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Exhibit 4.3    
    


 
 

MASISA S.A.
  Subscription From
  
    NOT EXERCISABLE
AFTER                           , 2005    
    


        This certifies that the person whose name and address appears below is the registered owner of the number of non-transferable ADS Rights set forth
below. Each ADS Right relating to newly issued common shares ("Shares") or treasury Shares of Masisa S.A. ("MYS") entitles its registered holder to purchase new American Depositary Shares of MYS, each
representing 50 Shares ("ADSs"), at a subscription price of Ch$[    •    ] per ADS, payable in U.S. dollars, as described in the prospectus
dated             , 2005 (the "Prospectus). 


        Holders
may purchase ADSs at any time prior to 5:00 P.M. (New York City time) on                           , 2005 at
the designated office of The Bank of New York, as rights agent (the
"Rights Agent") set forth below, at an estimated subscription price of U.S.$[    •    ] per ADS (the "Deposit Amount"), which is the U.S. dollar
equivalent of the Chilean subscription price of Ch$[    •    ] per ADS, translated into U.S. dollars at the Central Bank of Chile's U.S. dollar
observed exchange rate of Ch$[    •    ] = U.S.$1.00 on             , 2005, plus an additional 10% as an allowance for fluctuations in
the exchange rate between the Chilean peso and the U.S. dollar and for the payment of ADS issuance fees, currency conversion expenses and financial transaction taxes in Chile. ADS Rights may be
exercised by presenting this ADS subscription form to the Rights Agent with the Form of Election to Purchase duly executed, and such other and further documentation as the Rights Agent may reasonably
request. Payment may be made by certified bank check or money order payable to the order of the Rights Agent. 


        This
ADS subscription form is subject to all of the terms, provisions and conditions of the rights offers, as described in MYS's Prospectus dated             , 2005. 


        Number
of ADS Rights Relating to Newly Issued Shares: 


        Number
of ADS Rights Relating to Treasury Shares: 


 
 

MASISA S.A.    
    


        This ADS subscription form must be received by the Rights Agent, together with payment in full, by 5:00 p.m., New York City time,
on             , 2005. Failure to submit this ADS subscription form to the Rights Agent by that time will result in a forfeiture of your ADS Rights. Any subscription for ADSs in these
rights
offerings is irrevocable.


        Complete the Election to Purchase Form as applicable. Any improperly completed or unexecuted rights certificate for new ADSs may cause the Rights Agent in its
sole discretion to  


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 reject such rights certificate. If you have any questions, contact the Rights Agent at 800-507-9357.



	 	 	THE BANK OF NEW YORK,

Rights Agent
	

 	
 	
By mail:

Tender and Exchange Department

P.O. Box 11248

Church Street Station

New York, New York 10286-1248
	

 	
 	
By hand or overnight courier:

Tender and Exchange Department

101 Barclay Street, lE

New York, New York 10286




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FORM OF ELECTION TO PURCHASE    
    


        The registered holder of the ADS Rights referred to in this ADS subscription form is entitled to exercise the number of ADS Rights shown
in the upper right hand corner of the other side of this card upon the terms and conditions specified in the Prospectus.


        The
undersigned hereby notifies the Rights Agent of its irrevocable election to subscribe for new ADSs in the following amounts: 


	1.
	                  
new ADSs to be purchased pursuant to exercise of ADS Rights relating to newly issued common shares of Masisa S.A.



	2.
	                  
new ADSs to be purchased pursuant to exercise of ADS Rights relating to Treasury common shares of Masisa S.A. 



This
subscription is subject to the terms and conditions specified in the Prospectus. I hereby acknowledge receipt of the Prospectus. 



	Signature(s) of subscriber(s):	 	






	Dated:	 	 	 	, 2005
	 	 	
	 	 





        (Joint owners should each sign. If signing as executor, administrator, attorney, trustee or guardian, give your title as
such. If a corporation, sign in the full corporate name by an authorized officer. If a partnership, sign in the name of an authorized person.)


