Document:

EXHIBIT 4.9

            THESE  SECURITIES  HAVE NOT BEEN  REGISTERED  UNDER  THE
            SECURITIES  ACT OF 1933, AS AMENDED,  OR THE  SECURITIES
            LAWS OF ANY  STATE  AND MAY NOT BE SOLD OR  OFFERED  FOR
            SALE  IN  THE  ABSENCE  OF  AN  EFFECTIVE   REGISTRATION
            STATEMENT FOR THE SECURITIES OR AN OPINION OF COUNSEL OR
            OTHER  EVIDENCE  ACCEPTABLE  TO THE  COMPANY  THAT  SUCH
            REGISTRATION IS NOT REQUIRED.

CLASS 2004-A

                     CONSPIRACY ENTERTAINMENT HOLDINGS, INC.

                          COMMON STOCK PURCHASE WARRANT

            1.    Issuance. In consideration of good and valuable consideration,
the  receipt  and  sufficiency  of which is hereby  acknowledged  by  CONSPIRACY
ENTERTAINMENT  HOLDINGS,  INC., a Utah corporation  (the "Company"),  WHALEHAVEN
CAPITAL FUND LIMITED or registered  assigns (the "Holder") is hereby granted the
right to  purchase  at any time  until 5:00  P.M.,  New York City  time,  on the
Expiration  Date (as  defined  below),  One Million  (1,000,000)  fully paid and
nonassessable  shares of the Company's Common Stock $.001 par value (the "Common
Stock"),  at an  initial  exercise  price per share  (the  "Exercise  Price") of
US$0.20  per share,  subject to further  adjustment  as set forth  herein.  This
Warrant  is  being  issued  pursuant  to the  terms of that  certain  Securities
Purchase  Agreement,  dated as of August 31, 2004 as  heretofore  modified  (the
"Agreement"),  to which the  Company  and Holder  (or  Holder's  predecessor  in
interest) are parties. Capitalized terms not otherwise defined herein shall have
the meanings  ascribed to them in the  Agreement.  This  Warrant was  originally
issued to the Holder or the  Holder's  predecessor  in interest on October  ___,
2004 (the "Issue Date").

            2.    Exercise of Warrants.

                  2.1   General.

                  (a)   This Warrant is  exercisable  in whole or in part at any
time and from  time to time  commencing  on the  Commencement  Date (as  defined
below).  Such exercise shall be effectuated by submitting to the Company (either
by delivery to the Company or by facsimile transmission as provided in Section 9
hereof) a completed and duly executed Notice of Exercise  (substantially  in the
form attached to this Warrant Certificate) as provided in the Notice of Exercise
(or revised by notice given by the Company as contemplated by the Section headed
"NOTICES"  in the  Agreement).  The date such Notice of Exercise is faxed to the
Company shall be the "Exercise Date," provided that, if such exercise represents
the full exercise of the outstanding balance of the Warrant,  the Holder of this
Warrant tenders this Warrant Certificate to the Company within five (5) business
days thereafter.  The Notice of Exercise shall be executed by the Holder of this
Warrant and shall indicate the number of shares then being purchased pursuant to
such exercise.

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                  (b)   The  Exercise  Price per  share of Common  Stock for the
shares  then  being  exercised  shall be  payable  to the  Company in cash or by
certified  or  official  bank  check  or by wire  transfer  in  accordance  with
instructions provided by the Company at the request of the Holder.

                  (c)   Upon the  appropriate  payment of the Exercise Price for
the  shares of Common  Stock  purchased,  together  with the  surrender  of this
Warrant  Certificate  (if  required),  the Holder shall be entitled to receive a
certificate  or  certificates  for the shares of Common Stock so purchased.  The
Company  shall  deliver such  certificates  representing  the Warrant  Shares in
accordance  with the  instructions  of the Holder as  provided  in the Notice of
Exercise within three Trading Days of the later of the Exercise Date or the date
the payment of the Exercise Price for the relevant Warrant Shares is received by
the Company.

                  (d)   The  Holder  shall be  deemed  to be the  holder  of the
shares  issuable to it in accordance  with the provisions of this Section 2.1 on
the Exercise Date.

                  2.2   Limitation on Exercise.  Notwithstanding  the provisions
of this Warrant,  the Agreement or of the other  Transaction  Agreements,  in no
event  (except (i) as  specifically  provided in this Warrant as an exception to
this  provision,  (ii)  during  the  forty-five  (45)  day  period  prior to the
Expiration  Date, or (iii) while there is  outstanding a tender offer for any or
all of the shares of the Company's Common Stock) shall the Holder be entitled to
exercise this Warrant,  or shall the Company have the obligation to issue shares
upon such  exercise  of all or any portion of this  Warrant to the extent  that,
after  such  exercise  the sum of (1) the  number  of  shares  of  Common  Stock
beneficially owned by the Holder and its affiliates (other than shares of Common
Stock  which may be deemed  beneficially  owned  through  the  ownership  of the
unexercised  portion of the Warrants or other rights to purchase Common Stock or
through the ownership of the unconverted portion of convertible securities), and
(2) the  number of shares of Common  Stock  issuable  upon the  exercise  of the
Warrants with respect to which the  determination of this proviso is being made,
would result in  beneficial  ownership by the Holder and its  affiliates of more
than 4.99% of the outstanding  shares of Common Stock (after taking into account
the shares to be issued to the Holder upon such  exercise).  For purposes of the
proviso to the immediately  preceding  sentence,  beneficial  ownership shall be
determined in accordance  with Section 13(d) of the  Securities  Exchange Act of
1934, as amended (the "1934 Act"), except as otherwise provided in clause (1) of
such sentence.  The Holder,  by its  acceptance of this Warrant,  further agrees
that if the Holder  transfers  or assigns any of the  Warrants to a party who or
which would not be considered such an affiliate,  such assignment  shall be made
subject to the transferee's or assignee's  specific agreement to be bound by the
provisions  of this  Section  2.2 as if such  transferee  or  assignee  were the
original Holder hereof.

