EXHIBIT 10.1


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                             NATIONAL LAMPOON, INC.

                  SERIES C PREFERRED STOCK AND WARRANT PURCHASE
                                   AGREEMENT

                      (Dated as of ____________ ____, 2004)

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<PAGE>

                                TABLE OF CONTENTS

ARTICLE 1. AUTHORIZATION AND SALE..............................................1

   Section 1.1 Authorization of the Series C Preferred and the Warrants........1
   Section 1.2 Purchase and Sale of the Series C Preferred.....................1
   Section 1.3 Warrants........................................................1

ARTICLE 2. CLOSING DELIVERIES AND ACTIONS......................................2

   Section 2.1 Company Deliveries..............................................2
   Section 2.2 Purchase Price Payment..........................................2
   Section 2.3 Concurrent Actions..............................................2

ARTICLE 3. COVENANTS...........................................................3

   Section 3.1 Current Public Information......................................3
   Section 3.2 Compliance with Agreements......................................3
   Section 3.3 Reservation of Common Stock.....................................3
   Section 3.4 Quotation on the OTC Bulletin Board.............................3

ARTICLE 4. TRANSFER OF RESTRICTED SECURITIES...................................3

   Section 4.1 Opinion Delivery................................................3
   Section 4.2 Legend Removal..................................................4

ARTICLE 5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.......................4

   Section 5.1 Organization....................................................4
   Section 5.2 Corporate Power; Authority......................................4
   Section 5.3 Series C Preferred..............................................5
   Section 5.4 Financial Information...........................................5
   Section 5.5 Absence of Certain Changes or Events............................5
   Section 5.6 Compliance......................................................5
   Section 5.7 No Litigation...................................................5
   Section 5.8 No Consents.....................................................5
   Section 5.9 Non-Contravention...............................................5
   Section 5.10 Capitalization.................................................6
   Section 5.11 Registration Rights Previously Granted.........................6
   Section 5.12 Intellectual Property..........................................6
   Section 5.13 Disclosure.....................................................7

ARTICLE 6. REPRESENTATIONS AND WARRANTIES OF PURCHASER.........................7

   Section 6.1 Legend..........................................................7
   Section 6.2 Authority Relative to Agreement.................................7
   Section 6.3 Accredited Investor Status......................................7
   Section 6.4 Projections.....................................................8
   Section 6.5 Securities......................................................8
   Section 6.6 Restrictive Legends.............................................8
<PAGE>

ARTICLE 7. MISCELLANEOUS.......................................................9

   Section 7.1 Consent to Amendments...........................................9
   Section 7.2 Survival of Representations and Warranties......................9
   Section 7.3 Successors and Assigns..........................................9
   Section 7.4 Severability....................................................9
   Section 7.5 Counterparts....................................................9
   Section 7.6 Descriptive Headings; Interpretation............................9
   Section 7.7 Governing Law..................................................10
   Section 7.8 Notices........................................................10
   Section 7.9 Understanding Among the Purchasers.............................10
   Section 7.10 No Strict Construction........................................10
   Section 7.11 Consent to Series B Changes...................................11
   Section 7.12 Integration...................................................11

ARTICLE 8. DEFINITIONS........................................................11

List of Schedules

List of Exhibits


                                       ii
<PAGE>

                             NATIONAL LAMPOON, INC.

                 PREFERRED STOCK AND WARRANT PURCHASE AGREEMENT

      THIS  PREFERRED  STOCK  AND  WARRANT  PURCHASE  AGREEMENT  is  made  as of
___________ ___, 2004,  between NATIONAL LAMPOON,  INC., a Delaware  corporation
(the "COMPANY"), and  ______________________________________  (the "PURCHASER").
Except as otherwise indicated herein,  capitalized terms used herein are defined
in ARTICLE 8.

                                   AGREEMENTS

      In  consideration  of the mutual covenants herein contained and other good
and  valuable  consideration,  the receipt and  sufficiency  of which are hereby
acknowledged, the parties agree as follows:

ARTICLE 1. AUTHORIZATION AND SALE

      SECTION 1.1 AUTHORIZATION OF THE SERIES C PREFERRED AND THE WARRANTS.  The
Company  has  authorized  the  issuance  and sale to the  Purchasers,  and other
purchasers,  an aggregate of Two Hundred Fifty Thousand  (250,000) shares of its
Series C Convertible Preferred Stock, par value $0.0001 per share (the "SERIES C
PREFERRED"),  having the rights and  preferences set forth in EXHIBIT A attached
hereto,  and the  Warrants  referred  to in SECTION  1.3  hereof.  Each Series C
Preferred is  convertible  into ten shares of the Company's  Common  Stock,  par
value $0.0001 per share (the "COMMON STOCK").

