A. Reserved B. Capitalization and Indebtedness Not applicable. 2 C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors Our business, financial condition and results of operations could be materially and adversely affected if any of the risks described below occur. As a result, the market price of our common shares could decline, and you could lose all or part of your investment. This annual report also contains forward-looking statements that involve risks and uncertainties. See “Forward-Looking Statements.” The risks below are not the only ones that our Company faces. Additional risks not currently known to us or that we currently deem immaterial may also adversely affect us. The following risk factors have been grouped as follows: A. Risks related to business processes B. Risks related to legal and regulatory changes and non-compliance C. Risks related to technology and innovation D. Risks related to sustainability E. Risks relating to our ADS’s A. RISKS RELATED TO BUSINESS PROCESSES A.1 Our results could be affected if we are unable to maintain the image and quality of our products and a good relationship with our customers, consumers and licensees. The image and quality of the Company's products are essential pillars for its success and development. An eventual quality incident could affect the reputation of the brands and negatively impact revenues. It is fundamental to ensure good customer service from the sales force and to adapt new launches and innovations to the needs and preferences of consumers. Likewise, the dissemination of negative or inaccurate information on digital platforms and social networks could compromise the Company’s reputation. The Company maintains a commitment to continuous improvement in the safety of raw materials, food and supplies, always ensuring the safety of its collaborators, consumers, and the environment during the production, packaging and distribution processes of the products. The products manufactured and distributed by the Company strictly comply with the current regulations in each country. To this end, there are high-standard international certifications, such as Hazard Analysis and Critical Control Points (HACCP), ISO 22000, FSSC 22000 and British Retail Consortium (BRC). CCU operates under license agreements that stipulate specific conditions for their validity and renewal. The expiration or the termination of these agreements could negatively impact certain operating segments. In 2025, approximately 70% of sales volume corresponded to proprietary brands, which mitigates the risk of the potential impact of the loss of licensing agreements. A.2 Fluctuations in the costs of raw materials and other inputs could negatively impact our profitability. In order to produce the products, it sells, the Company acquires raw materials and other inputs such as malt, sugar, fruit pulp, rice, corn syrup, grapes, wine, carbonated soft drinks concentrates under license, hops, essences and alcohols (pisco, neutral and others), in addition to packaging materials, from local suppliers and in the international market. The prices of these supplies are exposed to market volatility, determined by global supply and demand, variations in exchange rates, climatic and social factors and geopolitical conflicts, variables which the Company has no control over. As mentioned in risk factor B.5, the PUSU law establishes the obligation that in Chile from 2025 until 2030, disposable plastic bottles must contain at least 15% of plastic collected and recycled locally. The non-availability of sufficient plastic collected in Chile to be reused in our production process may affect the cost of recycled plastic and have a material impact on our results. 3 A.3 The scarcity and availability of raw materials and critical inputs could negatively impact us. The eventual shortage of raw materials and critical inputs, derived from changes in consumption patterns, fluctuations in agricultural production, variations in the quality and availability of supply, or logistical problems, could affect the Company's supply chain and production levels, negatively impacting its results and its competitive position. As mentioned in risk factor B.5, the PUSU law establishes the mandatory requirement that in Chile from 2025 to 2030 disposable plastic bottles must contain at least 15% plastic collected and recycled locally in Chile. The unavailability of sufficient plastic collected in Chile to be reused in our production process may affect our ability to produce recycled plastic in compliance with the PUSU law. A.4 We are dependent on the political, social and economic conditions in the countries in which we operate, all of which can impact our operational results and financial position. CCU's operating results and financial position depend to a large extent on the macroeconomic conditions of the markets in which it operates, being the most important ones Chile and Argentina. In fact, the Chile Operating segment accounted for 64% of total revenues in 2025, including the Others/Eliminations segment, which considers corporate expenses and revenues and eliminations of transactions between the different operating segments. Meanwhile, the International Business Operating segment, where Argentina represents a significant share of operations (it also includes the operations in Bolivia, Paraguay and Uruguay), contributed 27% of total revenues, while the Wine Operating segment, which covers the domestic markets of Chile and Argentina and the export market, accounted for 10% of revenues. Due to this, the Company's results are closely linked to the performance of the Chilean and Argentine economies. Chile: The Chilean economy recorded average GDP growth of 2.1% per year from 2015 to 2025, with periods of deceleration derived from global crisis, such as in 