                  2.3   Commencement Date and Expiration Date.

                  (a)   The term  "Commencement  Date"  means the earlier of (i)
the date  which is  sixty-five  (65)  days  after the  Issue  Date,  or (ii) the
Effective Date.

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                  (b)   The term "Expiration Date" means August 31, 2009.

            3.    Reservation  of Shares.  The Company hereby agrees that at all
times during the term of this Warrant  there shall be reserved for issuance upon
exercise of this Warrant one hundred ten percent (110%) of the Warrant Shares.

            4.    Mutilation or Loss of Warrant.  Upon receipt by the Company of
evidence  satisfactory  to it of the loss,  theft,  destruction or mutilation of
this  Warrant,  and (in the  case of  loss,  theft or  destruction)  receipt  of
reasonably  satisfactory  indemnification,  and (in the case of mutilation) upon
surrender and cancellation of this Warrant, the Company will execute and deliver
a new  Warrant of like tenor and date and any such lost,  stolen,  destroyed  or
mutilated Warrant shall thereupon become void.

            5.    Rights of the Holder.  The Holder shall not, by virtue hereof,
be  entitled to any rights of a  stockholder  in the  Company,  either at law or
equity,  and the  rights of the Holder are  limited to those  expressed  in this
Warrant and are not  enforceable  against  the Company  except to the extent set
forth herein.

            6.    Protection Against Dilution and Other Adjustments.

                  6.1   Adjustment  Mechanism.  If an adjustment of the Exercise
Price is required  pursuant to this  Section 6, the Holder  shall be entitled to
purchase  such number of shares of Common  Stock as will cause (i) (x) the total
number of shares of Common Stock Holder is entitled to purchase pursuant to this
Warrant following such adjustment, multiplied by (y) the adjusted Exercise Price
per share, to equal the result of (ii) (x) the dollar amount of the total number
of shares of Common  Stock  Holder is entitled to  purchase  before  adjustment,
multiplied by (y) the total Exercise Price before adjustment.(1)

                  6.2   Capital  Adjustments.  In case  of any  stock  split  or
reverse  stock split,  stock  dividend,  reclassification  of the Common  Stock,
recapitalization,  merger  or  consolidation  (where  the  Company  is  not  the
surviving entity),  the provisions of this Section 6 shall be applied as if such
capital  adjustment  event had  occurred  immediately  prior to the date of this
Warrant and the original  Exercise Price had been fairly  allocated to the stock
resulting from such capital adjustment;  and in other respects the provisions of
this Section shall be applied in a fair,  equitable and reasonable  manner so as
to give effect,  as nearly as may be, to the purposes  hereof. A rights offering
to  stockholders  shall be deemed a stock  dividend to the extent of the bargain
purchase element of the rights.

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(1)  Example:  Assume  10,000  shares  remain under  Warrant at original  stated
Exercise  Price of US$0.20.  Total  exercise  price  (clause (y) in text) is (i)
10,000 x (ii) US$0.20,  or US$2,000.  Company effects 2:1 stock split.  Exercise
Price is adjusted to US$0.10. Number of shares covered by Warrant is adjusted to
20,000,  because  (applying  clause  (x) in text)  (i)  20,000 x (ii)  US$0.10 =
US$2,000.

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                  6.3   Adjustment  for Spin Off.  If, for any reason,  prior to
the exercise of this Warrant in full, the Company spins off or otherwise divests
itself of a material  part of its business or operations or disposes all or of a
part of its assets in a  transaction  (the "Spin Off") in which the Company does
not receive  compensation  for such business,  operations or assets,  but causes
securities  of  another  entity  (the  "Spin  Off  Securities")  to be issued to
security holders of the Company, then the Company shall cause (i) to be reserved
Spin Off Securities  equal to the number thereof which would have been issued to
the Holder  had all of the  Holder's  unexercised  Warrants  outstanding  on the
record date (the "Record  Date") for  determining  the amount and number of Spin
Off Securities to be issued to security holders of the Company (the "Outstanding
Warrants")  been  exercised  as of the  close of  business  on the  Trading  Day
immediately before the Record Date (the "Reserved Spin Off Shares"), and (ii) to
be  issued  to the  Holder  on  the  exercise  of all or any of the  Outstanding
Warrants,  such amount of the Reserved Spin Off Shares equal to (x) the Reserved
Spin Off Shares, multiplied by (y) a fraction, of which (I) the numerator is the
amount  of  the  Outstanding  Warrants  then  being  exercised,   and  (II)  the
denominator is the amount of the Outstanding Warrants.

                  6.4   Adjustment for Certain  Transactions.  Reference is made
to the  provisions  of  Section  4(g) of the  Agreement,  the terms of which are
incorporated  herein by reference.  The number of shares covered by this Warrant
and  the  Exercise  Price  shall  be  adjusted  as  provided  in the  applicable
provisions of said Section 4(g) of the Agreement.

            7.    Transfer  to  Comply  with the  Securities  Act;  Registration
Rights.

                  7.1   Transfer. This Warrant has not been registered under the
Securities  Act of 1933,  as  amended,  (the  "Act") and has been  issued to the
Holder  for  investment  and not with a view to the  distribution  of either the
Warrant or the  Warrant  Shares.  Neither  this  Warrant  nor any of the Warrant
Shares or any other  security  issued or issuable  upon exercise of this Warrant
may be sold, transferred, pledged or hypothecated in the absence of an effective
registration  statement under the Act relating to such security or an opinion of
counsel  satisfactory to the Company that registration is not required under the
Act. Each certificate for the Warrant, the Warrant Shares and any other security
issued or issuable  upon  exercise of this Warrant shall contain a legend on the
face  thereof,  in form and substance  satisfactory  to counsel for the Company,
setting forth the restrictions on transfer contained in this Section.