      SECTION 1.2 PURCHASE  AND SALE OF THE SERIES C  PREFERRED.  Subject to the
terms  and  conditions  hereof,  and  in  reliance  upon  the   representations,
warranties  and  agreements  contained  herein,  the Company does hereby sell to
Purchaser and Purchaser does hereby  purchase from the Company,  ________ shares
of Series C  Preferred  and a Warrant  (as  defined  in  SECTION  1.3  below) to
purchase _____ shares of Common Stock at a price per share of Series C Preferred
in the amount of $40.00 per share or the average share price of Company's common
stock in the  public  market  during the 30 day  period  prior to this  purchase
multiplied by ten, whichever is lower, but in no case shall the price per Series
C Preferred share be less than $35.50 (the "PURCHASE PRICE").

      SECTION 1.3 WARRANTS.  Subject to the terms and conditions  hereof, and in
reliance upon the  representations,  warranties and agreements contained herein,
the  Company  is  issuing  to each  Purchaser  of Series C  Preferred  a warrant
substantially  in the form of EXHIBIT B hereto (the "WARRANT") for no additional
consideration.  The holder of the  Warrant  will have the right to acquire  five
shares of Common Stock for each share of Series C Preferred  purchased  pursuant
hereto.  The  initial  exercise  price for each share of Common  Stock under the
Warrant will be $4.00 per share or the average  share price or Company's  common
stock in the public  market  during the 30 day  period  prior to this  purchase,
whichever is lower, but in no case shall the price per share be less than $3.55.
The Warrant  will be  exercisable  at any time after the Closing and will expire
(unless  previously  exercised)  on the fourth  anniversary  of the Closing.  No
warrant shall be issued for less than whole shares.
<PAGE>

ARTICLE 2. CLOSING DELIVERIES AND ACTIONS

      SECTION  2.1  COMPANY  DELIVERIES.  The Series C  Preferred  offering  may
consist  of one or more  closings  and each  closing  may  occur at the time the
purchaser(s) agrees to purchase such Series C Preferred,  and the offering shall
have no minimum  enrollment.  At the Closing  (which is occurring on the date of
this Agreement) the Company has delivered to the Purchasers the following:

            (a) a certificate  to Purchaser  evidencing  the number of shares of
      Series C Preferred being purchased by such Purchaser hereunder;

            (b) a Warrant to Purchaser as described in Section 1.3;

            (c)  certified  copies  of  the  resolutions  duly  adopted  by  the
      Company's board of directors  authorizing (i) the execution,  delivery and
      performance of this Agreement,  the Series C Registration  Agreement,  and
      each  of the  other  agreements  to be  entered  into  by the  Company  as
      contemplated  hereby,  (ii) the designation of the Series C Preferred as a
      class of the Company's  preferred  stock with the rights,  privileges  and
      preferences  set  froth  in such  resolutions  and  the  filing  with  the
      Secretary  of  State  of  Delaware  of  a  Certificate   of   Designations
      establishing  the terms and the  relative  rights and  preferences  of the
      Series C  Preferred  in the  form  set  forth  in  EXHIBIT  A hereto  (the
      "CERTIFICATE OF DESIGNATIONS"),  (iii) the issuance and sale of the Series
      C Preferred  pursuant hereto,  (iv) the issuance of the Warrants,  (v) the
      reservation  for  issuance  upon  conversion  of the Series C Preferred or
      exercise of the Warrants of an aggregate of Three  Million  Seven  Hundred
      Fifty   Thousand   (3,750,000)   shares  of  Common  Stock  and  (vi)  the
      consummation of all other transactions and the taking of all other actions
      contemplated by this Agreement;

            (d) copies of the Company's  Certificate of Incorporation  certified
      by the Delaware Secretary of State,  including as an amendment thereto the
      Certificate of Designations,  and the Company's bylaws,  each as in effect
      at the Closing; and

            (e) an opinion of the Company's  counsel relating to the issuance of
      the Series C  Preferred  to the  Purchasers,  dated the date hereof and in
      mutually agreeable form.

