contamination. In addition, instances of beverage contamination, sabotage or tampering, even those occurring solely with respect to the products of our competitors, could, by resulting in negative publicity about our industry, adversely affect our sales. On August 10, 2013, a person was reported ill in Antofagasta, Chile, after drinking from a bottle of Cachantun mineral water, which is produced by us. The Health Authorities have confirmed that the bottle contained ammonia, which is not used in the production process of Cachantun mineral water. After an investigation, the Health Authorities released all the products that had been retained as a precautionary measure at our Antofagasta distribution center. As the adulteration of the product is believed to have occurred after leaving our facilities, we expect that the Health Authorities will transmit the results of their investigation to a criminal prosecutor. Additionally, filed a criminal accusation against any potentially responsible parties, which as of the date of this prospectus supplement have not been identified. Our mineral water plant has the highest standards of quality, the latest technology and international certifications, such as Food Safety Management System (HACCP, ISO 22000), Environmental Management System (ISO 14001) and Occupational Health and Safety System (OHSAS 18001). Although this is an isolated event, we cannot determine the impact on our sales and brand reputation, if any.

Risks related to the offering

Shareholders will not have guaranteed access to the Formal Exchange Market in Chile.

In connection with our initial public offering of ADSs, we entered into a foreign investment contract (the “Foreign Investment Contract”) with the Chilean Central Bank and the depositary, pursuant to Article 47 of the Central Bank Act and former Chapter XXVI of the Compendium (“Chapter XXVI”), which governed the issuance of ADSs by a Chilean company. Pursuant to the Foreign Investment Contract, the foreign exchange for payments and distributions with respect to the ADSs may be purchased in either the Formal Exchange Market or the Informal Exchange Market, but such payments must be necessarily remitted through the Formal Exchange Market.

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As of April 19, 2001, Chapter XXVI was eliminated and new investments in ADSs by non-residents of Chile are now governed instead by Chapter XIV of the Compendium. This change was made with the purpose of simplifying and facilitating the flow of capital to and from Chile. As a result of the elimination of Chapter XXVI, access to the Formal Exchange Market is no longer assured.

We have recently begun the process of terminating our Foreign Investment Contract, and accordingly, current ADS holders will no longer have the benefits of the Foreign Investment Contract, including guaranteed access to the Formal Exchange Market.

Exchange controls and withholding taxes in Chile may limit repatriation of your investment.

Equity investments in Chile by persons who are not Chilean residents are generally subject to various exchange control regulations that govern the repatriation of investments and earnings. In particular, these securities will be subject to Chapter XIV of the Central Bank of Chile’s Compendium of Foreign Exchange Regulations (Compendio de Normas de Cambios Internacionales, or “Compendium”), or “Chapter XIV”.

Chapter XIV regulates the following kinds of investments: credits, deposits, investments and equity contributions (such as the contributions to be made to the Company pursuant to the Capital Increase).

A Chapter XIV investor may at any time repatriate an investment made in our Company upon the sale of our shares and the profits derived therefrom, with no monetary ceiling, subject to the then-effective regulations, which transfer of funds must be reported to the Central Bank of Chile.

Except for compliance with tax regulations and certain reporting requirements, currently there are no rules in Chile affecting repatriation rights, except that the remittance of foreign currency must be made through a Formal Exchange Market (Mercado Cambiario Formal) entity. However, the Central Bank of Chile has the authority to change such rules and impose exchange controls.

We cannot assure you that additional Chilean restrictions applicable to the holders of ADSs, the disposition of the shares underlying the ADSs or the repatriation of the proceeds from such disposition or the payment of dividends will not be imposed in the future, nor can we advise as to the duration or impact of such restrictions if imposed. If for any reason, including changes in Chapter XIV or Chilean law, the depositary was not able to convert Chilean pesos to U.S. dollars, investors would receive dividends or other distributions, if any, in Chilean pesos.

Foreign exchange risks may adversely affect our results, and the U.S. dollar value of dividends payable to ADS holders.

Trading of our common stock underlying our ADSs is conducted in pesos. Our depositary will receive cash distributions that we make with respect to the shares underlying the ADSs in pesos. The depositary will convert such pesos to U.S. dollars at the then-prevailing exchange rate to make dividend and other distribution payments in respect of ADSs. If the peso depreciates against the U.S. dollar, the value of the ADSs and any U.S. dollar distributions ADS holders receive will decrease.

You may have fewer and less well-defined shareholders’ rights than with shares of a company in the United States.