                  7.2   Registration  Rights.  (a)  Reference  is  made  to  the
Registration Rights Agreement.  The Company's obligations under the Registration
Rights Agreement and the other terms and conditions  thereof with respect to the
Warrant  Shares,  including,  but not  necessarily  limited  to,  the  Company's
commitment to file a registration  statement  including the Warrant  Shares,  to
have the  registration  of the Warrant Shares  completed and  effective,  and to
maintain such registration, are incorporated herein by reference.

                  (b)   In addition to the  registration  rights  referred to in
the preceding  provisions of Section  7.2(a),  effective after the expiration of
the  effectiveness  of  the  Registration   Statement  as  contemplated  by  the
Registration  Rights  Agreement,  the Holder shall have piggy-back  registration

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rights  with  respect  to the  Warrant  Shares  then held by the  Holder or then
subject to issuance upon exercise of this Warrant (collectively,  the "Remaining
Warrant  Shares"),  subject to the conditions  set forth below.  If, at any time
after the  Registration  Statement  has  ceased  to be  effective,  the  Company
participates  (whether  voluntarily  or by  reason of an  obligation  to a third
party) in the  registration  of any shares of the Company's  stock (other than a
registration  on Form S-8 or on Form S-4), the Company shall give written notice
thereof to the Holder and the Holder  shall have the right,  exercisable  within
ten (10) business days after receipt of such notice,  to demand inclusion of all
or a portion  of the  Holder's  Remaining  Warrant  Shares in such  registration
statement.  If the Holder exercises such election,  the Remaining Warrant Shares
so  designated  shall be included in the  registration  statement  at no cost or
expense to the Holder (other than any costs or commissions  which would be borne
by the  Holder  under  the  terms of the  Registration  Rights  Agreement).  The
Holder's rights under this Section 7 shall expire at such time as the Holder can
sell all of the Remaining  Warrant Shares under Rule 144 without volume or other
restrictions or limit.

            8.    Buy-In Amount.

            (a)   If, by the relevant  Warrant Share  Delivery Date, the Company
fails for any reason to deliver the relevant  Warrant  Share  Certificates,  and
after such  Warrant  Share  Delivery  Date,  the Holder who has  exercised  this
Warrant (an  "Exercising  Holder")  purchases,  in an  arm's-length  open market
transaction  or  otherwise,  shares of Common Stock (the  "Covering  Shares") in
order  to make  delivery  in  satisfaction  of a sale  of  Common  Stock  by the
Exercising  Holder (the "Sold Shares"),  which delivery such  Exercising  Holder
anticipated  to make  using  the  shares  to be issued  upon  such  exercise  (a
"Buy-In"),  the Exercising Holder shall have the right to require the Company to
pay to the  Exercising  Holder,  in  addition  to and not in  lieu of all  other
amounts  contemplated  in other  provisions of the Transaction  Agreements,  the
Warrant Share Buy-In Adjustment Amount (as defined below). The Company shall pay
the  Warrant  Share  Buy-In  Adjustment  Amount  to  the  Exercising  Holder  in
immediately available funds immediately upon demand by the Exercising Holder.

            (b)   The term "Warrant  Share Buy-In  Adjustment  Amount" means the
amount  equal  to the  excess,  if any,  of (i) the  Exercising  Holder's  total
purchase price (including brokerage commissions, if any) for the Covering Shares
over (ii) the net proceeds (after brokerage commissions, if any) received by the
Exercising  Holder from the sale of the Sold Shares.  By way of illustration and
not in limitation of the foregoing, if the Exercising Holder purchases shares of
Common Stock having a total purchase price (including brokerage  commissions) of
$11,000 to cover a Buy-In with respect to shares of Common Stock it sold for net
proceeds of $10,000,  the  Warrant  Share  Buy-In  Adjustment  Amount  which the
Company will be required to pay to the Exercising Holder will be $1,000.

            9.    Notices.  Any notice required or permitted  hereunder shall be
given in manner provided in the Section headed  "NOTICES" in the Agreement,  the
terms of which are incorporated herein by reference.

            10.   Supplements and Amendments;  Whole Agreement. This Warrant may
be amended  or  supplemented  only by an  instrument  in  writing  signed by the
parties  hereto.  This Warrant  contains the full  understanding  of the parties
hereto with  respect to the subject  matter  hereof and thereof and there are no
representations,  warranties,  agreements or understandings other than expressly
contained herein and therein.

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            11.   Governing Law.

            (a)   This Warrant  shall be governed by and construed in accordance
with the laws of the State of New York for  contracts to be wholly  performed in
such state and without  giving effect to the  principles  thereof  regarding the
conflict of laws. Each of the parties consents to the exclusive  jurisdiction of
the federal courts whose districts  encompass any part of the County of New York
or the state  courts of the State of New York  sitting in the County of New York
in connection with any dispute arising under this Warrant and hereby waives,  to
the maximum  extent  permitted by law, any  objection,  including  any objection
based on forum non  coveniens,  to the bringing of any such  proceeding  in such
jurisdictions or to any claim that such venue of the suit,  action or proceeding
is improper. To the extent determined by such court, the Company shall reimburse
the  Holder for any  reasonable  legal fees and  disbursements  incurred  by the
Holder in  enforcement of or protection of any of its rights under this Warrant.
Nothing in this Section  shall affect or limit any right to serve process in any
other manner permitted by law.

            (b)   The  Company  and  the  Holder   acknowledge  and  agree  that
irreparable  damage would occur in the event that any of the  provisions of this
Warrant  were not  performed in  accordance  with their  specific  terms or were
otherwise breached.  It is accordingly agreed that the parties shall be entitled
to an injunction or injunctions to prevent or cure breaches of the provisions of
this Warrant and to enforce  specifically the terms and provisions hereof,  this
being in  addition  to any other  remedy to which any of them may be entitled by
law or equity.