      SECTION 2.2 PURCHASE PRICE PAYMENT.  At the Closing Purchaser shall pay to
the Company,  by wire transfer of immediately  available  funds to the Company's
account pursuant to wiring  instructions  provided by the Company,  the Purchase
Price for each share of Series C Preferred  being  purchased  by such  Purchaser
pursuant hereto. In the cases of Timothy Durham and Daniel Laikin, purchasers of
Series C Preferred,  the Purchase Price for their respective  shares of Series C
Preferred shall be paid by the  cancellation  of principal and accrued  interest
owed to them by the Company in the respective  amounts set forth on the Schedule
of Loans attached hereto with respect to each of them.

      SECTION  2.3  CONCURRENT  ACTIONS.   Concurrently  with  the  Closing  the
following actions are being taken:

            (a) the Company and the  Purchasers are entering into a registration
      rights  agreement in the form attached  hereto as Exhibit C (the "SERIES C
      REGISTRATION AGREEMENT");
<PAGE>

            (b) the Purchasers are entering into a voting  agreement in the form
      of Exhibit D attached hereto,  which voting agreement will be respected by
      the Company (the "SERIES C VOTING AGREEMENT");

            (c) various holders of the Company's Series B Convertible  Preferred
      Stock (the  "SERIES B  PREFERRED"),  who are all  parties to that  certain
      Voting  Agreement  among  them  dated May 17,  2002 (the  "SERIES B VOTING
      AGREEMENT"),  and including James P. Jimirro not only in his capacity as a
      holder of Series B Preferred  but also in his  individual  capacity  apart
      therefrom, in order to approve certain anticipated changes in the terms of
      the Series B Preferred and warrants  issued to the holders of the Series B
      Preferred and in order to consent to the issuance and sale of the Series C
      Preferred,  have executed and at, or prior to, the Closing are  delivering
      to the  Purchasers  copies of a Second  Amendment to Voting  Agreement and
      Consents  of Series B Holders  and  Others in the form of Exhibit E hereto
      (the "SECOND AMENDMENT");

            (d) the  holders of Series B  Preferred  who are not  parties to the
      Series B Voting  Agreement have executed and at the Closing are delivering
      to the Purchasers a copy of their written consent to the issuance and sale
      of the Series C Preferred and to certain other matters, all in the form of
      Exhibit F attached hereto (the "SERIES B CONSENT").

ARTICLE 3. COVENANTS

      SECTION 3.1 CURRENT  PUBLIC  INFORMATION.  From the date of this Agreement
until all applicable holding periods under Rule 144 of the Act have expired, the
Company shall maintain current public  information as required under Rule 144(c)
of the Securities Act.

      SECTION 3.2  COMPLIANCE  WITH  AGREEMENTS.  The Company  shall perform and
observe (i) all of its  obligations to each holder of the Series C Preferred and
the Warrants and all of its obligations to each holder of the Underlying  Common
Stock  set  forth  in the  Certificate  of  Incorporation,  the  Certificate  of
Designation  and the Company's  bylaws,  and (ii) all of its obligations to each
holder  of  Registrable  Securities  set  forth  in the  Series  C  Registration
Agreement.

      SECTION 3.3  RESERVATION  OF COMMON STOCK.  The Company shall at all times
reserve and keep available out of its  authorized but unissued  shares of Common
Stock,  solely for the purpose of issuance  upon the  conversion of the Series C
Preferred  and the  exercise  of the  Warrants,  such number of shares of Common
Stock issuable upon the conversion of all outstanding Series C Preferred and the
exercise of all outstanding  Warrants.  All shares of Common Stock, which are so
issuable,  shall,  when  issued,  be duly and  validly  issued,  fully  paid and
nonassessable and free from all taxes, liens and charges.

      SECTION 3.4 QUOTATION ON THE OTC BULLETIN BOARD.  The Company will use its
best  efforts  to keep its  Common  Stock  quoted on the OTC  Bulletin  Board or
better.

