Document:

EXHIBIT 4.6
	 

	 
		JOURNAL No. 4151 – 2004
	 

	 
		SHARE PURCHASE AGREEMENT
	 

	 
		BY AND BETWEEN
	 

	 
		COMPAÑIA DE TELECOMUNICACIONES DE CHILE S.A. ET
		AL.
	 

	 
		AND
	 

	 
		INVERSIONES TELEFONICA MOVILES HOLDING LIMITADA ET
		AL.
	 

	 
		In Santiago, Chile, on July 23, 2004, before me, RAUL
		UNDURRAGA LASO, attorney, notary public of Santiago, of this domicile, MacIver
		225, Suite 302, Regular Notary of Notarial Office No. 29, there
		appeared:
	 

	 
		COMPAÑÍA DE TELECOMUNICACIONES DE CHILE
		S.A., a Chilean stock corporation, taxpayer identification No. 90.635.000-9,
		validly incorporated by public deed executed November 18, 1930, before
		Mr. Javier Etcheverría, Notary, registered on page 426, No. 158, of
		the 1931 Commercial Registry of the Santiago Real Estate Registrar,
		represented, as shall be evidenced at the end, by Mr. CLAUDIO MUÑOZ
		ZUÑIGA, Chilean, married, civil industrial engineer, identity card No.
		9.618.122-1, both domiciled, for these purposes, at. Providencia 111, 29th
		floor, borough of Providencia, Santiago (hereinafter “CTC”), and
		COMPAÑIA DE TELECOMUNICACIONES DE CHILE-EQUIPOS Y SERVICIOS S.A., a
		Chilean stock corporation, taxpayer identification No. 96.545.500-0, validly
		incorporated by public deed executed December 1, 1998 before Mr. Mario
		Baros, Notary, registered on page 964, No. 461 of the 1989 Commercial Registry
		of the Santiago Real Estate Registrar, represented, as shall be evidenced at
		the end, by Mr. Cristián Aninat Salas, Chilean, attorney, married,
		identity card No. 6.284.875-8, both domiciled, for these purposes, at
		Providencia 111, 7th floor, borough of Providencia, Santiago (hereinafter
		“CTC Equipos” and collectively with CTC, the “Sellers”);
		and
	 

	 
		 
	 

	 
		 
	 

	 
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		Mr. JORGE ABADIA POZUELO, Spaniard, married,
		economist, passport No. Q179250, and Mr. MIGUEL GARRIDO DE LAS HERAS,
		Spaniard, single, attorney, passport No. P350698, both domiciled at Goya 24,
		28001, Madrid, Spain, and transitorily in this city, both in the name and on
		behalf of, as shall be evidenced, INVERSIONES TELEFONICA MOVILES HOLDING
		LIMITADA (hereinafter “Holding”), a limited liability company,
		taxpayer identification No. 76.124.890-1, and of TEM INVERSIONES CHILE
		LIMITADA, a limited liability company, taxpayer identification No.
		76.124.920-7, hereinafter “TEM INVERSIONES” and collectively with
		Holding the “Purchasers,” all domiciled, for these purposes, at
		Gertrudis Echeñique 30, 12th floor, borough of Las Condes, Santiago,
		among whom the following Share Purchase Agreement has been agreed:
	 

	 
		WHEREAS:
	 

	 
		1.       CTC is the
		owner of 2,660,991,949 shares issued by Telefónica Móvil de Chile
		S.A. (hereinafter the “Company”) that are set down in certificate No.
		16 for 99.999997% of the share capital of the Company, free of any pledge,
		lien, usufruct, attachment, prohibition, litigation, third-party priority
		right, resolutory conditions, options and any other right or interest in
		respect thereof (the “CTC Shares”).
	 

	 
		2.       CTC Equipos
		owns 8,051 shares issued by the Company, set out in Certificate No. 15,
		representing 0.000003% of the share capital of the Company, free of any pledge,
		lien, usufruct, attachment, prohibition, litigation, third-party priority
		right, resolutory conditions, options and any other right or interest in
		respect thereof (the “CTC Equipos Shares”).
	 

	 
		3.        The
		Company is a closed stock corporation validly incorporated by public deed
		executed March 8, 1996, before Mr. Raúl Undurraga, Notary,
		registered on page 6,301, No. 5,197, of the 1996 Commercial Registry of the
		Santiago Real Estate Registrar, an abstract of which was published in the
		Official Gazette on March 16, 1996, and it is currently in good standing
		pursuant to Chilean law and engages in “the establishment, installation,
		administration, marketing and development of telecommunication facilities,
		equipment, systems and terminals for the rendering and exploitation of
		telecommunication services. It shall render service preferentially for
		telecommunications of business and social centers of development; rural and
		remote localities and, in general, for all telecommunication needs of the
		community.”
	 

	 
		 
	 

	 
		 
	 

	 
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		4.       The equity
		capital of the Company as of December 31, 2003 totaled 201,991,478,572 pesos,
		divided into 2,661,000,000 shares in one same series with no par value, free of
		any pledge, lien, usufruct, attachment, prohibition, litigation, third-party
		priority right, resolutory conditions, options and any other right or interest
		in respect thereof.
	 

	 
		5.       On May 18,
		2004, CTC signed a binding letter of offer presented by Telefónica
		Móviles S.A. (hereinafter “TEM”) whereby the Parties set down
		the essential terms and conditions under which TEM would acquire the Shares
		directly or indirectly (hereinafter the “Letter of Offer”), CTC
		agreeing that the price for the purchase of the CTC Shares included, by way of
		consideration, the fulfillment of all obligations and/or prohibitions contained
		in the Letter of Offer in its regard.
	 

	 
		6.       On May 18,
		2004, the Board of Directors of CTC approved the transfer of 100% of the CTC
		Shares to TEM under the required legal and by-law majorities.
	 

	 
		7.       On July 15,
		2004, the Special Shareholders Meeting of CTC approved the direct or indirect
		transfer of 100% of the CTC Shares to TEM under the required legal and by-law
		majorities provided TEM increase the price of the purchase of the Shares so as
		to cover the capital gains tax accruing as a consequence of the sale of the
		Shares under the conditions of the Letter of Offer, with a ceiling of 51
		million U.S. Dollars, the amount estimated by the Board of Directors of CTC to
		pay such tax according to the data available thereto that was made available to
		its shareholders prior to such meeting. TEM accepted the new conditions in
		accordance with the resolution of the CTC Shareholders Meeting held July 15,
		2004, which it notified to CTC on July 23, 2004.
	 

	 
		8.       On June 30,
		2004, the Board of Directors of CTC Equipos approved the direct or indirect
		transfer of 100% of the CTC Equipos Shares to TEM.
	 

	 
		9.       The remaining
		conditions to which the consummation of the Share purchase was subject have
		been fulfilled prior to the signature of this Agreement.
	 

	 
		10.     The Sellers are
		interested in selling and the Purchasers are interested in buying the Shares
		according to the terms and conditions contained in the Letter of Offer and the
		resolution adopted at the Special Shareholders Meeting of CTC and the Board of
		Directors 
	 

	 
		 
	 

	 
		 
	 

	 
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		of CTC Equipos that have been incorporated to this share
		purchase agreement (hereinafter the “Agreement”), which they
		implement in accordance with the following stipulations:
	 

	 
		FIRST:  DEFINITIONS
	 

	 
		For purposes hereof, the following terms shall have the
		meaning given in the definitions set out below:
	 

	 
		SHARES:  The CTC
		Shares and the CTC Equipos Shares.
	 

	 
		CTC SHARES:  shall
		have the meaning indicated in the first recital of this Agreement.
	 

	 
		CTC EQUIPOS SHARES:  shall have the meaning indicated in the second recital of
		this Agreement.
	 

	 
		PURCHASERS:  Holding and TEM Inversiones.
	 

	 
		SCHEDULES:  All
		documents attached to the Agreement that form an integral part of the
		same.
	 

	 
		CTC:  Compañía de Telecomunicaciones de Chile
		S.A.
	 

	 
		CTC Equipos: Compañía de Telecomunicaciones de Chile –
		Equipos y Servicios S.A.
	 

	 
		Letter of Offer:  shall have the meaning indicated in the fifth recital of
		this Agreement.
	 

	 
		Final Debt:  shall
		have the meaning indicated in Section 3.3.c of Clause Third hereof.
	 

	 
		Outstanding Clauses of the Letter of
		Offer:  shall have the meaning indicated in
		Section 12.1 of Clause Twelfth hereof.
	 

	 
		CLP:  Chilean
		pesos, legal tender in the Republic of Chile.
	 

	 
		Agreement:  This
		Share Purchase Agreement between the Sellers and the Purchasers, including all
		Schedules thereto.
	 

	 
		 
	 

	 
		 
	 

	 
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		Debt:  The
		following obligations of the Company:
	 

	 
		(a)      Payment obligations
		resulting from a loan, credit or any other type of finance transaction;
	 

	 
		(b)      Payment obligations
		for bonds, promissory notes, convertible bonds or similar instruments;
	 

	 
		(c)      The mercantile
		current account with CTC;
	 

	 
		(d)      Debt
		acknowledgements made by the Company in favor of CTC;
	 

	 
		(e)      Payment obligations
		under financial leases, except for those indicated in Note 19 of the Financial
		Statements of the Company as of March 31, 2004, corresponding to offices and
		vehicles of the Company;
	 

	 
		(f)      Payment obligations
		arising from time payment of the acquisition or lease of goods or services
		(excluding payment obligations arising in the ordinary course of business but
		considering any time payment accruing interest to be Debt).
	 

	 
		(g)      Net payment
		obligations resulting from interest, exchange rate or similar derivative
		transactions;
	 

	 
		(h)      Payment obligations
		resulting from the repurchase of redeemable or convertible securities assumed
		by the Company;
	 

	 
		(i)       Any of the
		obligations indicated in letters (a) to (h) assumed by other persons provided
		that such payment obligations have been secured in any way by the Company;
		and
	 

	 
		(j)       Any other
		obligation that may be considered debt according to generally accepted
		accounting principles in the Republic of Chile.
	 

	 
		The debt of the Company’s subsidiaries shall be
		considered Debt of the Company.
	 

	 
		Debt Calculated by the Purchasers:  shall have the meaning indicated in Section 3.3.a of
		Clause Third hereof.
	 

	 
		 
	 

	 
		 
	 

	 
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		Maximum Debt:  shall have the meaning indicated in Section 3.3 of Clause
		Third hereof.
	 

	 
		Business Days:  Those days other than Saturdays and Sundays on which banks
		generally do business in the cities of Santiago (Chile) and Madrid
		(Spain).
	 

	 
		Financial Statements:  shall have the meaning indicated in Clause Sixth
		hereof.
	 

	 
		Holding: Inversiones
		Telefónica Móviles Holding Limitada.
	 

