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UBS Latin American One on One ConferenceJUNE 2007

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Disclaimer

This presentation may contain projections or other forward-looking statements related to Masisa that involve risks and uncertainties. Readers are cautioned that these statements are only projections and may differ materially from actual future results or events. There is no assurance that the expected events, trends or results will effectively occur. These declarations are made on the basis of numerous assumptions and factors, including general economic and market conditions, industry conditions and operating factors. Any change to these assumptions or factors could cause the present results of Masisa and Masisa’s planned actions to differ substantially from the present expectations.

All forward-looking statements are based on information available to Masisa on the date of its posting and Masisa assumes no obligation to update such statements unless otherwise required by applicable law.

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Contents

Investment Highlights

Masisa in Brief

Corporate Strategy

Business Units

Sustainable Development

Masisa´s Financial Performance

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Investment Highlights

Leading producer of wood boards for furniture in Latin America (#1 in MDF & PB)

Diversified manufacturing base and end markets (Latin America, US)

Sound financial profile (Investment Grade by Fitch)

241Th. hectares of planted forests (pine & eucalyptus - Strategic asset)

Competitive Strategy – Differentiation (Innovation & Customer intimacy)

Established and expanding associated distribution network (Placacentros)

Favorable growth prospects (Product penetration & housing deficit)

Commitment to sustainable development

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Masisa in brief

Based in Santiago, Chile

Listed on NYSE (ADR) and on the Santiago Stock Exchange

56% of our sales are in Investment Grade countries

Note: Please note that Wood Boards include Retail sales, which totaled approx. US$ 152MM in 2006.

USA26.0%

Chile 16.3%

Mexico13.2%

Brazil16.4%

Ven 10.4%

Arg 7.9%

Others9.8%

Wood Boards

62%

Solid Wood33%

Forestry5%

Sales by countryUS$ (2006)

Sales by Business UnitUS$ (2006)

Sales by productUS$ (2006)

MDF mouldings

7%

Finger Joint

Mouldings11%

Sawn wood8%

Others7%

Particle Boards

21%

Solid wood doors4%

OSB5%

MDF37%

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Masisa in brief

Solid Financial Profile

Assets : US$ 2,038 MM as of March 2007Equity : US$ 1,182 MM as of March 2007Sales last 12 months : US$ 890.4MM EBITDA last 12 months : US$ 154.5MMEarnings last 12 months : US$ 31.6MMFinancial Expense Coverage last 12 months(1) : 4.64xFinancial Leverage last 12 months(2) : 0.51xRisk Rating :

Local (Fitch Ratings and Feller Rate) : A

International ( Fitch Ratings) : BBB-

(1) Financial Expense Coverage : Ebitda/Interest Expense

(2) Financial Leverage : Funded Bebt/(Equity + Min. Interest)

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Masisa in brief – Location of Forests, Mills and Placacentros (Dec. 2006)

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Corporate Strategy( Oct. 2006: definition of Competitive Strategy & Core Business )

Core Business :

Production and commercialization of wood boards for furniture (MDF & PB) in Latin America.

Implications :

Approach towards asset portfolio, growth strategy & Capex.

Competitive Strategy :

Innovation & Customer intimacyTake advantage of attractive growth opportunities in Latin America|Expand & Strengthen retail distribution networkCommitment to Sustainable DevelopmentGenerate value to our shareholders

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Corporate Strategy

Other business units are considered synergic to the Wood Board business

Wood byproducts

Secure wood fiber supply

Positions Masisa® brand

Segmentation & Pricing

Demand generator

Wood Boards

Forestry

Solid Wood

Retail

Particle boardMDF OSBSawnwood FJ

mouldings Doors

855,000 m3(*) 1,060,000 m3 350,000 m3

MDF mouldings

Capacity : 707,000 m3 168,000 m3 42,000 m3 188,400 m3

(*) Does not include the new 340,000m3 MDF plant that will start operations by mid 2007, in Cabrero, Chile.

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WOOD BOARDS BUSINESS UNIT

10

6.2%

15.4%

5.2%

15.2%

50.1%

9.7%

Latam (South) Latam (North) United States

PB MDF

Wood Board Business UnitLatin American Market Outlook - Demand

Board Demand Growth in the main end markets (CAGR 1996 - 2005)

Source: FAO, RISI, ABIPA. Info as of Dec 2005.- Latam. (South) corresponds to South America & Latam. (North) corresponds to Central America, the Caribbean region and Mexico.