2009 and 2020. The inflation has shown material variation in certain periods. For example, in 2022, it reached 12.8%, compared to an annual average of 4.5% from 2015 to 2025, affecting consumers' purchasing power and putting pressure on costs. Although inflation fell to 4.5% and 3.5% in 2024 and 2025, respectively, it is not possible to guarantee that it will remain at controlled levels, which could pressure operating margins, especially if supply contracts are denominated in foreign currency or indexed to the consumer price index (IPC). The restrictive monetary policies of the Central Bank of Chile, such as raising interest rates to control inflation, can also restrict access to credit and slow down economic growth, affecting the consumption of the Company's products. In addition, Chile's exposure to international liquidity crises and fluctuations in capital markets can negatively impact demand and financing conditions. CCU faces financial risks stemming from external factors, such as changes in sovereign credit ratings and fluctuations in exchange rates. An eventual downgrade in the risk ratings of Chile's sovereign debt could have a negative impact on the Company's risk ratings, increasing financing costs and restricting access to capital markets. This risk is influenced by local macroeconomic conditions and the perception of the international financial environment. Additionally, and given that a relevant part of the prices of the raw materials and other inputs used are denominated in currencies other than the legal tender of the countries where we operate, exchange rate fluctuations can increase production costs and reduce profit margins. Argentina: CCU's operations in Argentina are exposed to a volatile regulatory and macroeconomic environment. The country has faced periods of recessions, elevated inflation, currency devaluations and high interest rates at many periods in its history, maintaining the condition of a hyperinflationary economy since 2018. From 2019 until 2023 there were exchange controls that limited the importation of goods and the repatriation of dividends, affecting the financial flexibility of our subsidiaries. In addition, between 2020 and 2023, price control mechanisms were applied on mass consumer goods, including beer, which reduced the profitability of our operations. Price controls were eliminated after the change of government at the end of 2023. 4 In December 2023, the new government promulgated the Decree of Necessity and Urgency No. 70/2023, which eliminated restrictive regulations and expanded contractual autonomy, although its definitive validity depends on the legislative process in Congress. Since 2023, the Argentine economy has begun a process of change (modernization) in the regulatory framework that continues, and this may affect the results of our operation in Argentina. A.5 We may not be able to recruit, hire or retain critical personnel. The departure or high turnover of key collaborators can negatively affect the continuity of operations, as well as the execution of strategies and the innovation capacity in the Company. The loss of key talent can also result in the loss of knowledge and experience, which could weaken the Company's competitiveness. A.6 Changes in people's lifestyles and consumption habits could impact our business and its results. The COVID-19 pandemic and other events accelerated changes in the lifestyle and preferences of the consumers. Today we face greater competition for free time against digital entertainment, which, added to a tendency toward individualism, economic pressures, and the concern for citizen security, has provoked changes in the purchase and consumption occasions of our categories. Additionally, a tendency toward health and well-being is observed, which has resulted in changes in the consumption of some of the beverages of our portfolio. As has happened in the past, some of these changes can be structural and others transitory. CCU has innovative processes, which seek to strengthen its multi-category beverage strategy to respond to changes in trends, always thinking with the customer and the consumer at the center. These processes have as their objective to strengthen this capacity to anticipate trends and adapt to them in an agile manner to ensure relevance in the market, protect the profitability and sustainability of the business in the long term. B. RISKS RELATED TO CHANGES IN AND NON-COMPLIANCE WITH LAWS AND REGULATIONS B.1 Risks related to free competition in all the markets where we operate and changes in the applicable regulations could affect our results. CCU faces antitrust risks due to its position in the markets where it operates. In Chile, where the Company is a market leader, it has been sued by a competitor for alleged abuse of a dominant position in the on-premise beer market. The Antitrust Court (Tribunal de Defensa de la Libre Competencia or TDLC) has not issued a ruling yet. Furthermore, there are a series of commitments brought by the Office of the National Economic Prosecutor (Fiscalía Nacional Económica or FNE) alleging anti-competitive practices, the Antitrust Court approved a settlement agreement whereby CCU made commitments to facilitate the participation of micro craft brewers at points of sale such as hotels, restaurants, bars and clubs. Failure to comply with these commitments, or an unfavorable ruling, could result in financial penalties and costs associated with adjusting commercial conditions, affecting profit margins. In addition, the reputational impact could result in decreased preference among customers and business partners. In the other countries where the Company operates, the main risk is the possibility of competitors with a high market share abusing their dominant position, which could result in barriers to entry, a loss of market share and less favorable commercial conditions, affecting income and competitiveness. 