	 
		Confidential Information:  Any information relating hereto supplied in writing or
		verbally by one of the Parties to the other.
	 

	 
		LIBOR:  (a) The
		annual rate appearing on the LIBOR 01 Reuters Screen for U.S. Dollar deposits
		of an amount that is equal or similar to the Estimated Price for one week, as
		published around 11:00 a.m. on the Business Day following the date of signature
		of this Agreement or, if such page or service is no longer available, on such
		other screen page or service of this type selected by the Parties; or
	 

	 
		(b)      If no quotation for
		U.S. Dollars appears for the period in question and the Parties have not
		selected an alternative service from which such a quotation can be seen, the
		arithmetic average (rounded upwards to ten-thousandths of a point) of the rates
		that three of the prime European Banks are offering for U.S. Dollar deposits to
		the prime banks on the European Interbank Market for that period at 11:00 a.m.
		(London Time) on the Business Day following the date of signature hereof. A
		year of 360 days shall be used as the basis for calculation of the interest to
		be settled on the corresponding date, such interest to be calculated for the
		exact number of days between this date and the date of actual payment of the
		Estimated Price.
	 

	 
		Party:  The Sellers
		or the Purchasers, individually.
	 

	 
		Parties:  The
		Sellers and the Purchasers, collectively.
	 

	 
		Estimated Price:  shall have the meaning indicated in Section 3.1 of clause
		third hereof.
	 

	 
		Final Price:  shall
		have the meaning indicated in Section 3.3 of Clause Third hereof.
	 

	 
		 
	 

	 
		 
	 

	 
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		Company:  shall
		have the meaning indicated in the first recital of this Agreement.
	 

	 
		TEM:  Telefónica Móviles S.A.
	 

	 
		TEM INVERSIONES:  TEM Inversiones Chile Limitada.
	 

	 
		Exchange Rate:  The
		average of the observed peso/dollar exchange rates in the five Business Days
		prior to the date of the shareholders meeting indicated in recital 7.
	 

	 
		USD:  Dollars of
		the United States of America, the legal tender of the United States of
		America.
	 

	 
		Sellers:  CTC and
		CTC EQUIPOS.
	 

	 
		SECOND:  TRANSFER OF THE SHARES IN THE
		COMPANY.
	 

	 
		The Sellers, represented in the manner indicated in the
		preamble, hereby sell, assign and transfer the Shares to the Buyers, who, duly
		represented in the manner indicated in the preamble, buy and acquire such
		Shares pro se, as follows:
	 

	 
		(a)      CTC sells, assigns
		and transfers the CTC Shares to TEM Inversiones, who, duly represented in the
		manner indicated in the preamble, buys and acquires the CTC Shares pro se; and
		
	 

	 
		(b)      CTC EQUIPOS sells,
		assigns and transfers the CTC EQUIPOS Shares to HOLDING who, duly represented
		in the manner indicated in the preamble, purchases and acquires the CTC EQUIPOS
		Shares pro se.
	 

	 
		THIRD:  PRICE
	 

	 
		3.1      The price set by
		the Parties for the transmission of the Shares is 1,057,875,999 Dollars
		(hereinafter the “Estimated Price”), 99.999997% of which shall be
		paid by TEM INVERSIONES to CTC and 0.000003% of which shall be paid by HOLDING
		to CTC EQUIPOS. The Parties agree that the Estimated Price may be subject to
		adjustment according to Section 3.3 of this Clause Third.
	 

	 
		 
	 

	 
		 
	 

	 
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		3.2      The Estimated Price
		will be paid in U.S. dollars by TEM INVERSIONES to CTC and by HOLDING to CTC
		EQUIPOS no later than July 28, 2004, by wire transfer to current account No.
		456061647841 of ABN AMRO Bank, New York, NY, via Fed Funds – Fed Routing
		026-009-580, Via Chips 0958, for account of Compañía de
		Telecomunicaciones de Chile S.A. de C.V., Santiago, Chile. The Estimated Price
		shall accrue interest from the date of signature hereof to the date of payment
		at an annual interest rate equal to LIBOR. Provided TEM has not paid the
		Estimated Price by July 28, 2004 for reasons attributable to TEM or the
		intermediaries thereof, the Estimated Price shall begin to accrue default
		interest at an interest rate equal to 5% annually.
	 

	 
		3.3      The Purchasers and
		the Sellers represent that the Estimated Price has been calculated under the
		assumption that the Debt of the Company on the date of the CTC shareholders
		meeting indicated in the seventh recital hereof is no greater than CLP
		161,440,964,893 (hereinafter the “Maximum Debt”) and that, therefore,
		the Estimated Price will be reduced provided the Debt on this date is greater
		than such amount, all according to the procedure described below:
	 

	 
		(a)      During the period
		of 30 days following the date of signature hereof, the Purchasers shall send
		the Sellers a certificate stating in sufficient detail their estimates of the
		amount of the Debt on the date of the CTC shareholders meeting indicated in the
		seventh recital hereof (“Debt Calculated by the Purchasers”).
		Provided the Purchasers do not send the Sellers the amount of the Debt
		Calculated by the Purchasers in that period, they shall be deemed for all
		purposes to waive their right to adjust the Estimated Price pursuant to Section
		3.3.(b). During 10 days following receipt by the Sellers of the Debt Calculated
		by the Purchasers, the Sellers shall notify the Purchasers of their agreement
		or disagreement with the same, it being understood, in absence of
		communication, that they agree with the Debt Calculated by the
		Purchasers.
	 

	 
		(c)      Provided the
		Sellers have stated their disagreement with the amount of the Debt Calculated
		by the Purchasers, the Parties shall try to negotiate in good faith during a
		period of 10 days after receipt by the Purchasers of the notice by the Sellers
		stating their disagreement with the Debt Calculated by the Purchasers. If the
		Parties are unable to reach an agreement in such period of 10 days, any thereof
		may submit the dispute to PricewaterhouseCoopers (hereinafter “PWC”),
		who, in the period of 30 days after appointment thereof, extendible for another
		period of 30 days, shall render a decision on the 
	 

	 
		 
	 

	 
		 
	 

	 
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		amount of the Debt on the date of the CTC shareholders
		meeting indicated in the seventh recital hereof. The expenses of PWC shall be
		paid by the Party whose claim is furthest from the final decision of PWC. The
		decision thus rendered by PWC shall be deemed final and binding upon both
		Parties and not subject to any remedy nor to arbitration pursuant to Section
		15.2 of Clause Fifteenth. The Parties promise to deliver all information to PWC
		that it reasonably requests to be able to perform the entrusted task. The Debt
		on the date of the CTC shareholders meeting indicated in the Seventh Recital
		hereof agreed upon by the Parties or determined by PWC shall be called the
		“Final Debt.”
	 

	 
		(d)      Provided the Final
		Debt is greater than the Maximum Debt, the Estimated Price shall be reduced by
		the amount of such difference and the resulting sum shall be considered the
		Final Price. For such purposes, the difference between the Maximum Debt and the
		Final Debt shall be converted from CLP to USD using the Exchange Rate. Each
		Seller shall pay the respective Purchaser the percentage corresponding thereto
		(based on the number of Shares transferred by each Seller hereunder) of the
		amount in US$ of the difference between the Estimated Price and the Final
		Price. Payment of the difference shall be made by each Seller in same-day funds
		to the current account notified by each Purchaser to each Seller for such
		purpose in the non-extendible period of 5 Business Days following notice of the
		Final Debt by PWC or the date when the Parties have reached an agreement on the
		Final Debt.
	 

	 
		3.4      The Shares include
		all assets and profits retained or accumulated in previous fiscal years,
		including those in the fiscal year ending December 31, 2003 that have not been
		distributed on this date, whether definitive or interim, as well as those from
		the actual fiscal year under way and any declared dividends, whether final or
		interim, and that have not yet been distributed on this date in respect of the
		Shares.
	 

	 
		FOURTH:  DELIVERY OF DOCUMENTATION
		SIMULTANEOUS TO SIGNATURE OF THIS AGREEMENT.
	 

	 
		The Sellers hereby deliver to the Purchasers:
	 

	 	
			 
				1.
			 

		  	
			 
				Certificates representing the Shares.
			 

		  	
			 
				 
			 

		  
	
			 
				2.
			 

		  	
			 
				All corporate books of the Company, including the
				Board Meeting Book;
			 

		  

	 
		 
	 

	 
		 
	 

	 
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		3.        Shareholders Meeting
		Book;
	 

	 
		4.        Shareholders
		Registry and the public registry stipulated in Article 135 of the Companies
		Law.
	 

	 
		3.        Authenticated copies
		of the public deeds to which the minutes of CTC and CTC EQUIPOS Boards of
		Directors Meetings were executed in which the signature and execution of this
		Agreement were authorized by the Sellers.
	 

	 
		4.        An
		authenticated copy of the public deed to which the minutes of the CTC
		Shareholders Meeting were executed in which the signature and execution of this
		Agreement were authorized by CTC.
	 

	 
		5.        The
		letters of resignation of directors Bruno Philippi, Claudio Muñoz,
		Andrés Concha, Luis Cid and Julio Covarrubias.
	 

	 
		6.        Minutes
		of the Special Shareholders Meeting of the Company held on this date at which
		the new members of the Board of Directors of the Company were appointed.

	 

	 
		FIFTH:  ACTS TO BE PERFORMED ON THE DATE
		OF PAYMENT OF THE ESTIMATED PRICE.
	 

	 
		5.1      Payment of the Debt. On the date of payment
		of the Estimated Price, i.e. no later than July 28, 2004, Holding, under the
		knowledge and consent of the Company, shall pay CTC the total amount of the
		Debt maintained by the Company with CTC on such date by wire transfer to
		current account No. 10184384 with Banco de Crédito e Inversiones in the
		name of Compañía de Telecomunicaciones de Chile S.A. As a
		consequence of such payment, CTC shall represent and warrant that the Company
		owes CTC no sum for the following reasons:
	 

	 	
			 
				(a)
			 

		  	
			 
				The mercantile current account agreement made
				between CTC and the Company;
			 

		  
	
			 
				(b)
			 

		  	
			 
				Debt acknowledgement for the credit granted to the
				Company by Chase;
			 

		  	
			 
				 
			 

		  
	
			 
				(c)
			 

		  	
			 
				Debt acknowledgement for the credit granted to the
				Company by EKN-Citibank.
			 