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Wood Board Business UnitLatin American Market Outlook - Demand

MDF/PB have significant advantages vs. solid wood for furniture manufacturing

Better cost/quality relation (6 to 7 times cheaper)Better milling and transformation attributesStrong demand growth (historical and expected)

Long term demand growth for Masisa’s products:

Housing & Mortgage Loan Deficits

6.7

4.3

2.9 2.7 2.6

1.2 1.20.5

Brl Mex Ven Col Arg Per Ecu Chl

Housing deficit per country—mm houses

Source: Various sources, including central banks, government ministries and third party research sources as compiled by Titularizadora Colombiana as of June 2005

$ 255 $ 138 $ 103 $ 58 $ 54 $ 10 $ 9

$ 4,220

Chl Mex Arg Col Per Ecu Ven Brl

Mortgage per capita (US$)

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Wood Board Business UnitLatin American Market Outlook - Demand

Relatively low MDF & PB penetration in Latin America

MDF PB

Source: FAO, World Bank. Info as of Dec 2005.

  Argentina  Brazil

  Canada

  Chile

  China

  Colombia   Korea

  Spain

EEUU

  Finland  Hungary

  Israel

  Japan  Mexico

  Norway

Holland

  United

Kingdom

  Sweden

  Switzerland  Venezuela

0

20

40

60

80

100

120

0 10 20 30 40 50

Income per cap. PPP (Thou. US$/year/inhab)

Cons

umpt

ion

per

cap.

(m3/

year

/tho

u. in

hab)

  Korea

  United

Kingdom

  Switzerland

  Brazil

  Canada  Chile

  China

  Colombia

  Denmark  Spain

EEUU

  Finland

  Hungary

  Israel  Japan

  Mexico   Norway Holland

  Sweden

  Argentina

  Germany

  Venezuela

0

5

10

15

20

25

30

35

40

0 10 20 30 40 50

Income per cap. PPP (Thou. US$/year/inhab.)

Cons

umpt

ion

per

cap.

(m3/

year

/tho

u. in

hab)

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Wood Board Business UnitMDF, PB & OSB (Dec. 2006)

Masisa’s Core Business (MDF & PB)

63% of Total Sales, US$ 555MM

Annual growth during 2006, +19.7%

70% of Consolidated EBITDA

45% of Total Assets

New 340,000m3 MDF plant in Cabrero, Chile will start operations by June 2007

Market Leader in Latin America (#1 or #2 in all markets, except Brazil #3)

All operations scheduled to have ISO 14001 and OHSAS 18001 certification by the end of 2007.

Source: Masisa’s estimate as of Dec 2006.

Masisa’s Market Share in Latin America

PB MDF Mel2006 23% 33% 19%

Mexico

PB MDF Mel2006 25% 49% 17%

ColombiaPB MDF Mel

2006 72% 82% 68%

Venezuela

PB MDF Mel2006 35% 53% 46%

Argentina

PB MDF Mel2006 1% 19% 14%

Brasil

PB MDF Mel2006 12% 30% 12%

Ecuador

PB MDF Mel2006 28% 61% 38%

Peru

PB MDF Mel2006 8% 43% 14%

Central America

PB MDF Mel

2006 19% 30% 24%

Total Market Share in Latin America

PB MDF Mel2006 77% 45% 69%

Chile

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Wood Board Business UnitOverview 2007

1. MDF Plant in Cabrero. Operations start by mid 2007. Operating at full capacity in 2008.

2. Strong demand for MDF and PB continues in all Latin American countries, as evidenced in a 27.7% and 21.7% growth in sales of MDF and PB, respectively during 2006. Ability to transfer cost increases into prices, continues in 2007.

3. Costs: expected increases in resin, wood and energy. Increase of resins costs due to strong demand for urea.

4. Overall, margins should remain stable (similar to those of 2H’06). Proven ability to transfer cost increases into prices.

5. Growth strategy for Brazil.

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RETAIL BUSINESS UNIT

16

7 25 35 54 52 51 52

34 54 63 7126

3240 40

9

26

3442

47

5

1921

21

7

10

2128

22

31

3741

18

0

50

100

150

200

250

300

350

1992 1995 2000 2003 2004 2005 2006

# of

Pla

cace

ntr

os

Chile Mexico Brazil Argentina Peru Colombia Other¹

Retail Business UnitPlacacentros (Dec. 2006)

Placacentro is a licensed retail chain, tailored to improve productivity of carpenters and small contractors.

US$ 152MM in sales in 2006: (approx. 27% of total wood board’s sales).

300 Placacentros as of Dec. 2006.

Focus will be in transforming the retail chain into a solid and effective commercial network:

Migration from brand license level agreements, to franchise contracts. Migration started Dec. 2006.

Improvements in product mix, market intelligence, store layout and quality service.

Creation of Procurement Units.

Strong growth perspectives (market demand & penetration of Masisa’s sales).

