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28
PART II
ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities
Our common stock trades on the New York Stock Exchange under the symbol “CCU.” There were 3,520
shareholders of record as of February 28, 2006. This figure does not include an estimate of the indeterminate number of
beneficial holders whose shares may be held of record by brokerage firms and clearing agencies. The following table
sets forth, for the calendar quarters indicated, the reported high and low sales prices of the common stock as reported on
the NYSE.
Common Stock
Market Price
Dividends
High Low Declared
2004
First Quarter.................................................................. 47.76
38.90
.10
Second Quarter ............................................................. 44.50 35.35 .10
Third Quarter ................................................................ 37.24 30.62 .125
Fourth Quarter .............................................................. 35.07 29.96 .125
2005
First Quarter.................................................................. 35.07
31.14
.125
Second Quarter ............................................................. 34.81 28.75 .1875
Third Quarter ................................................................ 34.26 30.31 .1875
Fourth Quarter .............................................................. 33.44 29.60 .1875
Dividend Policy
Our Board of Directors declared a quarterly cash dividend of 18.75 cents per share at its February 2006
meeting. We expect to continue to declare and pay quarterly cash dividends in 2006. The terms of our current credit
facilities do not prohibit us from paying cash dividends unless we are in default under our credit facilities either prior to
or after giving effect to any proposed dividend. However, any future decision by our Board of Directors to pay cash
dividends will depend on, among other factors, our earnings, financial position, capital requirements and regulatory
changes.
Purchases of Equity Securities by the Issuer and Affiliated Purchases
On February 1, 2005, we publicly announced that our Board of Directors authorized a share repurchase
program of up to $1.0 billion effective immediately. On August 9, 2005, our Board of Directors authorized an increase
in and extension of the February 2005 program, which had $307.4 million remaining, by $692.6 million, for a total of
$1.0 billion. On March 9, 2006, our Board of Directors authorized an additional share repurchase program, permitting
us to repurchase an additional $600.0 million of our common stock. This increase expires on March 9, 2007, although
the program may be discontinued or suspended at anytime prior to its expiration. During the three months ended
December 31, 2005, we repurchased the following shares:
Period
Total Number
of Shares
Purchased
Average Price
Paid per Share
Total Number of
Shares Purchased as
Part of Publicly
Announced Programs
Maximum Dollar Value of
Shares that May Yet Be
Purchased Under the
Programs
October 1 through
October 31
2,422,800 $31.14 2,422,800 $924,556,611
November 1 through
November 30
3,726,900 $30.65 3,726,900 $824,104,694
December 1 through
December 31
1,100,000 $31.97 1,100,000 $788,939,354
Total 7,249,700 7,249,700