		  	
			 
				 
			 

		  
				

	 
		 
	 

	 
		 
	 

	 
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		5.2     Delivery of Documentation.  On the date of
		payment of the Estimated Price, i.e. no later than July 28, 2004, after payment
		of the Estimated Price pursuant to Section 3.2 of Clause Third above and after
		payment of the Debt mentioned in section 5.1 above, CTC shall deliver to the
		Purchasers:
	 

	 
		1.        A letter
		issued by CTC and accepted by the Company stating that all Debt of the Company
		owed to CTC has been paid and specifying that after payment, the Company owes
		CTC no sum for the following reasons:
	 

	 
		(a)      The mercantile
		current account agreement signed by CTC and the Company on January 2,
		1998;
	 

	 
		(b)      The debt
		acknowledgement for the credit granted to the Company by Chase on May 30, 2001,
		terminating the relationship existing between the Parties; and
	 

	 
		(c)      The debt
		acknowledgement for the credit granted to the Company by EKN-Citibank on March
		30, 2001, terminating the relationship existing between the Parties.
	 

	 
		Such letter is attached to this Agreement as Schedule 1;
		and
	 

	 	
			 
				2.
			 

		  	
			 
				A letter of payment for the Estimated Price
				according to the form attached hereto as Schedule 2.
			 

		  

	 
		SIXTH:  REPRESENTATIONS AND WARRANTIES OF
		THE SELLERS.
	 

	 
		The Sellers make the following representations and
		warranties that constitute an essential reason for consent by the Purchasers
		and a fundamental element of the different obligations set down herein.
	 

	 	
			 
				6.1
			 

		  	
			 
				Incorporation and Good Standing of the
				Sellers
			 

		  

	 
		CTC and CTC EQUIPOS are duly incorporated and registered
		in accordance with the legislation of the Republic of Chile. They are in no
		legal situation of insolvency or suspension of payments and there is no reason
		for any type of declaration of insolvency, and they have the capacity to
		conduct their actual activities, own and manage their properties and
		assets.
	 

	 
		 
	 

	 
		 
	 

	 
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				6.2
			 

		  	
			 
				Incorporation and Good Standing of the
				Company
			 

		  

	 
		The Company is duly incorporated and registered in
		accordance with the legislation of the Republic of Chile. It is in no legal
		situation of insolvency or suspension of payments and there is no reason
		whatsoever for any type of declaration of insolvency, and it has the capacity
		to conduct its actual activities, own and manage its properties and
		assets.
	 

	 	
			 
				6.3
			 

		  	
			 
				By-Law Requirements
			 

		  

	 
		CTC and CTC EQUIPOS have full capacity and are in
		compliance with all legal and by-law requirements necessary to formalize this
		Agreement, consummate the transfer of the Shares and fulfill the obligations
		imposed by this Agreement. CTC and CTC EQUIPOS shall not, by formalization and
		performance of this Agreement, infringe any legal or administrative provision,
		agreement, contract or commitment by which they are bound.
	 

	 	
			 
				6.4
			 

		  	
			 
				Equity Capital and Shares
			 

		  

	 
		The equity capital of the Company is the sum of CLP
		201,991,478,572, fully subscribed and paid-in, approved by the Regular
		Shareholders Meeting of April of this year, and it is divided into
		2,661,000,000 shares with no par value, in one same class and series, and CTC
		and CTC EQUIPOS are the sole and legitimate holders of the Shares that
		constitute 100% of the equity capital of the Company. There are no options or
		commitments relative to Shares nor expansions, reductions or commitments of
		capital pending registration or in the process of being made, nor is there any
		contract or commitment that obligates any of the Sellers or the Company to
		issue, exchange or otherwise convey or purchase, amortize or otherwise acquire
		Shares in the Company. The Shares are exempt from any restrictions in the
		exercise of the rights they represent as well as free of any charge, lien,
		title retention, option, limitation or right in favor of any person as well as
		any options, agreements, commitments, claims, attachments, assessments or liens
		and there is no debt in relation thereto. The transfer of the Shares shall, as
		of this date, confer upon Holding and TEM INVERSIONES full ownership and
		unconditional legal title to and possession of the Shares and the Sellers shall
		always guarantee such holding in respect of any persons who claim it,
		cooperating with the Purchasers in the same and not performing any acts
		contrary to such purpose. All of the rights and obligations of the shareholders
		in the company for that reason are set down in the by-laws thereof that the
		Purchasers declare to know and accept 
	 

	 
		 
	 

	 
		 
	 

	 
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		in their entirety, and there are no rights, obligations or
		commitments of any kind apart therefrom.
	 

	 	
			 
				6.5
			 

		  	
			 
				Distribution of Dividends
			 

		  

	 
		The Company does not owe its shareholders nor does it have
		the obligation to distribute thereto any sum for any reason, including, without
		limitation, dividends, capital reductions or interim dividends.
	 

	 	
			 
				6.6
			 

		  	
			 
				Financial Statements
			 

		  

	 
		The financial statements of the Company closed as of March
		31, 2004, as of December 31, 2003 and as of December 31, 2002 (hereinafter the
		“Financial Statements”) that the Purchasers declare to know are
		complete, accurate, true and have been prepared in accordance with the
		generally accepted accounting principles and standards of the Republic of Chile
		and applied uniformly by the Company in previous fiscal years. The Financial
		Statements accurately reflect in all material aspects the assets, liabilities
		and financial and economic situation of the Company on their respective dates
		as well as the results of operations for the periods ending on those dates in
		accordance with the generally accepted accounting principles in the Republic of
		Chile applied uniformly.
	 

	 
		6.7      As of March 31,
		2004, the Financial Statements accurately reflect in all material aspects the
		assets, liabilities, financial and economic situation of the Company on that
		date, and the results of operations regarding the periods ending on those
		dates—that are furnished as Schedule 3—contain no liabilities that
		accrue interest except for those listed below:
	 

	 
		(a)      The mercantile
		current account with CTC.
	 

	 
		(b)      Debt
		acknowledgments made by the Company in favor of CTC indicated in Sections
		4.1.(b) and (c) of Clause Fifth hereof; and 
	 

	 
		(c)      The statements in
		Note 19 of the Financial Statements of the Company as of March 31, 2004,
		corresponding to the financial leases of the offices and vehicles of the
		Company.
	 

	 
		The Company has no liabilities or contingencies outside of
		the balance sheets contained in the Financial Statements.
	 

	 
		 
	 

	 
		 
	 

	 
		13
	 

	 
		 
	 

	 

	 
	 

	 
	 
		 
	 

	 	
			 
				6.8
			 

		  	
			 
				Directors and Representatives.
			 

		  

	 
		Schedule 4 contains details on the members of the Board
		and Management of the Company. The only general powers of attorney of
		representation granted by the Company are those included in Schedule 5.
	 

	 	
			 
				6.9
			 

		  	
			 
				Compliance with the Law
			 

		  

	 
		The Company has complied strictly and continues to comply
		with the laws and other rules that are applicable thereto and has not committed
		any material infringement in the last 5 years of the laws and regulations
		applicable thereto and to the conduct of its business.
	 

	 	
			 
				6.10
			 

		  	
			 
				Ongoing Concern
			 

		  

	 
		The business of the Company is self-sufficient and shall
		continue to be after perfection of this Agreement, independently and separately
		from any person related to the Sellers, as it was being operated immediately
		prior to the date of this Agreement, which the Purchasers declare to
		know.
	 

	 	
			 
				6.11
			 

		  	
			 
				Taxes on the Purchase
			 

		  

	 
		Provided the Estimated Price totals US 1,006,875,999, the
		capital gains tax accruing as a consequence of the purchase of the Shares in
		the Company will total at least US$51 million Dollars pursuant to recital
		seventh.
	 

	 	
			 
				6.12
			 

		  	
			 
				Conditions of the Purchase
			 

		  

	 
		All terms and conditions of the purchase of the Shares
		contemplated herein comply with the conditions approved by the CTC Shareholders
		Meeting held July 15, 2004 for the sale of the Shares by CTC, including the
		amount of the Estimated Price.
	 

	 
		SEVENTH:  REPRESENTATIONS AND WARRANTIES BY
		THE PURCHASERS
	 

	 
		 
	 

	 
		 
	 

	 
		14
	 

	 
		 
	 

	 

	 
	 

	 
	 
		The Purchasers make the following representations and
		warranties that constitute an essential reason for the consent of the Sellers
		and a fundamental element of the different obligations set down herein: 

	 

	 	
			 
				7.1
			 

		  	
			 
				Incorporation and Good Standing of the
				Purchasers.
			 

		  

	 
		The Purchasers are duly incorporated and registered in
		accordance with the legislation of the Republic of Chile. They are in no legal
		situation of insolvency or suspension of payments and there is no reason for
		any type of declaration of insolvency, and they have the capacity to conduct
		their actual activities, own and manage their properties and assets.
	 

	 	
			 
				7.2
			 

		  	
			 
				By-Law Requirements
			 

		  

	 
		The Purchasers have full capacity and are in compliance
		with all legal and by-law requirements necessary to formalize this Agreement,
		consummate the purchase of the Shares and fulfill the obligations imposed by
		this Agreement. The Purchasers are not in default on any legal or
		administrative provision, agreement, contract or commitment by which they are
		bound because of the formalization and performance of this Agreement.
	 

	 
		EIGHTH:  NON-COMPETITION
	 

	 
		CTC undertakes, pro se and on behalf of its respective
		controlled persons, for a period of 2 years as from the date of signature
		hereof, on the Chilean market:
	 

	 
		(a)      not to acquire
		and/or participate directly or indirectly in the ownership or management of a
		company in the mobile telephone sector existing now on the Chilean market;
		and
	 

	 
		(b)      not to acquire in
		any way or participate in the management of a mobile telephone
		concession.
	 

	 
		NINTH:  INDEMNITY OBLIGATION
	 

	 
		9.1      The Sellers shall
		be jointly and severally liable to the Purchasers within the framework of this
		Agreement and unequivocally and unrenounceably undertake to indemnify and hold
		each Purchaser harmless for any loss, damage, injury or expense
	 

	 
		 
	 

	 
		 
	 

	 
		15
	 

	 
		 
	 

	 

	 
	 

	 
	 
		(including reasonable attorneys’ expenses) incurred
		by any Purchaser or by the Company as a consequence of:
	 

	 
		(1)      Default on any of
		the obligations assumed by any Seller under this Agreement or the Outstanding
		Clauses of the Letter of Offer, including the non-competition obligation
		contained in Clause Eighth above.
	 

	 
		(2)      The inaccuracy,
		mendacity or default on any of the representations, warranties or covenants
		acquired by any Seller within the purview of this Agreement or its Schedules,
		including the warranties contained in Clause Sixth above or the Outstanding
		Clauses of the Letter of Offer; or
	 

	 
		(3)      The inaccuracy of
		the representation made by the Sellers in Section 6.11 of Clause Sixth above,
		in which case they should indemnify the Purchasers for the difference between
		(y) 51 million U.S. Dollars and (z) the amount of the capital gains tax accrued
		on the sale of the Company if the Estimated Price would have totaled
		US$1,006,875,999.
	 