¹ Includes: Ecuador, Colombia, Venezuela, Paraguay, and UruguayInfo as of Dec. 2006

Placacentros – a growth story

7

300

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Retail Business UnitOverview 2007

1. Placacentros migration from brand license contracts to franchise level agreements.

• Number of Placacentros expected to be migrated in 2007: 143.

• Number of Placacentros migrated during Q1’07: 9. Adding to 8 migrated in Q4’06.

2. Definition of Placacentros product mix and marketing strategy. Target: Placacentros to become Masisa’s most profitable distribution channel (Today: #1 or #2 in every market).

• Development and application of Placacentros Operating Manual (service level, procedures, layouts).

3. Creation of 1 additional Procurement Unit for Placacentros in Brazil (June), adding to the ones operating in Mexico, Chile and Peru.

• Internet sales platform in all the PU´s: Operating. Platform to be replicated in upcoming PU in Brazil.

4. Growth in # of stores: +19 Placacentros during 2007. Focus: profitability increase.

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SOLID WOOD BUSINESS UNIT

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Solid Wood Business UnitMouldings, Doors & Sawn Lumber (Dec. 2006)

33% of Total Sales, US$ 288MM

Sales growth during 2006, +18%. Good performance in terms of sales, in spite of U.S. housing market downturn.

4% of Consolidated EBITDA

15% of Total Assets

Natural hedge for operations in LATAM (U.S. export business)

Guarantees sawing capacity in areas of influence

Focus, optimization of the operation.

All operations scheduled to have ISO 14001 and OHSAS 18001 certification by the end of 2007

Expected growth - US mouldings market – mm bF

Breakdown of US moulding market (m³ million)

0.0

1.0

2.0

3.0

4.0

5.0

1990 1993 1996 1999 2002 2005

Local Production Imports

Source: RE Taylor. Dec 2005

0

500

1,000

1,500

2,000

2,500

1992

1994

1996

1998

2000

2002

2004

2006

2008

Other Mouldings Finger Joint

MDF Plastics

Source: RE Taylor. Dec 2005

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Solid Wood Business UnitOverview 2007

1. Optimize cost structure.

• First event: (Jan. 2007) Closure of Charleston MDF Moulding Plant (36,000m3). In the U.S. the Company will focus only in commercialization, not production. Estimated annual cost savings, excluding one-time restructuring costs: US$ 3.0MM.

• Consolidation of moulding operations in Cabrero, Chile, using existing capacity currently located elsewhere.

2. Mouldings: U.S. market for mouldings does not exhibit signs of recovery in the short term (at least until 2H’07).

• Finger-joint mouldings being the most affected due to high correlation with house startings. Prices expected to remain stable.

• MDF mouldings stable in terms of price. Focus on profitability of exports, probably sacrificing volume. MDF not sold as mouldings to be commercialized as boards in Latin America.

3. Solid wood doors: stable in terms of volume, improving in margin as a result of a price increase of US$ 2 per door in 1Q’07. In addition improvement in product mix and client base.

4. Sawn lumber: stable market outlook. Pricing increases expected, reflecting costs increases (phitosanitary requirements and logistics). Focus during 2007 in increase market diversification (U.K., North of Africa and China).

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FORESTRY BUSINESS UNIT

22

0.010.020.030.040.050.060.070.080.0

Age

Th has

Pine 35.9 27.7 47.5 67.3 34.1

Eucaliptus 8.8 15.8 2.3 0.6 0.6

0-5 6-10 11-15 16-20 21+

Forestry Business Unit (Dec. 2006)

Strategic Asset

Secure fiber supply for industrial operations

241Th hectares planted of pines and eucalyptus

5% of Total Sales

26% of Consolidated EBITDA

40% of Total Assets

Young age profile in Chile and Argentina ensures increasing harvesting volumes

Development of Greenfield projects

All operations under Forest Stewardship Certification (FSC), ISO 14001 and OHSAS 18001 certification

Age Profile as of Dec. 2006

Harvest year

Location of Masisa´s Forests as of Dec. 2006

Chile36%

Argentina15%

Venezuela42%

Brazil7%

Chile Argentina Venezuela Brazil

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Forestry Business Unit Overview 2007

1. Leverage of forestry assets - First transaction in process of closure:

• Binding agreement signed to sell 90% of the shareholding in ForestalArgentina S.A. (FASA).

• FASA's assets valued at US$107.2 million.

• FASA has 38,000 hectares of pine and eucalyptus forests and plantable landholdings.

• The buyers are the Chilean company Los Boldos S.A., belonging to Diversified International Timber Holdings LLC, a US forestry investment company (80%) and the Chilean company GrupoNuevaS.A., the majority shareholder of Masisa (10%).

