Parque Arauco Appoints General Manager to Lead Colombia Expansion

SANTIAGO, Chile--(Business Wire)--
Parque Arauco S.A. (Santiago Stock Exchange: Parauco; Bloomberg:
PARAUCO:CI), one of Latin America's leading shopping center developers
and operators, based on gross leasable area (GLA), today announced the
appointment of Juan Pablo Romero as General Manager of Inversiones
Colombianas Arauco, Ltda., Parque Arauco S.A.'s wholly-owned Colombian
subsidiary.

Mr. Romero, a Colombian, joins Parque Arauco with more than 10
years of experience in Latin American multinational business
development, expansion and management. He began his career with the
German chemical company, BASF, as a Project Analyst. While with BASF,
he was part of the core team responsible for investments in Latin
America and led project development and logistics in Brazil and
Colombia. In 2003, Mr. Romero joined Avianca S.A., the Colombian
airline where he was responsible for the financial reorganization and
successful sale of the company. Following the sale, he remained with
the airline and managed strategic projects for the company. Mr. Romero
holds an MBA degree from Thunderbird University in Phoenix, Arizona.

"We are very pleased that Juan Pablo Romero is joining us to lead
our expansion efforts and operations in Colombia, a country with an
underserved consumer population and strong economic growth," said
Andres Olivos, President and CEO. "Juan Pablo's solid experience in
identifying and executing profitable development projects in the
region, and particularly in Colombia, will help ensure the success of
our unique operating model in the market."

Colombia forms a key part of Parque Arauco's previously announced
US$1 billion dollar expansion strategy which encompasses investments
in Chile, Colombia and Peru for the period between 2007 and 2009. With
two investments already announced in Colombia in the cities of Pereira
and Barranquilla, the company is well on its way to executing its
expansion plan.

About Parque Arauco

Parque Arauco, based in Chile, is one of Latin America's largest
developers and operators, in terms of GLA, of retail real estate in
Latin America. Over the last 25 years, Parque Arauco has developed,
operated and managed shopping centers throughout Chile, and today owns
or has interests in 17 shopping centers in Chile, Peru, Colombia, and
Argentina which have a combined GLA of 618,345 m2. It has a 31.6%
ownership interest in Argentina's Alto Palermo, S.A., (APSA) which is
traded on the Buenos Aires Stock Exchange and the NASDAQ. APSA is the
owner and operator of 10 shopping centers. Parque Arauco also has a
45% interest in Peru's Inmuebles Panamericana, S.A., owner and
operator of one of Lima's largest shopping centers.

This release contains forward-looking statements relating to the
prospects of the business, estimates for operating and financial
results, and those related to growth prospects of Parque Arauco. These
are merely projections and, as such, are based exclusively on the
expectations of management concerning the future of the business and
its continued access to capital to fund the Company's business plan.
Such forward-looking statements depend, substantially, on changes in
market conditions, government regulations, competitive pressures, the
performance of the economies in which we work and the industry, among
other factors; therefore, they are subject to change without prior
notice.

Investor Relations (Chile)
Parque Arauco S.A.
Roberto Salas, +562-299-0645
Fax: +562-211-4077
ir@parauco.cl
www.parauco.cl
or
Investor Relations (International)
MBS Value Partners
Monique Skruzny/Betsy Brod, +1-212-750-5800
Fax: +1-212-661-2268
monique.skruzny@mbsvalue.com

Copyright Business Wire 2008