	 
		9.2      The Purchasers
		shall be jointly and severally liable to the Sellers within the framework of
		this Agreement and undertake unequivocally and irrenounceably to indemnify and
		hold each Seller harmless for any loss, damage, injury or expense (including
		reasonable attorneys’ expenses) incurred by any Seller as a consequence
		of:
	 

	 
		1.       Default on any
		of the obligations assumed by any Purchaser under this Agreement or the
		Outstanding Clauses of the Letter of Offer; or
	 

	 
		2.       The
		inaccuracy, mendacity or default on any of the representations, warranties or
		covenants acquired by any Purchaser within the purview of the stipulations in
		this Agreement or its Schedules, including the warranties contained in Clause
		Seventh above or in the Outstanding Clauses of the Letter of Offer.
	 

	 
		TENTH:  CONFIDENTIALITY
	 

	 
		10.1    The Sellers promise to keep
		confidential all information relative to the activities or businesses of the
		Company, including data on customers, suppliers, distributors, commissions,
		etc.
	 

	 
		 
	 

	 
		 
	 

	 
		16
	 

	 
		 
	 

	 

	 
	 

	 
	 
		10.2    The Parties promise to keep
		confidential the contents of this Agreement. If any of the Purchasers or the
		Sellers were required by the authorities or obligated by law to disclose the
		contents of the confidential information, they should give written notice
		thereof 24 hours in advance to the other Party, provided this is materially
		possible given the period imposed for a response, in order for both Parties to
		be able to agree upon the information that will ultimately be disclosed. Save
		the exception stipulated in the preceding sentence, any public communication of
		the Agreement shall be previously agreed upon by the Parties.
	 

	 
		ELEVENTH:  ASSIGNMENT
	 

	 
		The Sellers may not assign all or part of the performance
		of the obligations hereunder to third parties unless they have prior specific
		written authorization of the other Party. The Purchasers may assign to one or
		more third parties the rights and obligations of the Purchasers within the
		purview of this Agreement with no need for prior consent of the Sellers
		provided the assignee is an affiliate of TEM. A company shall be deemed, for
		such purpose, to be an affiliate of TEM if it is controlled thereby, controls
		TEM or is under direct or indirect control of the controller of TEM.
	 

	 
		TWELFTH:  REPEAL OF THE LETTER OF OFFER.
		AMENDMENTS.
	 

	 
		12.1    This Agreement repeals and
		voids the Letter of Offer mentioned in the fifth recital of the Agreement
		except for the provisions in Sections A.4, A.7, G and H of such Letter of Offer
		(the Outstanding Clauses of the Letter of Offer) that will continue in
		force.
	 

	 
		12.2    Any amendment to the
		stipulations in this Agreement shall be previously agreed upon by the Parties
		and a document signed for such purpose.
	 

	 
		THIRTEENTH:  NOTICES
	 

	 
		All notices, communications or notifications that must be
		made by the Parties shall be in writing and sent to the addresses of the
		Parties contained herein by fax, e-mail, certified mail or through a notary
		public.
	 

	 
		HOLDING and TEM INVERSIONES 
	 

	 
		Attn.:    Senior Counsel
	 

	 
		Miraflores 130
	 

	 
		 
	 

	 
		 
	 

	 
		17
	 

	 
		 
	 

	 

	 
	 

	 
	 
		Santiago, Chile
	 

	 
		Fax: (56-2) 661 7298
	 

	 
		cc: TEM
	 

	 
		Coya 24
	 

	 
		28001 Madrid
	 

	 
		Attn: Antonio Hornedo Muguiro
	 

	 
		Fax: (349) 1423 4016
	 

	 
		e-mail: hornedo_a@telefonicamoviles.com.
	 

	 
		CTC and CTC EQUIPOS
	 

	 
		Providencia 111, 24th floor
	 

	 
		Santiago
	 

	 
		Attn.: Cristián Aninat Salas
	 

	 
		Fax: +56-2 – 691 3159
	 

	 
		E-mail: caninat@ctc.cl.
	 

	 
		FOURTEENTH:  EXPENSES AND TAXES
	 

	 
		The Purchasers and the Sellers shall pay their respective
		expenses incurred in the preparation and negotiation of this Agreement. Each
		Party shall pay the taxes that may be assessed on this purchase. The expenses
		of the public deed of this Agreement shall be paid equally by both
		Parties.
	 

	 
		FIFTEENTH:  LEGISLATION AND
		ARBITRATION
	 

	 
		15.1   The Parties expressly agree that
		this Agreement shall be governed by Chilean law.
	 

	 
		15.2   In any dispute or claim in relation
		hereto, to the existence, validity, interpretation or voidance hereof, the
		Purchasers and the Sellers agree to arbitration-at-law to be conducted in New
		York City (USA) before an arbitrator appointed by the American Arbitration
		Association, which will be conducted according to the rules thereof, with a
		specific waiver of any other applicable jurisdiction.
	 

	 
		AUTHORITIES
	 

	 
		 
	 

	 
		 
	 

	 
		18
	 

	 
		 
	 

	 

	 
	 

	 
	 
		The authority of Mr. Claudio Muñoz
		Zúñiga to represent Compañía de Telecomunicaciones
		de Chile S.A. is set down in the public deed dated May 7, 1999, extended before
		Mr. Alvaro Bianchi Rosas, Notary Public. The authority of
		Mr. Cristián Aninat Salas to represent Compañía de
		Telecomunicaciones de Chile-Equipos y Servicios S.A. is set down in the public
		deed dated July 22, 2004, extended before Mr. Raúl Undurraga L.,
		Notary Public. The authorities of Mr. Jorge Abadía Pozuelo and
		Mr. Miguel Garrido de las Heras to represent Inversiones Telefónica
		Móviles Holding Limitada and TEM Inversiones Chile Limitada are set down
		in the public deeds dated July 22, 2004, both extended before
		Mr. René Benavente Cash, Notary Public. The authenticating Notary
		Public of this city does certify that this public deed is executed and extended
		in accordance with the provisions in Law 18,181 of October 27, 1982, published
		in Official Gazette No. 31,427 of November 26, 1982, which is duly annotated in
		the Journal Book under the respective number.
	 

	 
		In witness whereof, the Parties sign after reading. A copy
		is given. I attest.
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		CLAUDIO MUÑOZ ZUÑIGA
	 

	 
		for COMPAÑIA DE TELECOMUNICACIONES DE CHILE
		S.A.
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		CRISTIAN ANINAT SALAS
	 

	 
		for COMPAÑIA DE TELECOMUNICACIONES DE CHILE-EQUIPOS
		Y SERVICIOS
	 

	 
		S.A.
	 

	 
		 
	 

	 	
			 
				JORGE ABADIA POZUELO
			 

		  	
			 
				 
			 

		  	
			 
				MIGUEL GARRIDO DE LAS HERAS
			 

		  
	
			 
				for INVERSIONES TELEFONICA MOVILES HOLDINGS
				LTDA.
			 

		  

	 
		 
	 

	 
		19
	 

	 
		 
	 

	 

	 
	 

	 
	 
		The Parties signed before me at Providencia 111, 29th
		floor.
	 

	 
		This copy is a true record of the original. Santiago, July
		26, 2004.
	 

	 
		 
	 

	 
		 
	 

	 
		20
	 

	 
		 
	 

	 

	 
	 

	 
	 
		SCHEDULE I
	 

	 
		Santiago, July ..., 2004
	 

	 
		Messrs.
	 

	 
		Telefónica Móvil de Chile S.A.
	 

	 
		Hand Delivery
	 

	 
		Gentlemen:
	 

	 
		On this date, Compañía de Telecomunicaciones
		de Chile S.A. and Compañía de Telecomunicaciones de Chile Equipos
		y Servicios S.A. and Inversiones Telefónica Móviles Holding
		Limitada and TEM Inversiones Chile Limitada have signed a purchase agreement
		whereby the first two have transferred to the latter all of the shares they
		held in Telefónica Móvil de Chile S.A. under the conditions
		therein stipulated.
	 

	 
		Pursuant to the aforesaid document, on behalf of
		Compañía de Telecomunicaciones de Chile S.A., I hereby declare
		that Telefónica Móvil de Chile S.A. does not owe my principal any
		sum for the following reasons:
	 

	 	
			 
				(i)
			 

		  	
			 
				The mercantile current account agreement;
			 

		  

	 	
			 
				(ii)
			 

		  	
			 
				The debt acknowledgement for the credit granted to
				Telefónica Móvil de Chile S.A. by Chase in the amount of
				................; and
			 

		  

	 	
			 
				(iii)
			 

		  	
			 
				The debt acknowledgement for the credit granted to
				Telefónica Móvil de Chile S.A. by EKN-Citibank in the amount of
				................
			 

		  

	 
		We grant Telefónica Móvil de Chile S.A. the
		most ample and complete discharge regarding such debts.
	 

	 
		Very sincerely yours,
	 

	 
		Claudio Muñoz Z.
	 

	 
		General Manager
	 

	 
		 
	 

	 
		 
	 

	 
		21
	 

	 
		 
	 

	 

	 
	 

	 
	 
		SCHEDULE II
	 

	 
		Santiago, July ..., 2004
	 

	 
		Messrs.
	 

	 
		Telefónica Móviles S.A.
	 

	 
		Inversiones Telefónica Móviles Holding
		Limitada
	 

	 
		Inversiones TEM Chile Limitada
	 

	 
		Hand Delivery
	 

	 
		Gentlemen:
	 

	 
		On July 23, 2004, Compañía de
		Telecomunicaciones de Chile S.A. and Compañía de
		Telecomunicaciones de Chile Equipos y Servicios S.A. and Inversiones
		Telefónica Móviles Holding Limitada and TEM Inversiones Chile
		Limitada signed a purchase agreement whereby the first two have transferred to
		the latter all of the shares they held in Telefónica Móvil de
		Chile S.A. under the conditions indicated therein.
	 

	 
		Today, Compañía de Telecomunicaciones de
		Chile S.A. and Compañía de Telecomunicaciones de Chile Equipos y
		Servicios S.A. have received the sum of US$ ........... and US$ ..............,
		respectively, in payment of the purchase price of the shares in
		Telefónica Móvil de Chile S.A., including interest accrued on
		such purchase price pursuant to the document indicated in the preceding
		paragraph.
	 

	 
		Compañía de Telecomunicaciones de Chile S.A.
		hereby declares that Telefónica Móviles S.A., Inversiones
		Telefónica Móviles Holding Limitada and Inversiones TEM Chile
		Limitada owe it no sum whatsoever because of the purchase of shares in
		Telefónica Móvil de Chile S.A. and we grant Telefónica
		Móvil de Chile S.A. the most ample and complete discharge in respect of
		such amounts.
	 

	 
		Sincerely yours,
	 

	 
		Claudio Muñoz Z.
	 