2. Secure fiber supply in the long term – support industrial growth:

• Development of Greenfield projects.

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COMMITMENT TO SUSTAINABLE DEVELOPMENT

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Commitment to Sustainable DevelopmentMasisa S.A. joined the Chicago Climate Exchange (“CCX”) – Mar. 2007.

Masisa: Positive CO2 e balance.

Commitment to reduce CO2 e emissions by 6% during 2003-2010 period ( compared to base line period 1998-2001).

Value creation opportunity.Energy cost reduction culture. Energy is the third most important element in Masisa’s cost structure (approx. 12% of total consolidated production costs). Brand positioning (reputation).Carbon surplus to be commercialized as carbon bonds.Anticipate market trends/regulations.

In line with Masisa’s business plan and forest expansion strategy (Greenfield projects – high level of CO2 capture).

2,326

309

2,017

0

500

1,000

1,500

2,000

2,500

Total

2003 - 2010 Period

CO

2 eq

. Th.

tons

/per

ann

um

Emmission (Th. ton) Capture (Th. ton) Positive Balance (Th. Ton)

Masisa’s CO2 emission and capture estimates (2003-2010)

Note: Data to be confirmed and audited by CCX during 2007.

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Masisa´s Recognitions

One of the Top 5 companies with the best Corporate Governance in Latin America, award given by MZ Consult.

Masisa receives the “Leaders for a Living Planet” award, given by the World Wildlife Fund.

Award, “Corporate Standard Setter”, given by Rainforest Alliance.

Better and more transparent relations with our shareholders and with the investment community.

MASISA’S

FINANCIAL PERFORMANCE

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Performance

Consistent growth on Sales, while maintaining the asset base (approx. US$ 2.0Bn).

Growth mainly driven by the MDF and PB business.

Attractive growth potential in the region.

887778

890

651

480

744

0

200

400

600

800

1,000

2003 2004 2005 2006 *TTM´06 *TTM´07

Sale's EvolutionUS$ MM

CAGR: +22,7%+14,5%

*TTM: Trailing twelve months ended on March 31 of 2006 and 2007 respectively.

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Performance

Successful commercial efforts in increasing prices.

232

284327

375

273246

220194

0

50

100

150

200

250300

350

400

2004 2005 2006 M ar-07PB M DF

Price EvolutionUS$ / m³

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Performance

Sales’ growth while maintaining the asset base

Total Assets approx. US$ 2.0Bn

Sales / Total Assets

4 4 %4 4 %

3 5%

3 8 %

30%

35%

40%

45%

50%

2 0 0 4 2 0 0 5 2 0 0 6 *TTM '0 7

*TTM: Trailing twelve months ended on March 31 of 2007.

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Adequate operational cash flow generation (EBITDA), despite costs pressures and non recurring costs/expenses.

Performance

* EBITDA: Operational Income + Depreciation + Intangibles Amortization + Depletion** TTM: Trailing twelve months ended on March 31 of 2007 and 2007 respectively

EBITDA*US$ MM

155154 149

85

167 158

020406080

100120140160180

2003 2004 2005 2006 **TTM´06 **TTM´07

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Performance

Increased profitability in 2006.

* Net Income in 2004 positively affected by non-recurring profit related to the sale of forestry assets (+US$ 44MM).

** TTM: Trailing twelve months ended on March 31 of 2007.

44

3229

1326

0

10

20

30

40

50

60

*2004 2005 2006 **TTM '07

Net IncomeUS$ MM

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Improvements on Performance

Growing Capex in Boards and in securing wood supply (Forestry).

Capex for 2007: US$ 140MM approx.

121.8

67.3

42.4

020406080

100120140

2004 2005 2006

Wood Boards Solid Wood Forestry Others

CapexUS$ MM

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Funded Debt (Net) & Average Interest Rate

549552563

6.98% 7.01%

6.44%

0

100

200

300

400

500

600

700

2004 2005 2006

US$ MM

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

8.0%

Funded Debt (Net) Average Interest Rate

Net Funded Debt has been slightly reduced, coupled with improvements in average interest rate (refinancing efforts).

Net Funded Debt & Average Interest RateUS$ millones

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Conclusion: Masisa is a value oriented organization

Every business unit will be managed by EVA® (1) (Economic Value Added) in 2007

Management’s compensation (bonus) linked to EVA ®

Competitive Strategy – Differentiation (Innovation, Customer intimacy, Commitment to sustainable development)

Placacentros (key commercial differentiator)

Focus on taking advantage of favorable market perspectives (consolidate competitive position)

(1) EVA ® is a registered trademark from Stern Stewart & Co.