            12.   JURY TRIAL  WAIVER.  The Company and the Holder hereby waive a
trial by jury in any action, proceeding or counterclaim brought by either of the
Parties  hereto  against  the other in respect of any matter  arising  out or in
connection  with this Warrant.

            13. Remedies. The Company stipulates that the remedies at law of the
Holder of this Warrant in the event of any default or threatened  default by the
Company  in the  performance  of or  compliance  with  any of the  terms of this
Warrant  are not and  will not be  adequate  and  that,  to the  fullest  extent
permitted by law,  such terms may be  specifically  enforced by a decree for the
specific  performance  of any  agreement  contained  herein or by an  injunction
against a violation of any of the terms hereof or otherwise.

            14.   Counterparts.  This  Warrant  may be executed in any number of
counterparts and each of such  counterparts  shall for all purposes be deemed to
be an original,  and all such counterparts shall together constitute but one and
the same instrument.

                   [Balance of page intentionally left blank]

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            15.   Descriptive  Headings.  Descriptive  headings  of the  several
Sections of this Warrant are inserted for convenience only and shall not control
or affect the meaning or construction of any of the provisions hereof.

            IN WITNESS WHEREOF, the parties hereto have executed this Warrant as
of the _______ day of October, 2004.

                                         CONSPIRACY ENTERTAINMENT HOLDINGS, INC.

                                         By: /s/ Sirus Ahmadi
                                           -------------------------------------

                                           Sirus Ahmadi
                                           -------------------------------------
                                           (Print Name)

                                           President and Chief Executive Officer
                                           -------------------------------------
                                           (Title)

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                          NOTICE OF EXERCISE OF WARRANT

TO:         CONSPIRACY ENTERTAINMENT HOLDINGS, INC.
            612 Santa Monica Boulevard
            Santa Monica, CA 90401
            Attn: CEO                                   VIA FAX:  (310) 260-1450
                                                        ------------------------

            The  undersigned  hereby  irrevocably  elects to exercise the right,
represented by the Warrant Certificate dated as of ________________,  20___ , to
purchase  ___________  shares of the  Common  Stock,  $.001  par value  ("Common
Stock"), of CONSPIRACY ENTERTAINMENT HOLDINGS, INC. and tenders herewith payment
in accordance with Section 2 of said Common Stock Purchase Warrant.

__    CASH:  US$__________________________________________  = (Exercise  Price x
      Exercise Shares)

      Payment is being made by:
        __  enclosed check
        __  wire transfer
        __  other

            It is the  intention of the Holder to comply with the  provisions of
Section 2.2 of the Warrant  regarding  certain  limits on the Holder's  right to
exercise  thereunder.  Based on the analysis on the attached Worksheet Schedule,
the Holder  believe this exercise  complies with the  provisions of said Section
2.2. Nonetheless,  to the extent that, pursuant to the exercise effected hereby,
the Holder would have more shares than permitted under said Section, this notice
should be amended and revised,  ab initio,  to refer to the exercise which would
result in the issuance of shares  consistent with such  provision.  Any exercise
above such amount is hereby deemed void and revoked.

            As contemplated  by the Warrant,  this Notice of Conversion is being
sent by facsimile to the telecopier number and officer indicated above.

            If this  Notice of  Exercise  represents  the full  exercise  of the
outstanding  balance  of the  Warrant,  the  Holder  either  (1) has  previously
surrendered  the  Warrant to the Company or (2) will  surrender  (or cause to be
surrendered)  the  Warrant to the  Company  at the  address  indicated  above by
express  courier  within five (5)  business  days after  delivery  or  facsimile
transmission of this Notice of Exercise.

            The   certificates   representing   the  Warrant  Shares  should  be
transmitted by the Company to the Holder

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            via express courier, or

            by electronic transfer

after  receipt  of  this  Notice  of  Exercise  (by  facsimile  transmission  or
otherwise) to:

                   ___________________________________________

                   ___________________________________________

                   ___________________________________________

                   ___________________________________________

                   ___________________________________________

Dated:__________________

________________________
[Name of Holder]

                        By:_________________________

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                          NOTICE OF EXERCISE OF WARRANT

                                       10
<PAGE>

                               WORKSHEET SCHEDULE

1.   Current Common Stock holdings of Holder and Affiliates   ______________

2.   Shares to be issued on current exercise                  ______________

3.   Other shares to be issued on other current exercise(s)
     and other current conversion(s)(1)                       ______________

4.   Other shares eligible to be acquired within next 60 days
     without restriction                                      ______________

5.   Total [sum of Lines 1 through 4]                         ______________

6.   Outstanding shares of Common Stock(2)                    ______________

7.   Adjustments to Outstanding

     a.  Shares known to Holder as previously issued
         to Holder or others but not included in Line 6       ______________

     b.  Shares to be issued per Line(s) 2 and 3              ______________

     c.  Total Adjustments [Lines 7a and 7b]                  ______________

8.   Total Adjusted Outstanding [Lines 6 plus 7c]             ______________

9.   Holder's  Percentage [Line 5 divided by Line 8]          ______________%
     [Note: Line 9 not to be above 4.99%]

----------
(1) Includes shares issuable on conversion of convertible  securities (including
assumed payment of interest or dividends) or exercise of other rights, including
other warrants or options
(2) Based on latest SEC filing by Company or  information  provided by executive
officer of Company, counsel to Company or transfer agent

                                       11EXHIBIT 4.10

         THESE  SECURITIES HAVE NOT BEEN REGISTERED  UNDER THE SECURITIES ACT OF
         1933, AS AMENDED,  OR THE  SECURITIES  LAWS OF ANY STATE AND MAY NOT BE
         SOLD OR OFFERED  FOR SALE IN THE ABSENCE OF AN  EFFECTIVE  REGISTRATION
         STATEMENT FOR THE SECURITIES OR AN OPINION OF COUNSEL OR OTHER EVIDENCE
         ACCEPTABLE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

CLASS 2004-B

                     CONSPIRACY ENTERTAINMENT HOLDINGS, INC.