	 
		General Manager
	 

	 
		 
	 

	 
		 
	 

	 
		22
	 

	 
		 
	 

	 

	 
	 

	 
	 
		SCHEDULE III
	 

	 
		TELEFONICA MOVIL DE CHILE S.A.
	 

	 
		Financial Statements for the three-month
	 

	 
		period ending March 31, 2004 and 2003
	 

	 
		and report by independent auditors.
	 

	 
		 
	 

	 
		 
	 

	 
		23
	 

	 
		 
	 

	 

	 
	 

	 
	 
		REPORT BY THE INDEPENDENT AUDITORS
	 

	 
		REVIEW OF INTERIM FINANCIAL STATEMENTS
	 

	 
		Chairman of the Board of Directors and Directors of

	 

	 
		Telefónica Móvil de Chile S.A.
	 

	 
		We have reviewed the interim general balance sheets of
		Telefónic Móvil de Chile S.A. as of March 31, 2004 and 2003 and
		the corresponding interim income and cash flow statements for the three-month
		periods ending on those dates. These interim financial statements and the
		corresponding notes are the responsibility of the management of
		Telefónica Móvil de Chile S.A.
	 

	 
		We have performed a review according to auditing standards
		established in Chile for a review of interim financial information. A review of
		interim financial information consists principally of applying audit procedures
		to the financial statements and of making inquiries with the staff responsible
		for financial and accounting matters. The scope of this review is substantially
		less than an audit performed according to generally accepted auditing standards
		of Chile where the objective is to express an opinion on the financial
		statements taken as a whole. Consequently, the interim financial statements as
		of March 31, 2004 and 2003 have not been audited and, therefore, we are unable
		to express, nor do we express, such an opinion.
	 

	 
		Based on our review of the interim financial statements of
		Telefónica Móvil de Chile S.A. as of March 31, 2004 and 2003, we
		have no knowledge of any significant adjustments that should be made to such
		statements in order for them to be in harmony with generally accepted
		accounting principles of Chile.
	 

	 
		DELOITTE
	 

	 
		April 16, 2004
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		Arturo Plat A.
	 

	 
		 
	 

	 
		 
	 

	 
		24
	 

	 
		 
	 

	 

	 
	 

	 
	 
		This corresponds to a deed under Journal
	 

	 
		No. 4151, page 23457, of July 2004.
	 

	 
		Santiago, July 26, 2004
	 

	 
		 
	 

	 
		 
	 

	 
		This copy is a true record of the original.
	 

	 
		Santiago, July 26, 2004.
	 

	 
		 
	 

	 
		 
	 

	 
		25
	 

	 
		 
	 

	 

   
    
      JOURNAL NO. 2,211 / 99
    

    
      APPOINTMENT, POWER OF ATTORNEY, RESIGNATION AND
      REVOCATION
    

    
      BY AND BETWEEN
    

    
      COMPAÑIA DE TELECOMUNICACIONES DE CHILE
      S.A.
    

    
      AND
    

    
      CLAUDIO MUÑOZ ZÚÑIGA ET
      AL.
    

    
      In Santiago, Chile, on May 7, 1999, before me, ALVARO
      BIANCHI ROSAS, attorney, notary public, regular notary of the 11th Notarial
      Office of Santiago, with offices at Doctor Sótero del Rio 322, there
      appeared:
    

    
      Mr. CRISTIÁN ANINAT SALAS, Chilean, married,
      attorney, national identity card No. 6.284.875-8, domiciled at Avda.
      Providencia 111, 30th floor, Santiago, who is of age, evidences his identity by
      the aforesaid identity card and states that duly empowered, he hereby executes
      the pertinent parts of the following minutes to public deed:
    

    
      “FIRST PART OF THE MINUTES OF SPECIAL MEETING NO. 527
      OF THE BOARD OF DIRECTORS OF COMPAÑIA DE TELECOMUNICACIONES DE CHILE
      S.A., HELD MAY 6, 1999.
    

    
      “The Board of Directors of Compañía de
      Telecomunicaciones de Chile S.A. met in Santiago, Chile, on May 6, 1999, at
      5:00 p.m., Mr. Javier Aguirre N., Chairman thereof, presiding. Present
      were directors Hans Eben O., Nicolás Majluf S., Felipe Montt F., Claudio
      Undurraga A., Luis Cid A., Augusto Iglesias P., and Sergio Badiola B. Directors
      Andrés Navarro H., Juan Perea S. de B., Guillermo Fernández V.,
      Antonio Viana-Baptista and Ricardo Fornesa R. excused their absences. Also
      present were the General Manager, Mr. Jacinto Díaz S., the
      Vice-President of Management Control, Mr. Claudio Muñoz Z., the
      Secretary General, Mrs. Gladys Hernández S., and the Secretary,
      Mr. Cristián Aninat S.
    

    
       
    

    
       
    

    

    
    

    
    
      “AGENDA.
    

    	
          
            “1.
          

        	
          
            CHANGE IN GENERAL MANAGER.
          

        	
          
             
          

        
	
          
            “1.1
          

        	
          
            RESIGNATION OF GENERAL MANAGER
          

        

    
      “Mr. Jacinto Díaz S. reported that on
      this date, he presented his resignation from the position of General Manager of
      Compañía de Telecomunicaciones de Chile S.A. The Board
      unanimously resolved to accept the resignation submitted by Mr. Jacinto
      Díaz S. (Resolution No. 42/99).
    

    	
          
            “1.2
          

        	
          
            APPOINTMENT OF GENERAL MANAGER
          

        

    
      “The Board of Directors unanimously resolved to
      appoint Mr. Claudio Muñoz Zuñiga as General Manager of
      Compañía de Telecomunicaciones de Chile S.A., who shall take
      office immediately and as he was present in the room, thanked the board for his
      appointment. (RESOLUTION NO.43/99).
    

    	
          
            “1.3
          

        	
          
            POWERS OF ATTORNEY OF THE GENERAL MANAGER
          

        

    
      “The Board unanimously resolved to grant a general
      power of attorney to the General Manager with the following powers:
    

    
      “1.      To represent
      the company in requesting concessions, privileges and licenses from the
      government, municipalities or other entities that are required for the
      appropriate course of the company’s business, in undertaking and
      formalizing, with ample authority, all proceedings and formalizations required
      by the interests of the Company in order to obtain such authorizations.
    

    	
          
            “2.
          

        	
          
            To enter into any type of telecommunications supply
            contract.
          

        

    
      “3.      To open and
      close commercial and bank deposit and credit current accounts; to draw, deposit
      and overdraw thereon or in the accounts currently held by the Company.
    

    
      “4.      To contract
      loans in any form, mutuatus, credits in a current account, advances against
      acceptance, promissory notes or others.
    

    
       
    

    
       
    

    

    
    

    
    
      “5.      To draw,
      subscribe, accept, reaccept, extend, revalidate, endorse, co-sign, protest,
      discount and cancel bills of exchange, checks, promissory notes, drafts,
      documents that are registered, to the order or to the bearer and other
      negotiable or credit instruments and foreign exchange transactions. To approve
      and reject balances in current accounts, and order the withdrawal of
      checkbooks.
    

    
      “6.      To establish
      agencies, branches, offices or annexes in any place in the country and
      eliminate them when he deems convenient.
    

    
      “8.      To buy, sell,
      exchange, assign, give and receive in lease or sublease or administration any
      type of corporeal real estate or chattel.
    

    
      “9.      To buy,
      acquire, sell, auction and assign shares, bonds and other negotiable
      instruments or bearer securities.
    

    
      “10.    To mortgage, release,
      divide, limit, cancel and postpone mortgages.
    

    
      “11.    To give in pledge,
      postpone, release and cancel pledges.
    

    
      “12.    To accept pledges
      established by third parties.
    

    
      “13.    To incorporate companies,
      bodies corporate of any type or communities, modify, dissolve and liquidate
      them.
    

    
      “14.    To represent the
      principal with all powers and rights it has in companies, communities, or
      ventures in which the company has an interest or relationship.
    

    
      “15.    To enter into, modify and
      settle any type of construction, installation, supervisory and work execution
      contract in general. To enter into, amend and settle construction contracts for
      the reconditioning of office space.
    

    
      “16.    To enter into easement
      agreements and establish and accept usufructs.
    

    
      “17.    To request any type of
      patent, privilege, factory mark and trademark and industrial models.
    

    
       
    

    

    
    

    
    
      “18.    To enter into commodatum
      and deposit agreements.
    

    
      “19.    To assign rights and
      credits and accept assignments.
    

    
      “20.    To open safe-deposit
      boxes, withdraw securities in custody or guarantee.
    

    
      “21.    To withdraw
      correspondence from the post office, whether or not certified, postal money
      orders and packages and telegraphic money orders.
    

    
      “22.    To make a novation,
      pardon and offset obligations.
    

    
      “23.    To enter into commission,
      representation, insurance agency, exchange and freight contracts.
    

    
      “24.    To enter into employment
      contracts and amendments thereto, set down and stipulate wages and salaries,
      duties or tasks and other contract conditions, terminate such contracts under
      the conditions he deems convenient pursuant to governing law and sign receipts
      and discharges regarding the obligations arising from such employment
      contracts.
    

    
      “25.    Debate presentations by
      union organizations of the company; enter into memorandums of settlement or
      collective agreements with such union organizations or employee or worker
      representations, amend and void them.
    

    
      “26.   Enter into advisory,
      supervisory, training, improvement, maintenance, technical assistance
      agreements and, in general, any other contract or agreement that is necessary
      for the conduct of the corporate business.
    

    
      “27.    Represent the principal
      before administrative authorities and fiscal, semi-fiscal, municipal or
      self-governing agencies, such as ministries, bureaus, services, corporations,
      departments, inspection offices, municipalities, banks, exercising all rights
      corresponding before them within the ordinary course of the company’s
      business. These same powers are deemed granted for international agencies
      and/or foreign authorities.
    

    
       
    

    
       
    

    

    
    

    
    
      “28.    Collect and receive
      everything owed now or in the future to Compañía de
      Telecomunicaciones de Chile S.A. in money or in another type of corporeal or
      incorporeal real estate or chattel.
    

    
      “29.    To grant receipts,
      cancellations and discharges.
    

    
      “30.    To pay what is owed by
      Compañía de Telecomunicaciones de Chile S.A. in any way.
    

    
      “31.    To make and accept
      payment in kind.
    

    
      “32.    To stipulate and agree in
      any contract he makes to the prices, periods, contributions, obligations,
      rights, guarantees and other conditions he judges convenient, whether
      essential, natural or merely incidental.
    

    
      “33.    To rescind, nullify,
      revoke, modify, void, terminate and discharge any contracts he has made.

    

    
      “34.    To waive resolutory
      action.
    

    
      “35.    To require rendering of
      accounts, approve or reject the same.
    

