[LOGO] QUINENCO S.A.

FOR IMMEDIATE RELEASE

For further information contact:

Cindi Freeman
Investor Relations Manager
Quinenco S.A.
(56-2) 750-7221 e-mail: cfreeman@lq.cl

             QUINENCO, CONSORCIO FINANCIERO AND PARQUE ARAUCO LAUNCH
                    TENDER OFFER FOR 27.3% OF ALMACENES PARIS

March 7, 2005- Santiago,  Chile. Quinenco S.A. (LQ:NYSE) reported to the Chilean
Superintendency  of  Securities  and  Insurance  (SVS) today that  Quinenco S.A,
through its subsidiary, Inversiones Rio Azul S.A., Consorcio Financiero S.A. and
Parque  Arauco S.A,  (together the  Offerers),  are launching a tender offer for
27.3% of the  outstanding  shares of  Almacenes  Paris,  one of Chile's  largest
retail department store chains.

The  tender  offer  consists  of the  offer to  purchase  164,000,000  shares of
Almacenes  Paris at Ch$900 per share.  At the conclusion of the tender offer and
assuming it is  successful,  Rio Azul,  Consorcio  Financiero  and Parque Arauco
would have an interest  in Paris of 20.1%,  20.1% and 10%,  respectively,  for a
total of 50.2% of the outstanding shares.

The tender offer is conditioned  upon the  acquisition  of at least  164,000,000
shares,   equivalent  to  27.3%  of  the  total  outstanding  shares  of  Paris.
Notwithstanding,  the terms of the tender  offer  allow for  acceptance  of less
shares than the full offer.

The offer  contemplates  a payment of Ch$900  per  share,  which will be paid in
Chilean  pesos on the  second  business  day  following  the  publishing  of the
announcement  regarding the results of the tender offer.  The tender offer price
per share of Ch$900  represents a 15.2% premium over the legally  defined market
price of  Ch$780.97.  The tender offer  expires in 30 days  starting at 00:00 on
March 8, 2005 and ending at midnight on April 6, 2005. If successful,  the share
purchase would occur on April 9, 2005. Rio Azul, Consorcio Financiero and Parque
Aruaco have the right by law to extend the tender offer.

The  total  acquisition   price  of  the  tender  offer  is   Ch$147,600,000,000
(equivalent  to  US$251.1  million on March 7, 2005).  The tender  offer will be
financed with internal resources of the three parties and if necessary, by funds
obtained from the offerer's shareholders.

Quinenco S.A., a leading Chilean business conglomerate, is the controlling
entity of a portfolio of companies involved in financial services, food and
beverage, telecommunications and manufacturing.

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