                          COMMON STOCK PURCHASE WARRANT

            1.    Issuance. In consideration of good and valuable consideration,
the  receipt  and  sufficiency  of which is hereby  acknowledged  by  CONSPIRACY
ENTERTAINMENT  HOLDINGS,  INC., a Utah corporation  (the "Company"),  WHALEHAVEN
CAPITAL FUND LIMITED or registered  assigns (the "Holder") is hereby granted the
right to  purchase  at any time  until 5:00  P.M.,  New York City  time,  on the
Expiration  Date (as  defined  below),  One Million  (1,000,000)  fully paid and
nonassessable  shares of the Company's Common Stock $.001 par value (the "Common
Stock"),  at an  initial  exercise  price per share  (the  "Exercise  Price") of
US$0.05  per share,  subject to further  adjustment  as set forth  herein.  This
Warrant  is  being  issued  pursuant  to the  terms of that  certain  Securities
Purchase  Agreement,  dated as of August 31, 2004 as  heretofore  modified  (the
"Agreement"),  to which the  Company  and Holder  (or  Holder's  predecessor  in
interest) are parties. Capitalized terms not otherwise defined herein shall have
the meanings  ascribed to them in the  Agreement.  This  Warrant was  originally
issued to the Holder or the  Holder's  predecessor  in interest on October  ___,
2004 (the "Issue Date").

            2.    Exercise of Warrants.

                  2.1   General.

                  (a)   This Warrant is  exercisable  in whole or in part at any
time and from  time to time  commencing  on the  Commencement  Date (as  defined
below).  Such exercise shall be effectuated by submitting to the Company (either
by delivery to the Company or by facsimile transmission as provided in Section 9
hereof) a completed and duly executed Notice of Exercise  (substantially  in the
form attached to this Warrant Certificate) as provided in the Notice of Exercise
(or revised by notice given by the Company as contemplated by the Section headed
"NOTICES"  in the  Agreement).  The date such Notice of Exercise is faxed to the
Company shall be the "Exercise Date," provided that, if such exercise represents
the full exercise of the outstanding balance of the Warrant,  the Holder of this
Warrant tenders this Warrant Certificate to the Company within five (5) business
days thereafter.  The Notice of Exercise shall be executed by the Holder of this
Warrant and shall indicate the number of shares then being purchased pursuant to
such exercise.

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<PAGE>

                  (b)   The  Exercise  Price per  share of Common  Stock for the
shares  then  being  exercised  shall be  payable  to the  Company in cash or by
certified  or  official  bank  check  or by wire  transfer  in  accordance  with
instructions provided by the Company at the request of the Holder.

                  (c)   Upon the  appropriate  payment of the Exercise Price for
the  shares of Common  Stock  purchased,  together  with the  surrender  of this
Warrant  Certificate  (if  required),  the Holder shall be entitled to receive a
certificate  or  certificates  for the shares of Common Stock so purchased.  The
Company  shall  deliver such  certificates  representing  the Warrant  Shares in
accordance  with the  instructions  of the Holder as  provided  in the Notice of
Exercise within three Trading Days of the later of the Exercise Date or the date
the payment of the Exercise Price for the relevant Warrant Shares is received by
the Company.

                  (d)   The  Holder  shall be  deemed  to be the  holder  of the
shares  issuable to it in accordance  with the provisions of this Section 2.1 on
the Exercise Date.

                  2.2   Limitation on Exercise.  Notwithstanding  the provisions
of this Warrant,  the Agreement or of the other  Transaction  Agreements,  in no
event  (except (i) as  specifically  provided in this Warrant as an exception to
this  provision,  (ii)  during  the  forty-five  (45)  day  period  prior to the
Expiration  Date, or (iii) while there is  outstanding a tender offer for any or
all of the shares of the Company's Common Stock) shall the Holder be entitled to
exercise this Warrant,  or shall the Company have the obligation to issue shares
upon such  exercise  of all or any portion of this  Warrant to the extent  that,
after  such  exercise  the sum of (1) the  number  of  shares  of  Common  Stock
beneficially owned by the Holder and its affiliates (other than shares of Common
Stock  which may be deemed  beneficially  owned  through  the  ownership  of the
unexercised  portion of the Warrants or other rights to purchase Common Stock or
through the ownership of the unconverted portion of convertible securities), and
(2) the  number of shares of Common  Stock  issuable  upon the  exercise  of the
Warrants with respect to which the  determination of this proviso is being made,
would result in  beneficial  ownership by the Holder and its  affiliates of more
than 4.99% of the outstanding  shares of Common Stock (after taking into account
the shares to be issued to the Holder upon such  exercise).  For purposes of the
proviso to the immediately  preceding  sentence,  beneficial  ownership shall be
determined in accordance  with Section 13(d) of the  Securities  Exchange Act of
1934, as amended (the "1934 Act"), except as otherwise provided in clause (1) of
such sentence.  The Holder,  by its  acceptance of this Warrant,  further agrees
that if the Holder  transfers  or assigns any of the  Warrants to a party who or
which would not be considered such an affiliate,  such assignment  shall be made
subject to the transferee's or assignee's  specific agreement to be bound by the
provisions  of this  Section  2.2 as if such  transferee  or  assignee  were the
original Holder hereof.

                  2.3   Commencement Date and Expiration Date.

                  (a)   The term  "Commencement  Date"  means the earlier of (i)
the date  which is  sixty-five  (65)  days  after the  Issue  Date,  or (ii) the
Effective Date.