Our corporate affairs are governed by our estatutos sociales , or Bylaws, and the laws of Chile. Under such laws, our shareholders may have fewer or less well-defined rights than they might

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have as shareholders of a corporation incorporated in a U.S. jurisdiction. Holders of ADSs are not entitled to attend shareholders’ meetings, and, if given the right to vote, they may only vote through the depositary.

Under Chilean law, a shareholder is required to be registered in our shareholders’ registry as of midnight on the fifth business day, including Saturdays, prior to a shareholders’ meeting in order to vote at such meeting. A holder of ADSs will not be able to meet this requirement and accordingly is not entitled to vote at shareholders’ meetings because the shares underlying the ADSs will be registered in the name of the depositary. While a holder of ADSs is entitled to instruct the depositary as to how to vote the shares represented by ADSs in accordance with the procedures provided for in the Deposit Agreement, a holder of ADSs will not be able to vote its shares directly at a shareholders’ meeting or to appoint a proxy to do so. In certain instances, a discretionary proxy may vote our shares underlying the ADSs if a holder of ADSs does not instruct the depositary with respect to voting.

Future sales of shares and our shareholders may adversely affect the price of our shares and ADSs.

A disposition of shares by our Controlling Shareholder or future sales of substantial amounts of our common stock or the perception that such future sales may occur, may depress the price of our shares and our ADSs. We cannot assure you that the price of our shares and our ADSs would recover from any such decline in value.

Lawsuits against us brought outside of the South American countries in which we operate, or complaints against us based on foreign legal concepts may be unsuccessful.

All of our assets are located outside of the United States. Eight of our nine directors and all of our officers reside outside of the United States and most of their assets are located outside the United States as well. If any shareholder were to bring a lawsuit against our directors, officers or experts in the United States, it may be difficult for them to effect service of legal process within the United States upon these persons or to enforce against them, in United States or Chilean courts, judgments obtained in United States courts based upon the civil liability provisions of the federal securities laws of the United States. In addition, there is doubt as to whether an action could be brought successfully in Chile on the basis of liability based solely upon the civil liability provisions of the United States federal securities laws.

Further, our organizational documents provide that any legal action relating to the execution, interpretation or performance of our bylaws is governed by Chilean law and may only be brought before an arbitrator or ordinary Chilean court. In any event, Law 18,046 (the “Chilean Companies Act”) provides that the plaintiff will always be entitled to bring suit directly before an ordinary court of Chile, unless such plaintiff is a board member, a manager, a key executive or an owner of shares with a book or market value exceeding UF 5,000 (US$230,000 approximately). As a result, it could be difficult for our non-Chilean shareholders to enforce their rights as shareholders under our bylaws before courts other than as set forth in our organizational documents.

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Substantial sales of shares of our common stock after the global offering in connection with the preemptive rights offering and any shares of our common stock that we decide to sell in the event all of the preemptive rights are not exercised could result in a decline in the market price of the shares of our common stock.

The global offering is part of a capital increase of 51,000,000 shares of our common stock approved by our shareholders on June 18, 2013. In connection with the capital increase, we are required by Chilean law to make a preemptive rights offering to our existing shareholders. In the preemptive rights offering, we will offer existing holders of shares of our common stock and ADR holders the right to subscribe for newly issued shares of common stock at the price at which shares of common stock, in the form of shares, are being offered in Chile. The Company plans to commence the global offering prior to the commencement of the preemptive rights offering and price it on the date before the commencement of the preemptive rights offering. The preemptive rights offering is currently expected to commence on the day following the pricing date for the global offering and must remain open for 30 days. Our Controlling Shareholder has indicated that it will waive its rights with respect to 22,583,797 shares of common stock subject to such preemptive rights offering and these shares will be made available for the global offering.

As a result, sales of these preemptive rights or the underlying shares of our common stock, or sales by us of newly issued shares of our common stock not acquired by our existing shareholders in the preemptive rights offering may negatively affect the market price of the shares of our common stock.

There can be no assurance that we will be able to pay or maintain cash dividends, and our dividend policies are subject to change.

The amount of cash available for dividends, if any, will be affected by many factors, including our future operating results, financial condition and capital requirements, legal restrictions, and contractual restrictions in our current and future debt instruments, and those of our subsidiaries, as well as our ability to obtain funds from our subsidiaries, and many other variables. Cash currently available for dividend payments may vary significantly from estimates. We can give no assurance that we will be able to pay or maintain dividends or that dividends will increase over time. Our actual results may differ significantly from the assumptions used by our board of directors in recommending dividends to shareholders or in adjusting our dividend policy. Also, there can be no assurance that our board of directors will recommend the payment of dividends to our shareholders or that, if recommended, our shareholders will approve such dividends. Dividend policies, if adopted by our board of directors, are subject to change at any time.