5 B.2 Potential changes in tax law, changes in corporate and other taxes and specific regulations in the markets where we operate could have a negative impact on our results. CCU's businesses are subject to various tax obligations in the countries where it operates, including, among others, income taxes and specific taxes on alcoholic and non-alcoholic beverages. An increase in tax rates, the creation of new taxes or changes in tax bases, could negatively impact sales and profitability. In October 2024, in Chile, Law No. 21,713 (also known as the Tax Compliance Law) was enacted, amending the Tax Code. It established regulations to combat informality, evasion, avoidance and organized crime and granted greater powers to supervisory bodies. B.3 Risk of changes in labeling and advertising regulations. Regulations on the labeling and advertising of beverages and other food products in the markets where CCU operates are constantly changing. Additionally, in each country there may be projects that propose incorporating greater nutritional information and warnings on the products. In Chile, for example, Law No. 21,363 established restrictions on the advertising and labeling of alcoholic beverages, imposing obligations such as warnings about alcohol consumption, restrictions on advertising during certain hours and limitations on advertising at sporting events. These regulatory changes could impact the marketing strategy and reduce the consumption of alcoholic and non-alcoholic beverages. B.4 Risks of non-compliance with regulations could affect the profitability and results of our businesses. Failure to comply with applicable standards, laws and/or regulations in the different jurisdictions where we operate could affect the profitability and business results of the Company. Operating in diverse markets compliance with a wide range of regulatory frameworks, ranging from labor and environmental regulations to tax, free competition and consumer protection laws. Failure to comply with these regulations can result in administrative sanctions, fines, litigation and reputational damage, which could have a negative impact on profitability. The Company has implemented a robust regulatory compliance system that includes policies, procedures and internal controls that seek to ensure compliance with applicable regulations. B.5 New environmental regulations could affect our businesses. CCU operations are subject to a rigorous and constantly evolving environmental regulatory framework at the national and international level. This framework sets out regulations on key issues such as emissions from a range of sources, the integral management, the storage of hazardous materials, the protection of biodiversity and the use of water resources, as well as other activities inherent to our industry. In the sphere of circular economy, in Chile, Law No. 20,920 on Extended Producer Responsibility (EPR) established progressive targets for the collection and recovery of packaging, which took effect in September 2023, and our subsidiaries actively participate in ReSimple, the first collective management system approved by the authorities to comply with these obligations. Furthermore, under Law No. 21,368, known as the “PUSU Law”, which regulates the use of single-use plastics and plastic bottles, established that by 2025 disposable plastic bottles in Chile must contain at least 15% locally collected and recycled plastic, progressively increasing this percentage to 70% by 2060. To prepare for these challenges, the Company built “CirCCUlar” a recycling plant, which currently produces recycled resin from plastic collected in Chile, strengthening our supply chain with our own and third-party material and reaffirming our commitment to sustainable innovation and regulatory compliance. Additionally, in accordance with the provisions of the aforementioned law, beverage retailers must offer returnable options and supermarkets must allocate 30% of their display cases to these formats starting in February 2026. 6 With regard to management of water resources, the 2022 reform of the Water Code introduced a system of temporary water use rights with penalties for non-use, and it gave greater authority to the General Water Directorate in the event of water scarcity. It also established more stringent criteria for the environmental assessment of projects with water components, taking into account the effects of climate change. Likewise, the Framework Law on Climate Change of 2022 set the goal of greenhouse gas emissions neutrality by 2050 and promoted stricter environmental management measures, including national, regional and community plans for climate change adaptation and mitigation, as well as guidelines issued by the Ministry of the Environment for the evaluation of synergies and monitoring of climate variables, which increases the regulatory complexity for new operations. In September 2023, the Biodiversity Law was enacted in Chile, creating the Biodiversity Service, which is responsible for the conservation of the country's natural heritage. Its implementation will depend on regulations that are expected to be enacted in the coming years. Furthermore, Law No. 21,595 of 2023 on Economic Crimes, has typified new environmental offenses, such as the illegal release of polluting substances, unauthorized water extraction, serious damage to the environment and the issuance of incomplete or false reports to environmental authorities. CCU has implemented additional protocols and safeguards to comply with these new requirements. B.6 Changes in the labor market of the countries in which we operate could impact our margins and the results of our business. Changes in the labor market in the