ARTICLE 4. TRANSFER OF RESTRICTED SECURITIES

      SECTION 4.1  OPINION  DELIVERY.  In  connection  with the  transfer of any
Restricted  Securities,  including  the Series C Preferred,  Warrants and Common
Stock subject to this Agreement, the holder thereof shall deliver written notice
to the  Company  describing  in  reasonable  detail  the  transfer  or  proposed
transfer, together with an opinion of counsel which (to the Company's reasonable
satisfaction) is knowledgeable in securities law matters to the effect that such
transfer of Restricted  Securities may be effected without  registration of such
Restricted  Securities  under the Securities Act. In addition,  if the holder of
the  Restricted  Securities  delivers to the Company an opinion of such  counsel
that  no  subsequent  transfer  of  such  Restricted  Securities  shall  require
registration  under the  Securities  Act, the Company  shall  promptly upon such
contemplated  transfer deliver new  certificates for such Restricted  Securities
which do not bear the  Securities  Act legend set forth in SECTION  6.1.  If the
Company is required to deliver new certificates  for such Restricted  Securities
bearing such legend,  the holder  thereof  shall not transfer the same until the
prospective  transferee has confirmed to the Company in writing its agreement to
be bound by the conditions contained in this SECTION and SECTION 6.1.
<PAGE>

      SECTION 4.2 LEGEND REMOVAL.  If any Restricted  Securities become eligible
for sale  pursuant to Rule 144(k),  the Company  shall,  upon the request of the
holder of such Restricted Securities, remove the legend set forth in SECTION 6.1
from the certificates for such Restricted Securities.

ARTICLE 5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY

      As a material  inducement to each  Purchaser to enter into this  Agreement
and purchase  the Series C Preferred  and the  Warrants  hereunder,  the Company
hereby represents and warrants as follows:

      SECTION 5.1  ORGANIZATION.  The Company is a corporation  duly  organized,
validly  existing  and in  good  standing  under  the  laws of  Delaware  and is
qualified  to do  business  in every  jurisdiction  in which the  failure  to so
qualify would  reasonably be expected to have a material  adverse  effect on the
financial condition, operating results, assets, operations or business prospects
of the Company.

      SECTION 5.2  CORPORATE  POWER;  AUTHORITY.  The Company has all  requisite
corporate  power and  authority  to enter into this  Agreement  and the  Related
Agreements,  to issue and sell the Series C Preferred and the Warrants, to issue
the Common Stock  initially  issuable upon  conversion of the Series C Preferred
and upon exercise of the Warrants,  and to carry out and perform its  obligation
sunder the terms of this  Agreement  and the Related  Agreements.  All corporate
action on the part of the Company, its directors and stockholders  necessary for
the due  authorization,  execution,  delivery and  performance by the Company of
this  Agreement and the Related  Agreements,  the approval,  adoption and filing
with the  Secretary  of State of the State of  Delaware  of the  Certificate  of
Designations and the consummation of the  transactions  contemplated  herein and
therein,  and the due  authorization,  issuance and delivery of the Warrants and
the Series C Preferred  and the shares of Common Stock  initially  issuable upon
conversion  of the Series C Preferred  and  exercise of the  Warrants,  has been
taken. This Agreement and the Series C Registration  Agreement are legal,  valid
and binding  obligations  of the Company  enforceable  in accordance  with their
respective terms, subject to applicable bankruptcy,  insolvency,  reorganization
and moratorium laws and other laws of general application  affecting enforcement
of creditors' rights generally.
<PAGE>

      SECTION  5.3 SERIES C  PREFERRED.  Upon  issuance,  sale and  delivery  as
contemplated  hereunder and payment of the applicable Purchase Price, the shares
of Series C Preferred and Warrants sold to the Purchasers hereunder will be duly
authorized,  validly  issued,  fully  paid  and  non-assessable,   free  of  all
preemptive and similar  rights and other  restrictions  on transfer,  other than
those arising under applicable state and federal securities laws.

      SECTION 5.4  FINANCIAL  INFORMATION.  The audited  consolidated  financial
statements  of the Company  and its  Subsidiaries  (including  the notes to such
financial  statements)  included in the Company's Annual Report on Form 10-K for
the year ended July 31, 2003 (the "FORM 10-K") filed  pursuant to the Securities
and  Exchange  Act (the  "ACT")  present  fairly  the  financial  condition  and
operating  results of the Company and its  Subsidiaries at the dates and for the
periods to which they  relate  (subject,  in the case of the  unaudited  interim
financial  statements,  to  normal  year-end  audit  adjustments  and any  other
adjustments  described  therein)  and have  been  prepared  in  accordance  with
generally  accepted  accounting   principles  ("GAAP")   consistently   followed
throughout the periods  involved  (except as may be indicated  therein or in the
notes thereto).