As required by the Chilean Companies Act, unless otherwise approved by unanimous vote of holders of all of our issued and subscribed shares, we must distribute a cash dividend in an amount not less than 30% of the Company’s consolidated net income for that year, unless and except to the extent we have accumulated losses. We may distribute a cash dividend in an amount greater than 30% if approved by a majority vote of shareholders. To the extent we are required to pay dividends, this may decrease funds to support our expansion plans.

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Use of proceeds

We estimate that the net proceeds to us from the global offering, after deducting the underwriters’ fees and commissions to be paid to the international underwriters, placement commissions to be paid to the Chilean placement agents and estimated expenses incurred in connection with a global offering of 22,583,797 shares of common stock, calculated using an exchange rate of CLP 500.00 =US$1.00, will be approximately CLP 143,555.5 million (US$287.1 million).

We estimate that the net proceeds from the preemptive rights offerings would be approximately CLP 184,438.3 million (US$368.9 million) (based on the waiver by our Controlling Shareholder of its rights with respect to 22,583,797 shares of common stock subject to the preemptive rights offering and assuming the exercise in full of the remaining preemptive subscription rights calculated using the offering price per share of CLP 6,500).

We cannot assure you that the preemptive rights offering will be fully or even partially subscribed by other shareholders entitled to participate in the preemptive rights offering. Consequently, our net proceeds may be limited to the net proceeds of the global offering.

We intend to use these net proceeds, together with cash from operations, to finance the growth of our businesses, both organically (existing businesses, through investments to increase capacity, purchase machinery, equipment, packaging and marketing assets, and investments in technology and distribution assets) and inorganically (new businesses, through investments in new businesses that have synergies with existing businesses, such as expanding into neighboring markets with focus on our core businesses, developing multi-category businesses in Argentina and Uruguay, entering the dairy business in Chile, participating in the ready-to-mix instant powders market, including powdered juices, coffee, tea, soups, and milk, among others, and increasing our market share in the ready-to-eat food market in Chile). We expect that these factors, combined with per capita consumption that remains low, steady population growth, the ability to increase prices above inflation and fast GDP growth, should translate into attractive opportunities to continue growing on an organic basis in the future. Therefore we intend to make investments to increase our capacity, and purchase machinery, equipment, packaging, marketing, make investments in technology and distribution assets.

We anticipate that these organic expenditures will total approximately CLP 600 billion (CLP 585.8 billion) for the 2013-2016 period, and another approximately CLP 600 billion (CLP 613.6 billion) for the 2017-2020 period. In addition, we expect that we will require a working capital increase of CLP 150 billion for the period from 2013 to 2020. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—E. Liquidity and Capital Resources—Investment and Capital Expenditure Plan.” It is likely that our actual capital expenditures may vary significantly from our current projections based on timing of investments and changes in market conditions and available opportunities. We cannot predict the timing of any acquisition or the amount of consideration that will be paid therefor. Certain expenditures may vary from the current plan due to regulatory risks, fluctuations in exchange rates or inflation rates, changes in technology, and other unforeseen factors. We may also decide to reallocate our planned capital expenditures among our businesses from time to time based on market conditions and available opportunities.

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We will explore inorganic growth (new businesses) opportunities in the following five dimensions:

Additionally, we have established five main investment criteria for inorganic growth, as described below:

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Price range of our common stock and ADSs

The shares of our common stock currently trade on Chilean and United States exchanges. Transactions in Chile take place on the Chilean Stock Exchanges. During 2012, volume traded on the Santiago Stock Exchange amounted to 32,334,786 shares.

Shares of our common stock have traded in the United States on the NASDAQ Stock Market from September 1992 until March 1999 and have traded on the New York Stock Exchange (NYSE) since March 1999 in the form of ADSs under the ticker symbol “CCU”. Each ADS represents two shares of common stock. The ADSs are outstanding under the Amended and Restated Deposit Agreement dated as of July 31, 2013 among us, JPMorgan Chase Bank, N.A. as depositary, and all holders and beneficial owners of ADSs issued thereunder (the “Deposit Agreement”). Only persons in whose names ADSs are registered on the books of the depositary are deemed by the depositary to be holders of ADSs.