                                       2
<PAGE>

                  (b)   The term "Expiration  Date" means the date which is nine
(9) months after the  Effective  Date,  but not  counting for such  purposes the
days, if any,  during which sale of Registrable  Securities was suspended  after
the Effective Date.(1)

            3.    Reservation  of Shares.  The Company hereby agrees that at all
times during the term of this Warrant  there shall be reserved for issuance upon
exercise of this Warrant one hundred ten percent (110%) of the Warrant Shares.

            4.    Mutilation or Loss of Warrant.  Upon receipt by the Company of
evidence  satisfactory  to it of the loss,  theft,  destruction or mutilation of
this  Warrant,  and (in the  case of  loss,  theft or  destruction)  receipt  of
reasonably  satisfactory  indemnification,  and (in the case of mutilation) upon
surrender and cancellation of this Warrant, the Company will execute and deliver
a new  Warrant of like tenor and date and any such lost,  stolen,  destroyed  or
mutilated Warrant shall thereupon become void.

            5.    Rights of the Holder.  The Holder shall not, by virtue hereof,
be  entitled to any rights of a  stockholder  in the  Company,  either at law or
equity,  and the  rights of the Holder are  limited to those  expressed  in this
Warrant and are not  enforceable  against  the Company  except to the extent set
forth herein.

            6.    Protection Against Dilution and Other Adjustments.

                  6.1   Adjustment  Mechanism.  If an adjustment of the Exercise
Price is required  pursuant to this  Section 6, the Holder  shall be entitled to
purchase  such number of shares of Common  Stock as will cause (i) (x) the total
number of shares of Common Stock Holder is entitled to purchase pursuant to this
Warrant following such adjustment, multiplied by (y) the adjusted Exercise Price
per share, to equal the result of (ii) (x) the dollar amount of the total number
of shares of Common  Stock  Holder is entitled to  purchase  before  adjustment,
multiplied by (y) the total Exercise Price before adjustment.(1)

----------
(1) By way of  illustration:  If the  Effective  Date is December  1, 2004,  the
initial Class B Expiration Date would be September 1, 2005. If, however,  the of
Registrable  Securities was suspended in for ten (10) days, the applicable Class
B Expiration  Date will be September 11, 2005. If on September 5, 2005, the sale
of  Registrable  Securities  was suspended  again for five (5) days, the Class B
Expiration Date will be September 16, 2005.

(2)  Example:  Assume  10,000  shares  remain under  Warrant at original  stated
Exercise  Price of US$0.05.  Total  exercise  price  (clause (y) in text) is (i)
10,000 x (ii) US$0.050,  or US$500.  Company  effects 2:1 stock split.  Exercise
Price is adjusted to US$0.025.  Number of shares  covered by Warrant is adjusted
to 20,000,  because  (applying  clause (x) in text) (i) 20,000 x (ii) US$0.025 =
US$500.

                                       3
<PAGE>

                  6.2   Capital  Adjustments.  In case  of any  stock  split  or
reverse  stock split,  stock  dividend,  reclassification  of the Common  Stock,
recapitalization,  merger  or  consolidation  (where  the  Company  is  not  the
surviving entity),  the provisions of this Section 6 shall be applied as if such
capital  adjustment  event had  occurred  immediately  prior to the date of this
Warrant and the original  Exercise Price had been fairly  allocated to the stock
resulting from such capital adjustment;  and in other respects the provisions of
this Section shall be applied in a fair,  equitable and reasonable  manner so as
to give effect,  as nearly as may be, to the purposes  hereof. A rights offering
to  stockholders  shall be deemed a stock  dividend to the extent of the bargain
purchase element of the rights.

                  6.3   Adjustment  for Spin Off.  If, for any reason,  prior to
the exercise of this Warrant in full, the Company spins off or otherwise divests
itself of a material  part of its business or operations or disposes all or of a
part of its assets in a  transaction  (the "Spin Off") in which the Company does
not receive  compensation  for such business,  operations or assets,  but causes
securities  of  another  entity  (the  "Spin  Off  Securities")  to be issued to
security holders of the Company, then the Company shall cause (i) to be reserved
Spin Off Securities  equal to the number thereof which would have been issued to
the Holder  had all of the  Holder's  unexercised  Warrants  outstanding  on the
record date (the "Record  Date") for  determining  the amount and number of Spin
Off Securities to be issued to security holders of the Company (the "Outstanding
Warrants")  been  exercised  as of the  close of  business  on the  Trading  Day
immediately before the Record Date (the "Reserved Spin Off Shares"), and (ii) to
be  issued  to the  Holder  on  the  exercise  of all or any of the  Outstanding
Warrants,  such amount of the Reserved Spin Off Shares equal to (x) the Reserved
Spin Off Shares, multiplied by (y) a fraction, of which (I) the numerator is the
amount  of  the  Outstanding  Warrants  then  being  exercised,   and  (II)  the
denominator is the amount of the Outstanding Warrants.

                  6.4   Adjustment for Certain  Transactions.  Reference is made
to the  provisions  of  Section  4(g) of the  Agreement,  the terms of which are
incorporated  herein by reference.  The number of shares covered by this Warrant
and  the  Exercise  Price  shall  be  adjusted  as  provided  in the  applicable
provisions of said Section 4(g) of the Agreement.

            7.    Transfer  to  Comply  with the  Securities  Act;  Registration
Rights.

                  7.1   Transfer. This Warrant has not been registered under the
Securities  Act of 1933,  as  amended,  (the  "Act") and has been  issued to the
Holder  for  investment  and not with a view to the  distribution  of either the
Warrant or the  Warrant  Shares.  Neither  this  Warrant  nor any of the Warrant
Shares or any other  security  issued or issuable  upon exercise of this Warrant
may be sold, transferred, pledged or hypothecated in the absence of an effective
registration  statement under the Act relating to such security or an opinion of
counsel  satisfactory to the Company that registration is not required under the
Act. Each certificate for the Warrant, the Warrant Shares and any other security
issued or issuable  upon  exercise of this Warrant shall contain a legend on the
face  thereof,  in form and substance  satisfactory  to counsel for the Company,
setting forth the restrictions on transfer contained in this Section.