      SECTION 5.5 ABSENCE OF CERTAIN  CHANGES OR EVENTS.  Except as set forth on
Schedule 5.5, there have been no material adverse changes in the capitalization,
assets,  liabilities  or income of the  Company  since the  issuance of the Form
10-K.  No  reports  filed  within  the last  twelve  (12)  months  under the Act
contained any untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary to make the statements  therein,
in light of the circumstances under which they were made, not misleading.

      SECTION 5.6  COMPLIANCE.  The Company is in material  compliance  with all
applicable  laws,  regulations,  judgments,  decrees and orders  material to the
conduct  of its  business  including,  without  limitation,  state  and  federal
securities  laws and the portions of the  Sarbanes-Oxley  Act  applicable to the
Company.

      SECTION 5.7 NO  LITIGATION.  There is no pending,  or, to the knowledge of
the Company,  threatened,  judicial,  administrative or arbitral action,  claim,
suit,   proceeding  or   investigation   which  might  affect  the  validity  or
enforceability  of this Agreement or the Related  Agreements,  or which involves
the Company and which if adversely  determined  could  reasonably be expected to
have a material adverse effect on the Company's  ability to perform hereunder or
thereunder.

      SECTION 5.8 NO  CONSENTS.  Except for filings  that may be required  under
federal or state securities laws, no consent or approval of, or exemption by, or
filing with, any party or  governmental  or public body or authority is required
in connection with the execution,  delivery and performance under this Agreement
or the Related Agreements or the taking of any action contemplated  hereunder or
thereunder.

      SECTION 5.9 NON-CONTRAVENTION.  The execution, delivery and performance by
the Company of this Agreement and the Related Agreements and the consummation of
the  transactions  contemplated  hereby and  thereby  will not:  (i) violate any
provision of the  Company's  Certificate  of  Incorporation  or Bylaws,  each as
currently in effect, (ii) violate,  conflict with or result in the breach of any
of the terms of, result in a material  modification of the effect of,  otherwise
give any other contracting party the right to terminate,  or constitute (or with
notice  or lapse of time or both  constitute)  a  default  under,  any  material
contract  or other  agreement  to which the Company is a party or by or to which
the  Company  or any of the  Company's  assets  or  properties  may be  bound or
subject,  other than the 2002 Employment Agreement between the Company and James
P. Jimirro dated May 17, 2002,  (iii) violate any order,  judgment,  injunction,
award or decree of any court,  arbitrator or  governmental or regulatory body by
which the Company,  or the assets or  properties of the Company,  are bound,  or
(iv) violate any federal,  California  or Delaware  statute,  law or  regulation
applicable to the Company.
<PAGE>

      SECTION  5.10  CAPITALIZATION.  The  Company's  authorized  capital  stock
consists of (a) fifteen million  (15,000,000)  shares of Common Stock, par value
$0.0001 per share,  of which one million five hundred thirty three thousand four
hundred eighteen (1,533,418) shares are issued and outstanding,  (b) two million
(2,000,000)  shares of  preferred  stock,  of which  sixty eight  thousand  four
hundred six (68,406) shares of Series B Preferred are authorized and sixty three
thousand six hundred seven (63,607)  shares thereof are issued and  outstanding,
and of which two hundred fifty thousand  (250,000)  shares of Series C Preferred
are authorized and up to such number of shares are to be issued pursuant to this
Agreement.  A number of shares of  Common  Stock  equal to the  number of issued
Series B Preferred Shares at the conversion rate of 28.169, or 1,791,746 shares,
and another  1,791,746  common  shares  reserved for the exercise of the warrant
attached to the Series B Preferred  units have been  reserved for issuance  upon
conversion  of the Series B Preferred  and three  million  seven  hundred  fifty
thousand (2,750,000) shares of Common Stock have been reserved for issuance upon
conversion of the Series C Preferred  and upon exercise of the Warrants.  All of
the aforesaid issued and outstanding  shares are (and will be in the case of the
Series  C  Preferred)  duly  authorized  and  validly  issued,  fully  paid  and
nonassessable,  and have been offered,  issued,  sold and delivered  (and in the
case of the Series C Preferred are being offered, issued, sold and delivered) by
the Company in compliance with all applicable federal and state securities laws.
Except as disclosed on Schedule 5.10,  there are no outstanding  (i) preemptive,
conversion or other rights, options, warrants or agreements granted or issued by
or binding upon the Company or any Subsidiary for the purchase or acquisition of
any shares of its capital  stock,  except with respect to the Series C Preferred
and Warrants in accordance with the provisions of this  Agreement,  (ii) phantom
equity, equity appreciation or similar rights which permit the holder thereof to
participate in the residual equity value of, or appreciation in the equity value
of the  Company,  or (iii) any  securities,  instruments  or rights  which  are,
directly or indirectly,  convertible into or exercisable or exchangeable for any
of the securities, instruments or rights described in clauses (i) or (ii) above.