    
      “36.    To request and accept
      adjudications of any type of goods.
    

    
      “37.    To appoint depositaries
      and appraisers.
    

    
      “38.    To request declarations
      of bankruptcy.
    

    
      “39.    To verify credits, accept
      compositions, appoint liquidators, receivers and experts.
    

    
      “40.    To sign all public or
      private documents relative to the aforesaid powers.
    

    
      “41.    To represent
      Compañía de Telecomunicaciones de Chile S.A. judicially with all
      powers in both subparagraphs of article 7 of the Code of Civil Procedure, which
      are deemed set out one by one herein.
    

    
       
    

    
       
    

    

    
    

    
    
      “42.    To sign international
      commercial agreements or joint ventures with other companies or entities such
      as international corporations or consortiums of different types.
    

    
      “43.    To delegate any of the
      powers conferred to third parties or employees of the Company and revoke them
      freely.
    

    
      “44.    In general, the mandatary
      is empowered to perform all judicial and extrajudicial acts that are necessary
      to exercise this mandate, even those for which the law requires a specific
      mention. (RESOLUTION NO. 44/99).
    

    	
          
            “1.4
          

        	
          
            REVOCATION OF PREVIOUS POWER OF ATTORNEY.
          

        

    
      “The Board unanimously resolved to revoke the power
      of attorney granted to Mr. Jacinto Díaz Sánchez by
      Resolution No. 149/94 of the meeting held November 8, 1994, executed to public
      deed on that same date before Mr. Mario Baros González, Notary
      Public, while leaving in effect the powers of attorney granted by the same.
      (RESOLUTION NO. 45/99).
    

    	
          
            “3.
          

        	
          
            EXECUTION TO PUBLIC DEED
          

        

    
      “The Board of Directors resolved to empower
      Mr. Cristián Aninat Salas to execute all or part of these minutes
      to public deed (RESOLUTION NO. 49/99).
    

    
      “The Board agreed to interrupt the meeting to sign
      these minutes immediately. (RESOLUTION NO. 50/99).
    

    
      Signed by Javier Aguirre N., Hans Eben O., Nicolás
      Majluf S., Felipe Montt F., Claudio Undurraga A., Luis Cid A., Augusto Iglesias
      P., Sergio Badiola B., Jacinto Díaz S., Cristián Aninat S.”
      
    

    
      The pertinent parts of the minutes copied are in agreement
      with the original set down in the Book of Compañía de
      Telecomunicaciones de Chile S.A., which I have seen.
    

    
      In witness whereof, the party signs this public deed after
      reading it. A copy is issued. I attest. Cristián Aninat Salas., A.
      Bianchi R., Notary Public.
    

    
      In agreement with the original thereof. Santiago, May 26,
      1999.
    

    
       
    

    

    
    

    
    
      This corresponds to a deed under Journal
    

    
      No. 2163, page 11,054, for April 2004.
    

    
      Santiago, April 28, 2004.
    

    
      Stamp of Raúl Undurraga Laso, Notary Public
    

    
      of the 29th Notarial Office of Santiago.
    

    
      THIS COPY IS A TRUE RECORD OF THE ORIGINAL.
    

    
      SANTIAGO, APRIL 26, 2004WARRANT AGREEMENT

         Agreement made as of _____________, 2005 between Courtside Acquisition
Corp., a Delaware corporation, with offices at 1700 Broadway, 17th Floor, New
York, New York 10019 ("Company"), and Continental Stock Transfer & Trust
Company, a New York corporation, with offices at 17 Battery Place, New York, New
York 10004 ("Warrant Agent").

         WHEREAS, the Company is engaged in a public offering ("Public
Offering") of Units ("Units") and, in connection therewith, has determined to
issue and deliver up to (i) 27,600,000 Warrants ("Public Warrants") to the
public investors, and (ii) 1,200,000 Warrants to EarlyBirdCapital, Inc. ("EBC")
or its designees ("Representative's Warrants" and, together with the Public
Warrants, the "Warrants"), each of such Public Warrants evidencing the right of
the holder thereof to purchase one share of the Company's common stock, par
value $.0001 per share ("Common Stock"), for $5.00, subject to adjustment as
described herein; and

         WHEREAS, the Company has filed with the Securities and Exchange
Commission a Registration Statement on Form S-1, No. 333-124380 ("Registration
Statement"), for the registration, under the Securities Act of 1933, as amended
("Act") of, among other securities, the Warrants and the Common Stock issuable
upon exercise of the Warrants; and

         WHEREAS, the Company desires the Warrant Agent to act on behalf of the
Company, and the Warrant Agent is willing to so act, in connection with the
issuance, registration, transfer, exchange, redemption and exercise of the
Warrants; and

         WHEREAS, the Company desires to provide for the form and provisions of
the Warrants, the terms upon which they shall be issued and exercised, and the
respective rights, limitation of rights, and immunities of the Company, the
Warrant Agent, and the holders of the Warrants; and

         WHEREAS, all acts and things have been done and performed which are
necessary to make the Warrants, when executed on behalf of the Company and
countersigned by or on behalf of the Warrant Agent, as provided herein, the
valid, binding and legal obligations of the Company, and to authorize the
execution and delivery of this Agreement.

         NOW, THEREFORE, in consideration of the mutual agreements herein
contained, the parties hereto agree as follows:

1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent
to act as agent for the Company for the Warrants, and the Warrant Agent hereby
accepts such appointment and agrees to perform the same in accordance with the
terms and conditions set forth in this Agreement.

2. Warrants.

         2.1. Form of Warrant. Each Warrant shall be issued in registered form
only, shall be in substantially the form of Exhibit A hereto, the provisions of
which are incorporated herein and shall be signed by, or bear the facsimile
signature of, the Chairman of the Board or President and Treasurer, Secretary or
Assistant Secretary of the Company and shall bear a facsimile of the Company's
seal. In the event the person whose facsimile signature has been placed upon any
Warrant shall have ceased to serve in the capacity in which such person signed
the Warrant before such Warrant is issued, it may be issued with the same effect
as if he or she had not ceased to be such at the date of issuance.

         2.2. Effect of Countersignature. Unless and until countersigned by the
Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no
effect and may not be exercised by the holder thereof.

         2.3. Registration.

                  2.3.1. Warrant Register. The Warrant Agent shall maintain
books ("Warrant Register"), for the registration of original issuance and the
registration of transfer of the Warrants. Upon the initial issuance of the
Warrants, the Warrant Agent shall issue and register the Warrants in the names
of the respective holders thereof in such denominations and otherwise in
accordance with instructions delivered to the Warrant Agent by the Company.

                  2.3.2. Registered Holder. Prior to due presentment for
registration of transfer of any Warrant, the Company and the Warrant Agent may
deem and treat the person in whose name such Warrant shall be registered upon
the Warrant Register ("registered holder"), as the absolute owner of such
Warrant and of each Warrant represented thereby (notwithstanding any notation of
ownership or other writing on the Warrant Certificate made by anyone other than
the Company or the Warrant Agent), for the purpose of any exercise thereof, and
for all other purposes, and neither the Company nor the Warrant Agent shall be
affected by any notice to the contrary.

                                       2

         2.4. Detachability of Warrants. The securities comprising the Units
will not be separately transferable until 90 days after the date hereof unless
EBC informs the Company of its decision to allow earlier separate trading, but
in no event will EBC allow separate trading of the securities comprising the
Units until the Company files a Current Report on Form 8-K which includes an
audited balance sheet reflecting the receipt by the Company of the gross
proceeds of the Public Offering including the proceeds received by the Company
from the exercise of the Underwriter's over-allotment option, if the
over-allotment option is exercised prior to the filing of the Form 8-K.

         2.5 Warrants and Representative's Warrants. The Representative's
Warrants shall have the same terms and be in the same form as the Public
Warrants except with respect to the Warrant Price as set forth below in Section
3.1.

3. Terms and Exercise of Warrants

         3.1. Warrant Price. Each Public Warrant shall, when countersigned by
the Warrant Agent, entitle the registered holder thereof, subject to the
provisions of such Public Warrant and of this Warrant Agreement, to purchase
from the Company the number of shares of Common Stock stated therein, at the
price of $5.00 per whole share, subject to the adjustments provided in Section 4
hereof and in the last sentence of this Section 3.1. Each Representative's
Warrant shall, when countersigned by the Warrant Agent, entitle the registered
holder thereof, subject to the provisions of such Representative's Warrant and
of this Warrant Agreement, to purchase from the Company the number of shares of
Common Stock stated therein, at the price of $___ per whole share, subject to
the adjustments provided in Section 4 hereof. The term "Warrant Price" as used
in this Warrant Agreement refers to the price per share at which Common Stock
may be purchased at the time a Warrant is exercised. The Company in its sole
discretion may lower the Warrant Price at any time prior to the Expiration Date
for a period of not less than 10 business days.

         3.2. Duration of Warrants. A Warrant may be exercised only during the
period ("Exercise Period") commencing on the later of (i) the consummation by
the Company of a merger, capital stock exchange, asset acquisition or other
similar business combination ("Business Combination") (as described more fully
in the Company's Registration Statement) and (ii) __________, 2006, and
terminating at 5:00 p.m., New York City time on the earlier to occur of (i)
___________, 2009 or (ii) the date fixed for redemption of the Warrants as
provided in Section 6 of this Agreement ("Expiration Date"). Except with respect
to the right to receive the Redemption Price (as set forth in Section 6
hereunder), each Warrant not exercised on or before the Expiration Date shall
become void, and all rights thereunder and all rights in respect thereof under
this Agreement shall cease at the close of business on the Expiration Date. The

                                       3

Company in its sole discretion may extend the duration of the Warrants by
delaying the Expiration Date; provided, however, that the Company will provide
notice to registered holders of the Warrants of such extension of not less than
20 days.

         3.3. Exercise of Warrants.

                  3.3.1. Payment. Subject to the provisions of the Warrant and
this Warrant Agreement, a Warrant, when countersigned by the Warrant Agent, may
be exercised by the registered holder thereof by surrendering it, at the office
of the Warrant Agent, or at the office of its successor as Warrant Agent, in the
Borough of Manhattan, City and State of New York, with the subscription form, as
set forth in the Warrant, duly executed, and by paying in full, in lawful money
of the United States, in cash, good certified check or good bank draft payable
to the order of the Company (or as otherwise agreed to by the Company), the
Warrant Price for each full share of Common Stock as to which the Warrant is
exercised and any and all applicable taxes due in connection with the exercise
of the Warrant, the exchange of the Warrant for the Common Stock, and the
issuance of the Common Stock; provided, however, that with respect to any
Warrants purchased by Richard D. Goldstein, GG Adirondack Holdings LLC and
Nechadeim Group LLC during the six-month period following separate trading of
the Warrants included in the Company's Units, in the event of redemption
pursuant to Section 6 hereof, such stockholders may pay the Warrant Price by
surrendering his or her Warrant for that number of shares of Common Stock equal
to the quotient obtained by dividing (x) the product of the number of shares of
Common Stock underlying the Warrant, multiplied by the difference between the
Warrant Price and the "Fair Market Value" (defined below) by (y) the Fair Market
Value. The "Fair Market Value" shall mean the average reported last sale price
of the Common Stock for the 10 trading days ending on the 3rd trading day prior
to the date on which the notice of redemption is sent to holders of Warrant
pursuant to Section 6 hereof.