                                       4
<PAGE>

                  7.2   Registration  Rights.  (a)  Reference  is  made  to  the
Registration Rights Agreement.  The Company's obligations under the Registration
Rights Agreement and the other terms and conditions  thereof with respect to the
Warrant  Shares,  including,  but not  necessarily  limited  to,  the  Company's
commitment to file a registration  statement  including the Warrant  Shares,  to
have the  registration  of the Warrant Shares  completed and  effective,  and to
maintain such registration, are incorporated herein by reference.

                  (b)   In addition to the  registration  rights  referred to in
the preceding  provisions of Section  7.2(a),  effective after the expiration of
the  effectiveness  of  the  Registration   Statement  as  contemplated  by  the
Registration  Rights  Agreement,  the Holder shall have piggy-back  registration
rights  with  respect  to the  Warrant  Shares  then held by the  Holder or then
subject to issuance upon exercise of this Warrant (collectively,  the "Remaining
Warrant  Shares"),  subject to the conditions  set forth below.  If, at any time
after the  Registration  Statement  has  ceased  to be  effective,  the  Company
participates  (whether  voluntarily  or by  reason of an  obligation  to a third
party) in the  registration  of any shares of the Company's  stock (other than a
registration  on Form S-8 or on Form S-4), the Company shall give written notice
thereof to the Holder and the Holder  shall have the right,  exercisable  within
ten (10) business days after receipt of such notice,  to demand inclusion of all
or a portion  of the  Holder's  Remaining  Warrant  Shares in such  registration
statement.  If the Holder exercises such election,  the Remaining Warrant Shares
so  designated  shall be included in the  registration  statement  at no cost or
expense to the Holder (other than any costs or commissions  which would be borne
by the  Holder  under  the  terms of the  Registration  Rights  Agreement).  The
Holder's rights under this Section 7 shall expire at such time as the Holder can
sell all of the Remaining  Warrant Shares under Rule 144 without volume or other
restrictions or limit.

            8.    Buy-In Amount.

            (a)   If, by the relevant  Warrant Share  Delivery Date, the Company
fails for any reason to deliver the relevant  Warrant  Share  Certificates,  and
after such  Warrant  Share  Delivery  Date,  the Holder who has  exercised  this
Warrant (an  "Exercising  Holder")  purchases,  in an  arm's-length  open market
transaction  or  otherwise,  shares of Common Stock (the  "Covering  Shares") in
order  to make  delivery  in  satisfaction  of a sale  of  Common  Stock  by the
Exercising  Holder (the "Sold Shares"),  which delivery such  Exercising  Holder
anticipated  to make  using  the  shares  to be issued  upon  such  exercise  (a
"Buy-In"),  the Exercising Holder shall have the right to require the Company to
pay to the  Exercising  Holder,  in  addition  to and not in  lieu of all  other
amounts  contemplated  in other  provisions of the Transaction  Agreements,  the
Warrant Share Buy-In Adjustment Amount (as defined below). The Company shall pay
the  Warrant  Share  Buy-In  Adjustment  Amount  to  the  Exercising  Holder  in
immediately available funds immediately upon demand by the Exercising Holder.

                                       5
<PAGE>

            (b)   The term "Warrant  Share Buy-In  Adjustment  Amount" means the
amount  equal  to the  excess,  if any,  of (i) the  Exercising  Holder's  total
purchase price (including brokerage commissions, if any) for the Covering Shares
over (ii) the net proceeds (after brokerage commissions, if any) received by the
Exercising  Holder from the sale of the Sold Shares.  By way of illustration and
not in limitation of the foregoing, if the Exercising Holder purchases shares of
Common Stock having a total purchase price (including brokerage  commissions) of
$11,000 to cover a Buy-In with respect to shares of Common Stock it sold for net
proceeds of $10,000,  the  Warrant  Share  Buy-In  Adjustment  Amount  which the
Company will be required to pay to the Exercising Holder will be $1,000.

            9.    Notices.  Any notice required or permitted  hereunder shall be
given in manner provided in the Section headed  "NOTICES" in the Agreement,  the
terms of which are incorporated herein by reference.

            10.   Supplements and Amendments;  Whole Agreement. This Warrant may
be amended  or  supplemented  only by an  instrument  in  writing  signed by the
parties  hereto.  This Warrant  contains the full  understanding  of the parties
hereto with  respect to the subject  matter  hereof and thereof and there are no
representations,  warranties,  agreements or understandings other than expressly
contained herein and therein.

            11.   Governing Law.

            (a)   This Warrant  shall be governed by and construed in accordance
with the laws of the State of New York for  contracts to be wholly  performed in
such state and without  giving effect to the  principles  thereof  regarding the
conflict of laws. Each of the parties consents to the exclusive  jurisdiction of
the federal courts whose districts  encompass any part of the County of New York
or the state  courts of the State of New York  sitting in the County of New York
in connection with any dispute arising under this Warrant and hereby waives,  to
the maximum  extent  permitted by law, any  objection,  including  any objection
based on forum non  coveniens,  to the bringing of any such  proceeding  in such
jurisdictions or to any claim that such venue of the suit,  action or proceeding
is improper. To the extent determined by such court, the Company shall reimburse
the  Holder for any  reasonable  legal fees and  disbursements  incurred  by the
Holder in  enforcement of or protection of any of its rights under this Warrant.
Nothing in this Section  shall affect or limit any right to serve process in any
other manner permitted by law.

