EFFECTIVE FEBRUARY 14, 2003,

THE COMPANY NAME CHANGED TO

CHILESAT CORP S.A.

AMERICAN DEPOSITARY SHARES

(Each American Depositary Share represents ten deposited Shares)

THE BANK OF NEW YORK

AMERICAN DEPOSITARY RECEIPT

FOR TEN SHARES OF COMMON STOCK,

WITHOUT NOMINAL (PAR) VALUE, OF

T?LEX-CHILE S.A.

(INCORPORATED UNDER THE LAWS OF THE REPUBLIC OF CHILE)

The Owner of this Receipt is advised that the rights to convert into Dollars the Pesos received in connection with the Deposited Securities and remit abroad dividends and other payments are contingent upon the satisfaction of the terms and conditions set forth in the Foreign Investment Contract referred to herein. Shares withdrawn from the facility may only be redeposited into the facility subject to the satisfaction of certain conditions. Further, access to the formal currency market is not automatic under the Foreign Investment Contract but requires the approval of the Central Bank of Chile (the ?Central Bank?) (which will be deemed to have been given seven banking days after a request has been made therefor). In addition, while under current Chilean law the Foreign Investment Contract cannot be amended unilaterally by the Chilean Government, additional restrictions on the benefits of the Foreign Investment Contract could be imposed by the Chilean Government. Transferees of withdrawn shares are not entitled to the rights set forth in the Foreign Investment Contract.

The Bank of New York as depositary (hereinafter called the ?Depositary?), hereby certifies that _______________________________, or registered assigns IS THE OWNER OF ____________________________ ____________________________

AMERICAN DEPOSITARY SHARES

representing deposited shares of common stock, without nominal (par) value, (herein called ?Shares?) of T?LEX-CHILE S.A., incorporated under the laws of Chile (herein called the ?Company?). At the date hereof, each American Depositary Share represents ten Shares deposited or subject to deposit under the Deposit Agreement (as such term is hereinafter defined) at the Santiago, Chile office of Banco de Chile (herein called the ?Custodian?). The Depositary?s Corporate Trust Office is located at a different address  than its principal executive office. Its Corporate Trust Office is located at 101 Barclay Street, New York, N.Y. 10286, and its principal executive office is located at One Wall Street, New York, N.Y. 10286.

THE DEPOSITARY?S CORPORATE TRUST OFFICE ADDRESS IS

101 BARCLAY STREET, NEW YORK, N.Y. 10286

1.

THE DEPOSIT AGREEMENT.

This American Depositary Receipt is one of an issue (herein called ?Receipts?), all issued and to be issued upon the terms and conditions set forth in the deposit agreement, dated as of October 13, 1994, as amended and restated as of May 5, 2000 (herein called the ?Deposit Agreement?), by and among the Company, the Depositary, and all owners and holders from time to time of Receipts issued thereunder, each of whom by accepting a Receipt agrees to become a party thereto and become bound by all the terms and conditions thereof. The Deposit Agreement sets forth the rights of Owners and holders of the Receipts and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of such Shares and held thereunder (such Shares, securities, property, and cash are herein called ?Deposited Securities?). Copies of the Deposit Agreement are on file at the Depositary?s Corporate Trust Office in New York City and at the office of the Custodian.

The statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are qualified by and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms defined in the Deposit Agreement and not defined herein shall have the meanings set forth in the Deposit Agreement.

2.

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