Masisa´s Board of Directors proposes a US$100 million Equity Increase

Furthermore, the Board approved a local market bond issuance of up to UF3.5 million in one or more series.

Santiago, November 26, 2008.- MASISA S.A.. In a meeting held today, the Board of Directors of Masisa S.A. (Santiago Stock Exchange: MASISA) (hereinafter referred to as “Masisa” or “the Company”) agreed to summon an Extraordinary Company Shareholders’ Meeting (hereinafter referred to as “the Meeting”) to be held on December 16, 2008, to request its approval for an equity increase of Masisa amounting to US$100,000,000 (one hundred million U.S. dollars) by issuing new cash shares.

Moreover, on this date, the controlling shareholder of Masisa, Grupo Nueva S.A., which currently has a 65.6% total shareholding in the Company, formally informed Masisa of its commitment to subscribe its entire pro rata or pre-emptive right of the mentioned equity increase.

A proposal will be put forward at the Meeting that the proceeds of the equity increase be allocated to reducing the Company’s short-term liabilities.

Furthermore, the Board of Directors agreed to empower Masisa’s administration to issue and place one or more series of bonds aimed at the domestic market amounting to the equivalent of UF3,500,000 (three million five hundred thousand “Unidades de Fomento”).

Enrique Cibie, Masisa´s CEO, affirmed that these operations are in line with strengthening Masisa’s financial standing to better address future scenarios and take advantage of the business opportunities that might arise.

The proceeds obtained from the placement of the mentioned bonds will be allocated to paying off the Company’s short-term liabilities.

Forecasts and Estimates

This press release may contain forecasts, which are different statements from historical facts or current conditions, and include the management’s current vision and estimates of future circumstances, industry conditions and the Company’s performance. Some forecasts may be identified by the use of terms such as “may,” “should,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “forecasts” and other similar expressions. Statements about future market share, projected future competitive strengths, the implementation of significant operating and financial strategies, the direction of future operations, and the factors or trends affecting financial conditions, liquidity, or operating income are examples of forecasts. Such statements reflect the current management vision and are subject to various risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. These statements are made based on many assumptions and factors, including general economic and market conditions, industry conditions and operating factors. Any changes in such assumptions or factors could lead to the current results of Masisa, and the projected Company activities, to materially differ from current expectations.

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