                  3.3.2. Issuance of Certificates. As soon as practicable after
the exercise of any Warrant and the clearance of the funds in payment of the
Warrant Price, the Company shall issue to the registered holder of such Warrant
a certificate or certificates for the number of full shares of Common Stock to
which he is entitled, registered in such name or names as may be directed by
him, her or it, and if such Warrant shall not have been exercised in full, a new
countersigned Warrant for the number of shares as to which such Warrant shall
not have been exercised. Notwithstanding the foregoing, the Company shall not be
obligated to deliver any securities pursuant to the exercise of a Warrant unless
a registration statement under the Act with respect to the Common Stock is
effective. Warrants may not be exercised by, or securities issued to, any
registered holder in any state in which such exercise would be unlawful.

                  3.3.3. Valid Issuance. All shares of Common Stock issued upon
the proper exercise of a Warrant in conformity with this Agreement shall be
validly issued, fully paid and nonassessable.

                                       4

                  3.3.4. Date of Issuance. Each person in whose name any such
certificate for shares of Common Stock is issued shall for all purposes be
deemed to have become the holder of record of such shares on the date on which
the Warrant was surrendered and payment of the Warrant Price was made,
irrespective of the date of delivery of such certificate, except that, if the
date of such surrender and payment is a date when the stock transfer books of
the Company are closed, such person shall be deemed to have become the holder of
such shares at the close of business on the next succeeding date on which the
stock transfer books are open.

                  3.3.5. Intentionally Omitted.

4. Adjustments.

         4.1. Stock Dividends - Split-Ups. If after the date hereof, and subject
to the provisions of Section 4.6 below, the number of outstanding shares of
Common Stock is increased by a stock dividend payable in shares of Common Stock,
or by a split-up of shares of Common Stock, or other similar event, then, on the
effective date of such stock dividend, split-up or similar event, the number of
shares of Common Stock issuable on exercise of each Warrant shall be increased
in proportion to such increase in outstanding shares of Common Stock.

         4.2. Aggregation of Shares. If after the date hereof, and subject to
the provisions of Section 4.6, the number of outstanding shares of Common Stock
is decreased by a consolidation, combination, reverse stock split or
reclassification of shares of Common Stock or other similar event, then, on the
effective date of such consolidation, combination, reverse stock split,
reclassification or similar event, the number of shares of Common Stock issuable
on exercise of each Warrant shall be decreased in proportion to such decrease in
outstanding shares of Common Stock.

         4.3 Adjustments in Exercise Price. Whenever the number of shares of
Common Stock purchasable upon the exercise of the Warrants is adjusted, as
provided in Section 4.1 and 4.2 above, the Warrant Price shall be adjusted (to
the nearest cent) by multiplying such Warrant Price immediately prior to such
adjustment by a fraction (x) the numerator of which shall be the number of
shares of Common Stock purchasable upon the exercise of the Warrants immediately
prior to such adjustment, and (y) the denominator of which shall be the number
of shares of Common Stock so purchasable immediately thereafter.

                                       5

         4.4. Replacement of Securities upon Reorganization, etc. In case of any
reclassification or reorganization of the outstanding shares of Common Stock
(other than a change covered by Section 4.1 or 4.2 hereof or that solely affects
the par value of such shares of Common Stock), or in the case of any merger or
consolidation of the Company with or into another corporation (other than a
consolidation or merger in which the Company is the continuing corporation and
that does not result in any reclassification or reorganization of the
outstanding shares of Common Stock), or in the case of any sale or conveyance to
another corporation or entity of the assets or other property of the Company as
an entirety or substantially as an entirety in connection with which the Company
is dissolved, the Warrant holders shall thereafter have the right to purchase
and receive, upon the basis and upon the terms and conditions specified in the
Warrants and in lieu of the shares of Common Stock of the Company immediately
theretofore purchasable and receivable upon the exercise of the rights
represented thereby, the kind and amount of shares of stock or other securities
or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any
such sale or transfer, that the Warrant holder would have received if such
Warrant holder had exercised his, her or its Warrant(s) immediately prior to
such event; and if any reclassification also results in a change in shares of
Common Stock covered by Section 4.1 or 4.2, then such adjustment shall be made
pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of this
Section 4.4 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers.

         4.5. Notices of Changes in Warrant. Upon every adjustment of the
Warrant Price or the number of shares issuable upon exercise of a Warrant, the
Company shall give written notice thereof to the Warrant Agent, which notice
shall state the Warrant Price resulting from such adjustment and the increase or
decrease, if any, in the number of shares purchasable at such price upon the
exercise of a Warrant, setting forth in reasonable detail the method of
calculation and the facts upon which such calculation is based. Upon the
occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any
such event, the Company shall give written notice to each Warrant holder, at the
last address set forth for such holder in the warrant register, of the record
date or the effective date of the event. Failure to give such notice, or any
defect therein, shall not affect the legality or validity of such event.

         4.6. No Fractional Shares. Notwithstanding any provision contained in
this Warrant Agreement to the contrary, the Company shall not issue fractional
shares upon exercise of Warrants. If, by reason of any adjustment made pursuant
to this Section 4, the holder of any Warrant would be entitled, upon the
exercise of such Warrant, to receive a fractional interest in a share, the
Company shall, upon such exercise, round up to the nearest whole number the
number of the shares of Common Stock to be issued to the Warrant holder.

                                       6

         4.7. Form of Warrant. The form of Warrant need not be changed because
of any adjustment pursuant to this Section 4, and Warrants issued after such
adjustment may state the same Warrant Price and the same number of shares as is
stated in the Warrants initially issued pursuant to this Agreement. However, the
Company may at any time in its sole discretion make any change in the form of
Warrant that the Company may deem appropriate and that does not affect the
substance thereof, and any Warrant thereafter issued or countersigned, whether
in exchange or substitution for an outstanding Warrant or otherwise, may be in
the form as so changed.

5. Transfer and Exchange of Warrants.

         5.1. Registration of Transfer. The Warrant Agent shall register the
transfer, from time to time, of any outstanding Warrant upon the Warrant
Register, upon surrender of such Warrant for transfer, properly endorsed with
signatures properly guaranteed and accompanied by appropriate instructions for
transfer. Upon any such transfer, a new Warrant representing an equal aggregate
number of Warrants shall be issued and the old Warrant shall be cancelled by the
Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent
to the Company from time to time upon request.

         5.2. Procedure for Surrender of Warrants. Warrants may be surrendered
to the Warrant Agent, together with a written request for exchange or transfer,
and thereupon the Warrant Agent shall issue in exchange therefor one or more new
Warrants as requested by the registered holder of the Warrants so surrendered,
representing an equal aggregate number of Warrants; provided, however, that in
the event that a Warrant surrendered for transfer bears a restrictive legend,
the Warrant Agent shall not cancel such Warrant and issue new Warrants in
exchange therefor until the Warrant Agent has received an opinion of counsel for
the Company stating that such transfer may be made and indicating whether the
new Warrants must also bear a restrictive legend.

         5.3. Fractional Warrants. The Warrant Agent shall not be required to
effect any registration of transfer or exchange which will result in the
issuance of a warrant certificate for a fraction of a warrant.

         5.4. Service Charges. No service charge shall be made for any exchange
or registration of transfer of Warrants.

         5.5. Warrant Execution and Countersignature. The Warrant Agent is
hereby authorized to countersign and to deliver, in accordance with the terms of
this Agreement, the Warrants required to be

                                       7

issued pursuant to the provisions of this Section 5, and the Company, whenever
required by the Warrant Agent, will supply the Warrant Agent with Warrants duly
executed on behalf of the Company for such purpose.

6. Redemption.

         6.1. Redemption. Subject to Section 6.4 hereof, not less than all of
the outstanding Warrants may be redeemed, at the option of the Company, at any
time after they become exercisable and prior to their expiration, at the office
of the Warrant Agent, upon the notice referred to in Section 6.2, at the price
of $.01 per Warrant ("Redemption Price"), provided that the last sales price of
the Common Stock has been at least $8.50 per share, on each of twenty (20)
trading days within any thirty (30) trading day period ending on the third
business day prior to the date on which notice of redemption is given. The
provisions of this Section 6.1 may not be modified, amended or deleted without
the prior written consent of EBC.

         6.2. Date Fixed for, and Notice of, Redemption. In the event the
Company shall elect to redeem all of the Warrants, the Company shall fix a date
for the redemption. Notice of redemption shall be mailed by first class mail,
postage prepaid, by the Company not less than 30 days prior to the date fixed
for redemption to the registered holders of the Warrants to be redeemed at their
last addresses as they shall appear on the registration books. Any notice mailed
in the manner herein provided shall be conclusively presumed to have been duly
given whether or not the registered holder received such notice.

         6.3. Exercise After Notice of Redemption. The Warrants may be
exercised, for cash (or on a "cashless basis" in accordance with Section 3 of
this Agreement with respect to any of the Company's initial stockholders) at any
time after notice of redemption shall have been given by the Company pursuant to
Section 6.2 hereof and prior to the time and date fixed for redemption. On and
after the redemption date, the record holder of the Warrants shall have no
further rights except to receive, upon surrender of the Warrants, the Redemption
Price.

         6.4 Outstanding Warrants Only. The Company understands that the
redemption rights provided for by this Section 6 apply only to outstanding
Warrants. To the extent a person holds rights to purchase Warrants, such
purchase rights shall not be extinguished by redemption. However, once such
purchase rights are exercised, the Company may redeem the Warrants issued upon
such exercise provided that the criteria for redemption is met. The provisions
of this Section 6.4 may not be modified, amended or deleted without the prior
written consent of EBC.

                                       8

7. Other Provisions Relating to Rights of Holders of Warrants.

         7.1. No Rights as Stockholder. A Warrant does not entitle the
registered holder thereof to any of the rights of a stockholder of the Company,
including, without limitation, the right to receive dividends, or other
distributions, exercise any preemptive rights to vote or to consent or to
receive notice as stockholders in respect of the meetings of stockholders or the
election of directors of the Company or any other matter.

         7.2. Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is
lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on
such terms as to indemnity or otherwise as they may in their discretion impose
(which shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new Warrant of like denomination, tenor, and date as the
Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall
constitute a substitute contractual obligation of the Company, whether or not
the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time
enforceable by anyone.