countries where CCU operates could affect the margins and results of the business. In all the countries where the Company operates, it is exposed to fluctuations in the availability of human capital, an increase in the demand for specialized profiles and changes in labor legislation. In April 2023, the law on the reduction of working hours was enacted in Chile, and is being progressively implemented over a maximum period of five years. In March 2025, Law No. 21,735 was enacted in Chile, reforming the pension system. Such law establishes a new employer contribution equal to 7% of an employee’s taxable income, which will be added to the existing employer contribution. It started gradually at 1% of the employee’s taxable income in August 2025. This increase will be completed in a period of 9 years, with the possibility of extending it to 11 years subject to subsequent evaluation. C. RISKS RELATED TO TECHNOLOGY AND INNOVATION C.1 Inadequate digital and process transformation could impact our profitability, our results and our ability to operate in the future. A delayed or ineffective digital and process transformation could negatively impact profitability, operating results and CCU's ability to maintain its competitive advantage in the long term. Digital transformation is key to improve operational efficiency and to optimize processes, however, the lack of technological investment, resistance to change on the part of employees or the poor implementation of new tools and systems could lead to inefficiencies, higher costs and missed business opportunities. These challenges can result in delays in the execution of strategic projects, operational disruptions and limitations in responding quickly to market demands. C.2 We are exposed to the risk of a cyberattack affecting our information platforms, which could lead to an interruption of our business. The increasing digitalization of operations has increased dependence on data networks, information technology (IT) and operational technology (OT) systems, exposing CCU to the risk of cyberattacks. These incidents can lead to disruptions in production, distribution and sales processes, as well as financial losses, exposure of sensitive data and damage to reputation and customer confidence. A successful cybersecurity event can result in a loss of income due to the interruption of operations, as well as an increase in the costs associated with restoring systems and implementing recovery measures. 7 In September 2024, the Company experienced a cybersecurity incident that affected certain of its IT systems related to sales and distribution areas. The Company resolved the incident through containment, eradication, and recovery measures, including undertaking a comprehensive digital forensic analysis (See ITEM 16K: Cybersecurity). C.3 Risk to customer data security. The risk to customer data security includes the possibility of unauthorized access, loss or theft of sensitive information, which can result in regulatory sanctions, loss of customer confidence, damage to the Company's reputation and significant costs incurred in responding to incidents and taking corrective measures. The likelihood of this occurring depends on the effectiveness of current security measures, the sophistication of the threats and the training of personnel. In addition, a new personal data protection law in Chile is scheduled to enter into force in December 2026, which will impose additional compliance obligations and may result in increased regulatory exposure and compliance costs. C.4 Risks associated with our adoption of artificial intelligence and advanced analytics. The Company has increasingly integrated artificial intelligence (AI) and machine learning technologies into its business operations, including demand forecasting, portfolio optimization, revenue management, and logistics analytics. While these technologies are designed to improve operational efficiency and decision-making, their deployment creates certain risks, including: (i) the potential for algorithmic errors or biases that could lead to suboptimal business decisions; (ii) reliance on data quality and integrity, where inaccurate or incomplete data could compromise the effectiveness of AI-driven processes; (iii) the need for specialized talent to develop, maintain, and oversee these systems; and (iv) the evolving regulatory landscape governing AI use, which could impose new compliance requirements. Additionally, as AI technologies continue to evolve rapidly, there is a risk that competitors may adopt more advanced solutions, potentially affecting our competitive position. The Company continues to monitor these risks and invests in the development and governance of its AI capabilities. D. RISKS RELATED TO SUSTAINABILITY D.1 The company operates in regions exposed to natural disasters, where an extraordinary event could have a negative effect on our operations and financial position. The Company operates in regions exposed to natural disasters, where the occurrence of an extraordinary event could generate a significant negative impact on our operations and financial position. Although insurance coverage is in line with internal policies and industry standards in the event of catastrophic events, insurance may be insufficient to cover some losses. Currently, we have all-risk physical damage insurance coverage, including coverage for breakdown of machinery and business interruption, earthquakes and fires for all assets in all the countries in which we operate. However, the policies are subject to deductibles and coverage limits that, despite being in line with market standards, could not cover the total financial impact of certain claims. Furthermore, the insurance market's cyclical behaviors, and the occurrence of catastrophic events at a global level could harden the renewal conditions, resulting in increases in the cost of the premiums, higher deductibles or, in exceptional cases, the lack of availability of coverage due to factors affecting the business. D.2 Our ability to operate could be affected if we do not maintain good relationships with the communities in the areas where we operate. The Company's ability to execute its activities could be affected if a good relationship is not maintained with the communities in the areas where it operates. The continuity of our operations depends largely on the support and acceptance of local communities. The absence of positive relationships could lead to opposition, protests or legal actions that could disrupt operations and compromise the Company's reputation. 