            (b)   The  Company  and  the  Holder   acknowledge  and  agree  that
irreparable  damage would occur in the event that any of the  provisions of this
Warrant  were not  performed in  accordance  with their  specific  terms or were
otherwise breached.  It is accordingly agreed that the parties shall be entitled
to an injunction or injunctions to prevent or cure breaches of the provisions of
this Warrant and to enforce  specifically the terms and provisions hereof,  this
being in  addition  to any other  remedy to which any of them may be entitled by
law or equity.

                                       6
<PAGE>

            12.   JURY TRIAL  WAIVER.  The Company and the Holder hereby waive a
trial by jury in any action, proceeding or counterclaim brought by either of the
Parties  hereto  against  the other in respect of any matter  arising  out or in
connection with this Warrant.

            13.   Remedies.  The Company  stipulates that the remedies at law of
the Holder of this Warrant in the event of any default or threatened  default by
the Company in the  performance  of or compliance  with any of the terms of this
Warrant  are not and  will not be  adequate  and  that,  to the  fullest  extent
permitted by law,  such terms may be  specifically  enforced by a decree for the
specific  performance  of any  agreement  contained  herein or by an  injunction
against a violation of any of the terms hereof or otherwise.

            14.   Counterparts.  This  Warrant  may be executed in any number of
counterparts and each of such  counterparts  shall for all purposes be deemed to
be an original,  and all such counterparts shall together constitute but one and
the same instrument.

                   [Balance of page intentionally left blank]

                                       7
<PAGE>

            15.   Descriptive  Headings.  Descriptive  headings  of the  several
Sections of this Warrant are inserted for convenience only and shall not control
or affect the meaning or construction of any of the provisions hereof.

            IN WITNESS WHEREOF, the parties hereto have executed this Warrant as
of the _______ day of October, 2004.

                                         CONSPIRACY ENTERTAINMENT HOLDINGS, INC.

                                         By: /s/ Sirus Ahmadi
                                           -------------------------------------

                                         Sirus Ahmadi
                                         ---------------------------------------
                                         (Print Name)

                                         President and Chief Executive Officer
                                         ---------------------------------------
                                         (Title)

                                       8
<PAGE>

                         NOTICE OF EXERCISE OF WARRANT

TO:         CONSPIRACY ENTERTAINMENT HOLDINGS, INC.
            612 Santa Monica Boulevard
            Santa Monica, CA 90401
            Attn: CEO                                   VIA FAX:  (310) 260-1450
                                                        ------------------------

            The  undersigned  hereby  irrevocably  elects to exercise the right,
represented by the Warrant Certificate dated as of ________________,  20___ , to
purchase  ___________  shares of the  Common  Stock,  $.001  par value  ("Common
Stock"), of CONSPIRACY ENTERTAINMENT HOLDINGS, INC. and tenders herewith payment
in accordance with Section 2 of said Common Stock Purchase Warrant.

__    CASH:   US$_____________________________________   =  (Exercise   Price  x
      Exercise Shares)

      Payment is being made by:
         _  enclosed check
         _  wire transfer
         _  other

            It is the  intention of the Holder to comply with the  provisions of
Section 2.2 of the Warrant  regarding  certain  limits on the Holder's  right to
exercise  thereunder.  Based on the analysis on the attached Worksheet Schedule,
the Holder  believe this exercise  complies with the  provisions of said Section
2.2. Nonetheless,  to the extent that, pursuant to the exercise effected hereby,
the Holder would have more shares than permitted under said Section, this notice
should be amended and revised,  ab initio,  to refer to the exercise which would
result in the issuance of shares  consistent with such  provision.  Any exercise
above such amount is hereby deemed void and revoked.

            As contemplated  by the Warrant,  this Notice of Conversion is being
sent by facsimile to the telecopier number and officer indicated above.

            If this  Notice of  Exercise  represents  the full  exercise  of the
outstanding  balance  of the  Warrant,  the  Holder  either  (1) has  previously
surrendered  the  Warrant to the Company or (2) will  surrender  (or cause to be
surrendered)  the  Warrant to the  Company  at the  address  indicated  above by
express  courier  within five (5)  business  days after  delivery  or  facsimile
transmission of this Notice of Exercise.

            The   certificates   representing   the  Warrant  Shares  should  be
transmitted by the Company to the Holder

                                       9
<PAGE>

            via express courier, or

            by electronic transfer

after  receipt  of  this  Notice  of  Exercise  (by  facsimile  transmission  or
otherwise) to:

                _________________________________________________

                _________________________________________________

                _________________________________________________

                _________________________________________________

                _________________________________________________

Dated:______________________

________________________
[Name of Holder]

                        By:_________________________

                                       10
<PAGE>

                          NOTICE OF EXERCISE OF WARRANT

                                       11
<PAGE>

                               WORKSHEET SCHEDULE

1.   Current Common Stock holdings of Holder and Affiliates   ______________

2.   Shares to be issued on current exercise                  ______________

3.   Other shares to be issued on other current exercise(s)
     and other current conversion(s)(1)                       ______________

4.   Other shares eligible to be acquired within next 60 days
     without restriction                                      ______________

5.   Total [sum of Lines 1 through 4]                         ______________

6.   Outstanding     shares of Common Stock3                  ______________

7.   Adjustments to Outstanding

     a.   Shares known to Holder as previously issued
          to Holder or others but not included in Line 6      ______________

     b.   Shares to be issued per Line(s) 2 and 3             ______________

     c.   Total Adjustments [Lines 7a and 7b]                 ______________

8.   Total Adjusted Outstanding [Lines 6 plus 7c]             ______________

9.   Holder's  Percentage [Line 5 divided by Line 8]          ______________%
     [Note: Line 9 not to be above 4.99%]

----------
(1)   Includes   shares   issuable  on  conversion  of  convertible   securities
(including  assumed  payment of  interest  or  dividends)  or  exercise of other
rights,  including  other  warrants  or  options
(2)   Based on latest SEC filing by Company or information provided by executive
officer of Company, counsel to Company or transfer agent

                                       12

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