         7.3. Reservation of Common Stock. The Company shall at all times
reserve and keep available a number of its authorized but unissued shares of
Common Stock that will be sufficient to permit the exercise in full of all
outstanding Warrants issued pursuant to this Agreement.

         7.4. Registration of Common Stock. The Company agrees that prior to the
commencement of the Exercise Period, it shall file with the Securities and
Exchange Commission a post-effective amendment to the Registration Statement, or
a new registration statement, for the registration, under the Act, of, and it
shall take such action as is necessary to qualify for sale, in those states in
which the Warrants were initially offered by the Company, the Common Stock
issuable upon exercise of the Warrants. In either case, the Company will use its
best efforts to cause the same to become effective and to maintain the
effectiveness of such registration statement until the expiration of the
Warrants in accordance with the provisions of this Agreement. The provisions of
this Section 7.4 may not be modified, amended or deleted without the prior
written consent of EBC.

                                       9

8. Concerning the Warrant Agent and Other Matters.

         8.1. Payment of Taxes. The Company will from time to time promptly pay
all taxes and charges that may be imposed upon the Company or the Warrant Agent
in respect of the issuance or delivery of shares of Common Stock upon the
exercise of Warrants, but the Company shall not be obligated to pay any transfer
taxes in respect of the Warrants or such shares.

         8.2. Resignation, Consolidation, or Merger of Warrant Agent.

                  8.2.1. Appointment of Successor Warrant Agent. The Warrant
Agent, or any successor to it hereafter appointed, may resign its duties and be
discharged from all further duties and liabilities hereunder after giving sixty
(60) days' notice in writing to the Company. If the office of the Warrant Agent
becomes vacant by resignation or incapacity to act or otherwise, the Company
shall appoint in writing a successor Warrant Agent in place of the Warrant
Agent. If the Company shall fail to make such appointment within a period of 30
days after it has been notified in writing of such resignation or incapacity by
the Warrant Agent or by the holder of the Warrant (who shall, with such notice,
submit his Warrant for inspection by the Company), then the holder of any
Warrant may apply to the Supreme Court of the State of New York for the County
of New York for the appointment of a successor Warrant Agent at the Company's
cost. Any successor Warrant Agent, whether appointed by the Company or by such
court, shall be a corporation organized and existing under the laws of the State
of New York, in good standing and having its principal office in the Borough of
Manhattan, City and State of New York, and authorized under such laws to
exercise corporate trust powers and subject to supervision or examination by
federal or state authority. After appointment, any successor Warrant Agent shall
be vested with all the authority, powers, rights, immunities, duties, and
obligations of its predecessor Warrant Agent with like effect as if originally
named as Warrant Agent hereunder, without any further act or deed; but if for
any reason it becomes necessary or appropriate, the predecessor Warrant Agent
shall execute and deliver, at the expense of the Company, an instrument
transferring to such successor Warrant Agent all the authority, powers, and
rights of such predecessor Warrant Agent hereunder; and upon request of any
successor Warrant Agent the Company shall make, execute, acknowledge, and
deliver any and all instruments in writing for more fully and effectually
vesting in and confirming to such successor Warrant Agent all such authority,
powers, rights, immunities, duties, and obligations.

                  8.2.2. Notice of Successor Warrant Agent. In the event a
successor Warrant Agent shall be appointed, the Company shall give notice
thereof to the predecessor Warrant Agent and the transfer agent for the Common
Stock not later than the effective date of any such appointment.

                                       10

                  8.2.3. Merger or Consolidation of Warrant Agent. Any
corporation into which the Warrant Agent may be merged or with which it may be
consolidated or any corporation resulting from any merger or consolidation to
which the Warrant Agent shall be a party shall be the successor Warrant Agent
under this Agreement without any further act.

         8.3. Fees and Expenses of Warrant Agent.

                  8.3.1. Remuneration. The Company agrees to pay the Warrant
Agent reasonable remuneration for its services as such Warrant Agent hereunder
and will reimburse the Warrant Agent upon demand for all expenditures that the
Warrant Agent may reasonably incur in the execution of its duties hereunder.

                  8.3.2. Further Assurances. The Company agrees to perform,
execute, acknowledge, and deliver or cause to be performed, executed,
acknowledged, and delivered all such further and other acts, instruments, and
assurances as may reasonably be required by the Warrant Agent for the carrying
out or performing of the provisions of this Agreement.

         8.4. Liability of Warrant Agent.

                  8.4.1. Reliance on Company Statement. Whenever in the
performance of its duties under this Warrant Agreement, the Warrant Agent shall
deem it necessary or desirable that any fact or matter be proved or established
by the Company prior to taking or suffering any action hereunder, such fact or
matter (unless other evidence in respect thereof be herein specifically
prescribed) may be deemed to be conclusively proved and established by a
statement signed by the President or Chairman of the Board of the Company and
delivered to the Warrant Agent. The Warrant Agent may rely upon such statement
for any action taken or suffered in good faith by it pursuant to the provisions
of this Agreement.

                  8.4.2. Indemnity. The Warrant Agent shall be liable hereunder
only for its own negligence, willful misconduct or bad faith. The Company agrees
to indemnify the Warrant Agent and save it harmless against any and all
liabilities, including judgments, costs and reasonable counsel fees, for
anything done or omitted by the Warrant Agent in the execution of this Agreement
except as a result of the Warrant Agent's negligence, willful misconduct, or bad
faith.

                                       11

                  8.4.3. Exclusions. The Warrant Agent shall have no
responsibility with respect to the validity of this Agreement or with respect to
the validity or execution of any Warrant (except its countersignature thereof);
nor shall it be responsible for any breach by the Company of any covenant or
condition contained in this Agreement or in any Warrant; nor shall it be
responsible to make any adjustments required under the provisions of Section 4
hereof or responsible for the manner, method, or amount of any such adjustment
or the ascertaining of the existence of facts that would require any such
adjustment; nor shall it by any act hereunder be deemed to make any
representation or warranty as to the authorization or reservation of any shares
of Common Stock to be issued pursuant to this Agreement or any Warrant or as to
whether any shares of Common Stock will when issued be valid and fully paid and
nonassessable.

         8.5. Acceptance of Agency. The Warrant Agent hereby accepts the agency
established by this Agreement and agrees to perform the same upon the terms and
conditions herein set forth and among other things, shall account promptly to
the Company with respect to Warrants exercised and concurrently account for, and
pay to the Company, all moneys received by the Warrant Agent for the purchase of
shares of Common Stock through the exercise of Warrants.

9. Miscellaneous Provisions.

         9.1. Successors. All the covenants and provisions of this Agreement by
or for the benefit of the Company or the Warrant Agent shall bind and inure to
the benefit of their respective successors and assigns.

         9.2. Notices. Any notice, statement or demand authorized by this
Warrant Agreement to be given or made by the Warrant Agent or by the holder of
any Warrant to or on the Company shall be sufficiently given when so delivered
if by hand or overnight delivery or if sent by certified mail or private courier
service within five days after deposit of such notice, postage prepaid,
addressed (until another address is filed in writing by the Company with the
Warrant Agent), as follows:

                           Courtside Acquisition Corp.
                           1700 Broadway, 17th Floor
                           New York, New York 10019
                           Attn:    Chairman

Any notice, statement or demand authorized by this Agreement to be given or made
by the holder of any Warrant or by the Company to or on the Warrant Agent shall
be sufficiently given when so delivered if by hand or overnight delivery or if
sent by certified mail or private courier service within five days after deposit

                                       12

of such notice, postage prepaid, addressed (until another address is filed in
writing by the Warrant Agent with the Company), as follows:

                           Continental Stock Transfer & Trust Company
                           17 Battery Place
                           New York, New York 10004
                           Attn:    Compliance Department

with a copy in each case to:

                           Kramer Levin Naftalis & Frankel LLP
                           1177 Avenue of the Americas
                           New York, New York 10036
                           Attn:    Richard Gilden, Esq.

and

                           Graubard Miller
                           The Chrysler Building
                           405 Lexington Avenue
                           New York, New York 10174
                           Attn:    David Alan Miller, Esq.

and

                           EarlyBirdCapital, Inc.
                           275 Madison Avenue, Suite 1203
                           New York, New York 10016
                           Attn:    Steven Levine

         9.3. Applicable law. The validity, interpretation, and performance of
this Agreement and of the Warrants shall be governed in all respects by the laws
of the State of New York, without giving effect to conflicts of law principles
that would result in the application of the substantive laws of another
jurisdiction. The Company hereby agrees that any action, proceeding or claim
against it arising out of or relating in any way to this Agreement shall be
brought and enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, and irrevocably submits to
such jurisdiction, which jurisdiction shall be exclusive. The Company hereby
waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenience forum. Any such process or summons to be served upon
the Company may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it at
the address set forth in Section 9.2 hereof. Such mailing shall be deemed
personal service and shall be legal and binding upon the Company in any action,
proceeding or claim.

                                       13

         9.4. Persons Having Rights under this Agreement. Nothing in this
Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any
person or corporation other than the parties hereto and the registered holders
of the Warrants and, for the purposes of Sections 6.1, 6.4, 7.4 and 9.2 hereof,
EBC, any right, remedy, or claim under or by reason of this Warrant Agreement or
of any covenant, condition, stipulation, promise, or agreement hereof. EBC shall
be deemed to be a third-party beneficiary of this Agreement with respect to
Sections 6.1, 6.4, 7.4 and 9.2 hereof. All covenants, conditions, stipulations,
promises, and agreements contained in this Warrant Agreement shall be for the
sole and exclusive benefit of the parties hereto (and EBC with respect to the
Sections 6.1, 6.4, 7.4 and 9.2 hereof) and their successors and assigns and of
the registered holders of the Warrants.

         9.5. Examination of the Warrant Agreement. A copy of this Agreement
shall be available at all reasonable times at the office of the Warrant Agent in
the Borough of Manhattan, City and State of New York, for inspection by the
registered holder of any Warrant. The Warrant Agent may require any such holder
to submit his Warrant for inspection by it.

         9.6. Counterparts. This Agreement 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.

         9.7. Effect of Headings. The Section headings herein are for
convenience only and are not part of this Warrant Agreement and shall not affect
the interpretation thereof.

                                       14

         IN WITNESS WHEREOF, this Agreement has been duly executed by the
parties hereto as of the day and year first above written.

Attest:                                         COURTSIDE ACQUISITION CORP.

------------------------------                  By: ____________________________
                                                     Name: Richard D. Goldstein
                                                     Title: Chairman and Chief
                                                     Executive Officer

Attest:                                         CONTINENTAL STOCK TRANSFER
                                                  & TRUST COMPANY

------------------------------                  By: ____________________________
                                                     Name: Steven Nelson
                                                     Title: Chairman

                                       15

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