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Management Side
Technical Side
Masisa Moves to Delist ADRs from New York Stock Exchange
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Santiago, Chile, 20 February 2008 -- /PRNewswire/ -- Masisa has decided to delist its American Depositary Shares (ADSs) representing common stock without nominal (par) value of the company, and evidenced by American Depositary Receipts (ADRs), from the New York Stock Exchange (NYSE).

Masisa has also decided to terminate the deposit agreement relating to the ADSs entered into on 24 March 2005, with The Bank of New York as the depositary bank. Masisa intends, as soon as it is permitted to do so after the delisting and termination of its ADR program, to seek deregistration and termination of its reporting obligations under Sections 12(g) and 15(d) of the U.S. Securities and Exchange Act of 1934, as amended.

The board's decision on 20 February 2008, to delist the ADSs from the NYSE, terminate its ADR program, and seek deregistration is based on several factors, including the following:

- Less than 5% of the outstanding Common Stock is held in the
form of ADSs.
- This action would allow Masisa to reduce its operating expenses.

The company expects to file a Form 25 with the SEC on or about 03 March 2008, and anticipates that delisting of the ADSs will occur 10 days after the filing of that form. After delisting and up until the time of termination of the ADR program, the ADRs will be traded in the over-the-counter market.

The company will notify the Depositary Bank on 20 February 2008, that it wishes to terminate the ADR program. Upon such notification, the Depositary Bank will establish a termination date for the Deposit Agreement and send notice of such date to ADR holders. The Termination Date will be no sooner than 60 days from the date of the notice to ADR holders and is estimated to occur on or about 28 April 2008.

Upon termination of the Deposit Agreement, ADR holders will have 60 days to exchange their ADRs for certificates of Common Stock. If an ADR holder does not exchange its ADRs within the aforementioned 60-day period, the Depositary Bank will be authorized to sell the Common Stock underlying such ADRs and provide to such holders the net proceeds from such sales. To allow for such sales of Common Stock within such timeframe, the company and the Depositary Bank have agreed to amend the Deposit Agreement to decrease the period after termination during which the Depositary Bank must hold underlying Common Stock from 1 year to 60 days.

Masisa will maintain its high corporate governance standards. Such behavior has allowed the company to be recognized as one of the top five companies in Latin America in terms of corporate governance standards by MZ Consult's IR Global Ranking.

Similarly, the company will maintain its transparent and fluid communication with the investor community through its fully dedicated Investor Relations team. This includes maintenance of Quarterly Results conference calls, Quarterly Earnings press releases, and general press releases in English.

About Masisa

Masisa is a leading furniture and interior architecture board production and marketing company in Latin America. It has forest assets throughout most of the region, thereby guaranteeing the raw material for the board business. Masisa's value proposal is to be a reliable brand, close to all its stakeholders, anticipating market needs by means of product and service innovation, and operating responsibly towards society and the environment.

The Company has 13 productive plants in Chile, Argentina, Brazil, Venezuela, and Mexico, all of which have the ISO 14.001 and OHSAS 18.001 certification.

Masisa also has three other divisions that operate in synergy with the core board division: forestry, solid wood, and retail, which generate value and make the company more competitive.

Masisa is a publicly-traded corporation and its shares are traded on the Santiago Stock Exchange, and on the NYSE by means of ADRs. The company had total sales of USD 886.5 million in 2006.

Source: Masisa S.A.


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