8 D.3 Water availability and quality could negatively impact our business. Water availability and quality could negatively impact the Company's business since water is an essential component for the production of our products and the irrigation of our fields. A failure in the water supply, regulatory changes that limit the use of this resource, water scarcity due to climate change or contamination of water sources could negatively affect sales volumes and increase costs, impacting profitability and the continuity of the business. The Company has processes, policies and procedures in place to optimize industrial water consumption and reduce the impact of operations on the environment. Since 2010, it has implemented an Environmental Vision that establishes targets for reducing water consumption in operations. The Company has also renewed its commitment in the new Sustainability Strategy through its 2030 Environmental Vision. In particular, with regard to water balance, the Company is committed to continuing to optimize water consumption per hectoliter produced. E. RISKS RELATING TO OUR ADSs E1. We are controlled by one majority shareholder, whose interests may differ from those of holders of our ADSs, and this shareholder may take actions that adversely affect the value of a holder’s ADSs or common stock. As of December 31, 2025, Inversiones y Rentas S.A. (IRSA) a Chilean closely held corporation, directly and indirectly owned 65.87% of our shares of common stock. Accordingly, IRSA has the power to control the election of most members of our board of directors and its interests may differ from those of the holders of our ADSs. IRSA also has significant influence in determining the outcome of any corporate transaction submitted to our shareholders for approval, including mergers, consolidations, the sale of all or substantially all of our assets and going-private transactions. In addition, actions by IRSA with respect to the disposal of the shares of common stock that it owns, or the perception that such actions may occur, may adversely affect the trading prices of our ADSs or common stock. E2. Chilean economic policies, currency fluctuations, exchange controls and currency devaluations may adversely affect the price of our ADSs. The Chilean government’s economic policies and any future changes in the value of the CLP relative to the USD could adversely affect the USD value and the return on any investment in our ADSs. The CLP has been subject to nominal depreciations and appreciations in the past and may be subject to fluctuations in the future. For example, when comparing the average exchange rates for each period, the Chilean peso appreciated 3.8% in 2023, depreciated 12.5% in 2024 and depreciated 0.9% in 2025. When comparing the exchange rate as of the end of each period, the Chilean peso depreciated 1.3%, and 13.6% in 2023 and 2024, respectively, and appreciated 8.2% in 2025. While our ADSs trade in USD, Chilean trading in the shares of our common stock underlying our ADSs is conducted in CLP. Cash distributions to be received by the depositary for the shares of our common stock underlying our ADSs will be denominated in CLP. The depositary will translate any CLP received by it to USD at the then-prevailing exchange rate with the purpose of making dividend and other distribution payments on the ADSs. If the value of the CLP declines relative to the USD, the value of our ADSs and any distributions to holders of our ADSs received from the depositary may be adversely affected. (See ITEM 8: Financial Information – A. Consolidated Statements and Other Financial Information – Dividend Policy and Dividends). For example, since our consolidated financial statements are reported in CLP, a decline in the value of the CLP against the USD would reduce our earnings as reported in USD. Any dividend we may pay in the future would be denominated in CLP. A decline in the value of the CLP against the USD would reduce the USD equivalent of any such dividend. Additionally, in the event of a dividend or other distribution, if exchange rates fluctuate during any period of time when the ADS depositary cannot convert a foreign currency into USD, a holder of our ADSs may lose some of the value of the distribution. Also, since dividends in Chile are subject to withholding taxes, which we retain until the following year when the exact amount to be paid is determined, if part of the retained amount is refunded to the shareholders, the amount received by holders of our ADSs would be subject to exchange rate fluctuations between the two dates. 