TO BE EXECUTED ONLY BY NON-UNITED STATES RESIDENTS:  


        I hereby certify that the foregoing subscription for new ADSs has been effected in accordance with the applicable laws of the jurisdiction in which I reside. 



	Signature(s) of subscriber(s):	 	





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	PAYER'S NAME: THE BANK OF NEW YORK
	

	

SUBSTITUTE

Form W-9	
 	
Name:	
 	

 

	

 	
 	

Address:	
 	

 

	 	 	 	 	(Number and Street)
	 	 	 	 	 
	 	 	

	 	 	 	 	(City)
                                         
                 (State) (Zip Code)
	 	 	






	Department of the Treasury Internal Revenue Service	 	Check appropriate box:	 	 	 	 
	 	 	Individual/Sole Proprietor / /	 	Corporation / /	 	Partnership / /





	 	 	Other (specify) / /	 	 
	 	Exempt from Backup Withholding / /
	 	 	






	Request for

Taxpayer Identification

Number (TIN) and

Certification	 	Part I.—Please provide your taxpayer or identification number in the space at right. If awaiting TIN, write "Applied For."	 	SSN:



or



EIN:	 	 

	 	 	 	 	 	 	

	 	 	

	 	 	Part II.—Awaiting TIN / /	 	 	 	 
	 	 	

	 	 	Part III.—Certification
	 	 	Under penalties of perjury, I certify that:





	 	 	(1)	 	The number shown on this form is my correct Taxpayer Identification Number (or I am waiting for a number to be issued to me);
	 	 	(2)	 	I am not subject to backup withholding either because (a) I am exempt from backup withholding, (b) I have not been notified by the IRS that I am subject to backup withholding as a result of a failure to report all
interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and
	 	 	(3)	 	I am a United States person (including a United States resident alien).
	 	 	

	 	 	Certification Instructions—You must cross out part item (2) in Part II above if you have been notified by the IRS that you are subject to backup withholding because of underreporting
interest or dividends on your tax return. However, if after being notified by the IRS that you are subject to backup withholding you received notification from the IRS that you are no longer subject to backup withholding, do
not cross out part (2).
	 	 	






	 	 	SIGN

HERE -->	 	Signature:	 	 
	 	Date:	 	 

	 	 	
	 	 	 	 




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	NOTE:	 	FAILURE TO COMPLETE AND RETURN THIS FORM MAY RESULT IN A $50 PENALTY IMPOSED BY THE INTERNAL REVENUE SERVICE AND BACKUP WITHHOLDING TAXES. PLEASE REVIEW THE ENCLOSED GUIDELINES FOR CERTIFICATION OF TAXPAYER
IDENTIFICATION NUMBER ON SUBSTITUTE FORM W-9 FOR ADDITIONAL DETAILS.
	
NOTE:	
 	

YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF YOU CHECKED THE BOX IN PART II OF THE SUBSTITUTE FORM W-9.







 CERTIFICATION OF AWAITING TAXPAYER IDENTIFICATION NUMBER  






        I certify under penalties of perjury that a taxpayer identification number has not been issued to me, and either (1) I have mailed or delivered an
application to receive a taxpayer identification number to the appropriate Internal Revenue Service Center or Social Security Administration office or (2) I intend to mail or deliver an
application in the near future. I understand that if I do not provide a taxpayer identification number by the time of payment, a portion of all reportable cash payments made to me thereafter will be
withheld until I provide a taxpayer identification number to the payer and that, if I do not provide my taxpayer identification number within sixty days, such retained amounts shall be remitted to the
IRS as backup withholding. 






	SIGNATURE	 	    






	DATE	 	    







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Exhibit 4.3


MASISA S.A. Subscription From NOT EXERCISABLE AFTER , 2005

MASISA S.A.

FORM OF ELECTION TO PURCHASE