      SECTION  5.11  REGISTRATION  RIGHTS  PREVIOUSLY  GRANTED.  In  addition to
entering  into the Series C  Registration  Agreement  with the  Purchasers,  the
Company has previously  granted  registration  rights with respect to certain of
its securities as described on Schedule  5.11. The  information on Schedule 5.11
is a summary of the rights granted under the agreements mentioned therein and no
representation  is made that such  summary  is  complete  in all  respects  with
respect to the terms and  conditions of the  registration  rights granted by the
Company.  The information on Schedule 5.11 accurately describes what the Company
believes to be the material terms of the registration rights agreements referred
to therein.
<PAGE>

      SECTION 5.12  INTELLECTUAL  PROPERTY.  Schedule 5.12 sets forth a complete
list of all material  intellectual property and proprietary rights owned or used
by  the  Company,  including,  without  limitation,  all  franchises,   permits,
licenses, software, trademarks, service marks, domain names, trade rights, trade
dress,   patents,   patent  applications  and  copyrights,   but  excluding  any
off-the-shelf  software  (together  with  all  inventions,  know-how  and  other
confidential  information,   "INTELLECTUAL   PROPERTY").   Except  as  otherwise
disclosed on Schedule  5.12,  the Company is the  exclusive  owner of all right,
title  and  interest  in  and/or  has  the  valid  and  legal  right  to use all
Intellectual  Property  necessary  or  desirable  to conduct its business as now
being  conducted  and as  planned  to be  conducted  without  conflict  with  or
infringement  upon any valid  rights  of  others  except  for  infringements  or
conflicts  which could not have a material  adverse  effect on the Company.  The
Company has not received  any notice that the conduct of the business  infringes
upon or conflicts  with the asserted  rights of others and has no knowledge that
any person is infringing upon or in conflict with its asserted rights.

      SECTION 5.13 DISCLOSURE.  The representations  made by the Company in this
Article 5 of this  Agreement  and the  Schedules  relating  thereto,  taken as a
whole, do not contain any untrue statement of a material fact and do not omit to
state a  material  fact  necessary  in order to make  the  statements  contained
therein or herein not misleading.

ARTICLE 6. REPRESENTATIONS AND WARRANTIES OF PURCHASER

      Each  Purchaser  hereby  severally  represents and warrants to the Company
that:

      SECTION 6.1 LEGEND. Each certificate or instrument representing Restricted
Securities shall be imprinted with a legend in substantially the following form:

      THE SECURITIES  REPRESENTED BY THIS  CERTIFICATE  HAVE NOT BEEN REGISTERED
      WITH THE SECURITIES AND EXCHANGE COMMISSION,  OR THE SECURITIES COMMISSION
      OF ANY STATE,  IN RELIANCE UPON AN EXEMPTION FROM  REGISTRATION  UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"). BY THE ACCEPTANCE  HEREOF,
      THE  HOLDER  AGREES  THAT THESE  SECURITIES  MAY NOT BE  OFFERED,  SOLD OR
      TRANSFERRED  WITHOUT AN EFFECTIVE  REGISTRATION  STATEMENT FOR SUCH SHARES
      UNDER  THE ACT AND  APPLICABLE  STATE  SECURITIES  LAWS OR AN  OPINION  OF
      COUNSEL  REASONABLY  SATISFACTORY  TO THE ISSUER THAT  REGISTRATION IS NOT
      REQUIRED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS.