As of June 30, 2013, 18,515,882 ADSs (equivalent to 37,031,763 shares of common stock) were outstanding, representing 11.63% of the total number of outstanding shares of common stock. As of June 30, 2013, we had 4,538 shareholders of record. To the best of our knowledge seven shareholders are not Chilean, excluding ADR holders, and of those seven non-Chilean shareholders, two are U.S. corporations with a total of 891,930 (0.28%) shares of common stock. Non-Chileans can also hold shares in custody of private banks. However, as that information is not publicly available, we have included seven custodians as part of the seven non-Chilean shareholders although we have no citizenship information relating thereto. It is not practicable for us to determine the proportion of ADSs beneficially owned by U.S. beneficial owners. The ADS closing price on June 30, 2013 on the NYSE was US$28.61.

The table below shows, for the periods indicated, high and low intraday prices in pesos on the Santiago Stock Exchange and high and low intraday prices of the ADSs in U.S. dollars.

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Exchange rates; foreign investment and

exchange controls in Chile

Exchange rates

Fluctuations in the exchange rate between the peso and the U.S. dollar will affect the U.S. dollar equivalent of the Chilean peso price of our shares of common stock on the Chilean Stock Exchanges. These exchange rate fluctuations will likely affect the price of our ADSs and the conversion of cash dividends relating to the shares represented by ADSs from Chilean pesos to U.S. dollars. In addition, to the extent that significant financial liabilities of the Company are denominated in foreign currencies, exchange rate fluctuations may have a significant impact on earnings.

In Chile, there are two currency markets, the Formal Exchange Market ( Mercado Cambiario Formal ) and the Informal Exchange Market ( Mercado Cambiario Informal ). The Formal Exchange Market is comprised of banks and other entities authorized by the Central Bank of Chile ( Banco Central de Chile ) (the “Central Bank of Chile”). The Informal Exchange Market is comprised of entities that are not expressly authorized to operate in the Formal Exchange Market, such as certain foreign exchange houses and travel agencies, among others. The Central Bank of Chile is empowered to require that certain purchases and sales of foreign currencies be carried out on the Formal Exchange Market. Both the Formal and Informal Exchange Markets are driven by free market forces. Current regulations require that the Central Bank of Chile be informed of certain transactions and that they be effected through the Formal Exchange Market.

The U.S. dollar observed exchange rate ( dólar observado ) (the “Observed Exchange Rate”), which is reported by the Central Bank of Chile and published daily in the Official Gazette ( Diario Oficial ), is the weighted average exchange rate of the previous business day’s transactions in the Formal Exchange Market. Nevertheless, the Central Bank of Chile may intervene by buying or selling foreign currency on the Formal Exchange Market to attempt to maintain the Observed Exchange Rate within a desired range. Except for the foregoing, there are no limits imposed on the extent to which the rate of exchange in the Formal Exchange Market or the Observed Exchange Rate may differ.

The Informal Exchange Market reflects transactions carried out at an informal exchange rate (the “Informal Exchange Rate”). There are no limits imposed on the extent to which the rate of exchange in the Informal Exchange Market can fluctuate above or below the Observed Exchange Rate. Foreign currency for payments and distributions with respect to the ADSs may be purchased in either in the Formal or the Informal Exchange Market, but such payments and distributions must be remitted through the Formal Exchange Market.

The Federal Reserve Bank of New York does not report a noon buying rate for Chilean pesos.

As of June 30, 2013, the U.S. dollar exchange rate used by us was CLP 507.16 per US$1.00. As of September 12, 2013, the latest practicable date, the U.S. dollar exchange rate was CLP 503.92 per US$1.00.

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The following table sets forth the annual low, high, average and period-end Observed Exchange Rate for U.S. dollars for the periods set forth below, as reported by the Central Bank of Chile:

Calculation of the appreciation or devaluation of the Chilean peso against the U.S. dollar in any given period is made by determining the percent change between the reciprocals of the Chilean peso equivalent of US$1.00 at the end of the preceding period and the end of the period for which the calculation is being made. For example, to calculate the appreciation of the year-end Chilean peso in 2012, one determines the percent change between the reciprocal of CLP 519.20 (the value of one dollar as of December 31, 2011) and the reciprocal of CLP 479.96 (the value of one U.S. dollar as of December 31, 2012). In this example, the percentage change between 0.001926 (the reciprocal of 519.20) and 0.002089 (the reciprocal of 479.96) is 8.5%, which represents the 2012 year-end appreciation of the Chilean peso against the 2011 year-end U.S. dollar. A positive percentage change means that the Chilean peso appreciated against the U.S. dollar, while a negative percentage change means that the peso devaluated against the U.S. dollar.