9 E4. Holders of our ADSs may be subject to certain risks since holders of our ADSs do not hold shares of our common stock directly. ADS holders may exercise voting rights associated with common stock only in accordance with the deposit agreement governing our ADSs. Accordingly, ADS holders will face practical limitations when exercising their voting rights because ADS holders must first receive a notice of a shareholders’ meeting from the depositary and may then exercise their voting rights by instructing the depositary, on a timely basis, on how they wish to vote. This voting process necessarily will take longer for ADS holders than for direct common stockholders, who are able to exercise their vote by attending our shareholders’ meetings. Therefore, if the depositary fails to receive timely voting instructions from some or all ADS holders, the depositary will assume that ADS holders agree to give a discretionary proxy to a person designated by us to vote their ADSs on their behalf. Furthermore, ADS holders may not receive voting materials in time to instruct the depositary to vote. Accordingly, ADS holders may not be able to properly exercise their voting rights. E5. The right of a holder of our ADSs to force us to purchase the underlying shares of our common stock pursuant to Chilean corporate law upon the occurrence of certain events may be limited. Because of the absence of legal precedent as to whether a shareholder that has voted both for and against a proposal, such as the depositary of our ADSs, may exercise withdrawal rights (as described in “Item 10. Additional Information – B. Memorandum and Articles of Association”) with respect to those shares voted against the proposal, there is doubt as to whether a holder of ADSs will be able to exercise withdrawal rights either directly or through the depositary for the shares of our common stock represented by their ADSs. Accordingly, for a holder of our ADSs to exercise its appraisal rights, it may be required to surrender its ADRs, withdraw the shares of our common stock represented by its ADSs, and vote those shares against the proposal. E6. In the past, Chile has imposed controls on foreign investment and repatriation of investments that affected investments in, and earnings from, our ADSs. Equity investments in Chile by persons who are not Chilean residents have historically been subject to various exchange control regulations that restrict repatriation of investments and earnings therefrom. In April 2001, the Central Bank eliminated most of the regulations that affected foreign investors, although foreign investors still have to provide the Central Bank with information related to equity investments and must conduct such operations within the formal exchange market. Additional Chilean restrictions applicable to holders of our ADSs, the disposition of the shares underlying them, the repatriation of the proceeds from such disposition or the payment of dividends may be imposed in the future, and we cannot advise you as to the duration or impact of such restrictions if imposed. See ITEM 10: Additional Information – D. Exchange Controls. If for any reason, including changes in Chilean law, the depositary for our ADSs were unable to convert CLP to USD, investors would receive dividends and other distributions, if any, in CLP. E7. Preemptive rights to purchase additional shares of our common stock may be unavailable to holders of our ADSs in certain circumstances and, as a result, their ownership interest in our Company may be diluted. The Ley sobre Sociedades Anónimas No. 18,046 (the “Chilean Corporations Act”), and its ordinance (Reglamento de Sociedades Anónimas), require us, whenever we issue new shares for cash, to grant preemptive rights to all holders of shares of our common stock, including shares of our common stock represented by ADSs, giving those holders the right to purchase a sufficient number of shares to maintain their existing ownership percentage. We may not be able to offer shares to holders of our ADSs pursuant to preemptive rights granted to our shareholders in connection with any future issuance of shares unless a registration statement under the Securities Act is effective with respect to those rights and shares, or an exemption from the registration requirements of the Securities Act is available. We intend to evaluate at the time of any future offerings of shares of our common stock the costs and potential liabilities associated with any registration statement as well as the indirect benefits to us of enabling U.S. owners of our ADSs to exercise preemptive rights and any other factors that we consider appropriate at the time, before deciding whether or not to file such a registration statement. We cannot assure you that any such registration statement would be filed. 10 To the extent that a holder of our ADSs is unable to exercise their preemptive rights because a registration statement has not been filed, the depositary will attempt to sell the holder’s preemptive rights and distribute the net proceeds of the sale, net of the depositary’s fees and expenses, to the holder, provided that a secondary market for those rights exists and a premium can be recognized over the cost of the sale. A secondary market for the sale of preemptive rights can be expected to develop if the subscription price of the shares of our common stock upon exercise of the rights is below the prevailing market price of the shares of our common stock. Nonetheless, we cannot assure you that a secondary market in preemptive rights will develop in connection with any future issuance of shares of our common stock or that if a market develops, a premium can be recognized on their sale. Amounts received in exchange for the sale or assignment of preemptive rights relating to shares of our common stock will be taxable in Chile and in the United States. (See ITEM 10: Additional Information – E. Taxation – Chilean Tax Considerations – Capital Gains and – United States Federal Income Tax Considerations – Taxation of Capital Gains). If the rights cannot be sold, they will expire and a holder of our ADSs will not realize any value from the grant of the preemptive rights. In either case, the equity interest of a holder of our ADSs in the U.S. will be diluted proportionately.