The following table sets forth the period-end rates for U.S. dollars for the years ended December 31, 2008 through December 31, 2012 and through the date indicated in the table below, based on information published by the Central Bank of Chile.

Source: Central Bank of Chile.

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Foreign investment and exchange controls in Chile

The Central Bank of Chile is responsible for, among other things, monetary policies and exchange controls in Chile. Currently applicable foreign exchange regulations are set forth in the Compendium approved by the Central Bank of Chile in 2002, as amended. Appropriate registration of a foreign investment in Chile currently permits the investor access to the Formal Exchange Market. Foreign investments can be registered with the Foreign Investment Committee under D.L. 600 of 1974 or can be registered with the Central Bank of Chile under the Central Bank Act.

In connection with our initial public offering of ADSs and subsequent capital increases, we entered into a Foreign Investment Contract with the Chilean Central Bank and the Depositary, pursuant to Article 47 of the Central Bank Act and former Chapter XXVI of the Compendium, which governed the issuance of ADSs by a Chilean company. Pursuant to the Foreign Investment Contract, the foreign exchange for payments and distributions with respect to the ADSs may be purchased in either the Formal Exchange Market or the Informal Exchange Market, but such payments must be necessarily remitted through the Formal Exchange Market.

As of April 19, 2001, Chapter XXVI was eliminated and new investments in ADSs by non-residents of Chile are now governed instead by Chapter XIV of the Compendium. This change was made with the purpose of simplifying and facilitating the flow of capital to and from Chile. As a result of the elimination of Chapter XXVI, access to the Formal Exchange Market is no longer assured.

Chapter XIV regulates the following type of investments: credits, deposits, investments and equity contributions (such as the contributions to be made to CCU pursuant to this offering).

We have recently begun the process of terminating our Foreign Investment Contract, and accordingly, these securities will become subject to Chapter XIV of the Compendium, and current ADS holders will no longer have guaranteed access to the Formal Exchange Market. A Chapter XIV investor may at any time repatriate an investment made in CCU upon sale of the shares of CCU and the profits derived therefrom, with no monetary ceiling, subject to the then effective regulations, which must be reported to the Central Bank of Chile.

Except for compliance with tax regulations and some reporting requirements, currently there are no rules in Chile affecting repatriation rights, except that the remittance of foreign currency must be made through a Formal Exchange Market entity. However, the Central Bank of Chile has the authority to change such rules and impose exchange controls.

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Dividends and dividend policy

Dividend policy

Our dividend policy is reviewed and established from time to time by our board of directors and reported during our regular shareholders’ meeting, which is generally held in April of each year. Each year our board of directors must submit its proposal for a final dividend for the preceding year for shareholder approval at the annual shareholders’ meeting. As required by the Chilean Corporations Act, unless otherwise decided by unanimous vote of the issued shares of our common stock, we must distribute a cash dividend in an amount equal to at least 30% of our net income for that year, after deducting any accumulated losses from previous years. Our board of directors has the authority to pay interim dividends during any one fiscal year, to be charged to the earnings for that year.

Our board of directors announced at our annual shareholders’ meeting held on April 10, 2013, its dividend policy for future periods, authorizing the distribution of cash dividends in an amount at least equal to 50% of our Income of the Year Attributable to Equity Holders of the Parent Company under IFRS for the previous year. Our dividend policy is subject to change in the future due to changes in Chilean law, capital requirements, economic results and/or other factors.

Dividends are paid to shareholders of record as of midnight on the fifth business day, including Saturdays, prior to the date set for payment of the dividend. The holders of ADRs on the applicable record dates are entitled to dividends declared for each corresponding period.

Dividends are paid in cash, unless there is a unanimous decision by the shareholders, or two-thirds of shareholders if the 30% minimum dividend has already been paid, that payment to all shareholders may be made with other assets or granting the shareholders the option to choose between cash payment or payment with other assets. With the same quorum, the shareholders’ meeting will approve the assets with which the dividends will be paid, appraise their value and establish the procedure for the exercise of the option and payment of the dividends, as the case may be.

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Other than in relation to Argentina, where the present measures taken by the Argentine Government to control the trade balance and the foreign exchange rate do not allow for the repatriation of dividends from our subsidiaries to Chile, there are no material restrictions, either legal or economic, that would limit our ability to transfer funds (i.e., dividends, loans, or advances) from our subsidiaries to us.

For a discussion of Chilean withholding taxes and access to the formal currency market in Chile in connection with the payment of dividends and sales of ADSs and the underlying common stock, see “Taxation” and “Exchange Rates; Foreign Investment and Exchange Controls in Chile”.

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