      SECTION 6.2 AUTHORITY  RELATIVE TO AGREEMENT.  Purchaser has all requisite
power and authority to enter into this Agreement and to perform its  obligations
hereunder.  If applicable,  the undersigned signatory on behalf of Purchaser has
all necessary authorization and authority to execute this Agreement on behalf of
such  Purchaser.  The execution and delivery by Purchaser of this  Agreement and
the  consummation  of  the  transactions  contemplated  hereby  have  been  duly
authorized by all necessary action on the part of Purchaser.  This Agreement has
been duly  executed and  delivered by Purchaser  and  constitutes  the valid and
binding  obligations of Purchaser,  enforceable  against Purchaser in accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization and
moratorium laws and other laws of general application  affecting  enforcement of
creditors' rights generally.

      SECTION  6.3  ACCREDITED  INVESTOR  STATUS.  Purchaser  is an  "accredited
investor"  as that term is defined in Rule 501(a) of  Regulation  D  promulgated
under the Securities Act.  Purchaser is acquiring the Series C Preferred and the
Warrants  (collectively,  the  "SECURITIES")  for Purchaser's  own account,  for
investment  purposes only and without a view toward the further  distribution of
the Securities.  Purchaser: (i) is able to bear the loss of the entire principal
amount of Purchaser's  investment in the Securities without any material adverse
effect on Purchaser's business, operations or prospects, (ii) has such knowledge
and  experience in financial and business  matters that  Purchaser is capable of
evaluating  the  merits  and  risks  of  making  Purchaser's  investment  in the
Securities,  (iii)  realizes that  Purchaser's  investment in the  Securities is
subject to significant risks, including those identified in the reports filed by
the Company under the Securities  Exchange Act, if any, and/or provided directly
to Purchaser,  and (iv)  understands  that the documents,  including the reports
filed by the Company under the Securities  Exchange Act, if any, and/or provided
to Purchaser in connection with the transactions contemplated hereby may contain
forward-looking  statements that involve risk and uncertainties that could cause
actual results to differ materially from those stated.
<PAGE>

      SECTION 6.4 PROJECTIONS.  Purchaser  acknowledges  that (a) the forecasted
financial  statements  included in the materials provided to the Purchasers were
prepared  internally by management of the Company  without the  assistance of an
outside  accounting firm, (b) while the forecasts  represent  management's  best
estimate of the potential future financial results of the Company, forecasts, by
their nature,  are highly  speculative,  and there can be no assurance  that the
forecasts will be, in any respect, reliable or accurate predictors of the future
financial  results of the Company,  (c)  although the Company  utilized its best
efforts to identify the most appropriate  assumptions for its business model and
proposed future operations, there may be other important assumptions and factors
that were not  considered,  and (d) the timing of any  entertainment  project is
subject to change and may change due to factors outside the Company.

      SECTION 6.5  SECURITIES.  Purchaser  understands  that the  Securities are
characterized  as  "restricted  securities"  under the federal  securities  laws
inasmuch as they are being or will be acquired from Company in a transaction not
involving a public offering and that under such laws and applicable  regulations
such Securities may be resold without  registration under the Securities Act and
applicable  state law only in certain  limited  circumstances.  In this  regard,
Purchaser  represents that Purchaser is familiar with Rule 144 of the Securities
Act, as presently in effect,  and  understands  the resale  limitations  imposed
thereby and by the  Securities  Act.  Purchaser  represents  that  Purchaser  is
acquiring  the  Securities  for  investment  purposes  only and without the view
toward  the  further  distribution  of  such  Securities  except  pursuant  to a
registration statement that may be effective permitting the public offer or sale
of such Securities,  or pursuant to an exemption from registration under federal
and applicable state laws. Purchaser agrees not to sell any of the Securities to
a non-affiliate within the first year after execution of this Agreement.  In the
event Purchaser does attempt to offer or sell the Securities,  Purchaser will do
so only in accordance with the requirements of federal and applicable state laws
and interpretations thereof.

      SECTION  6.6  RESTRICTIVE  LEGENDS.   Until  such  time,  if  ever,  as  a
registration  statement  covering  all of the  Securities  is filed and declared
effective by the Securities and Exchange  Commission,  or the applicable holding
periods under Rule 144 under the  Securities Act expire,  Purchaser  understands
that the certificates evidencing the Securities will bear a legend substantially
in form provided under SECTION 6.1 of this Agreement.
<PAGE>

      ARTICLE 7. MISCELLANEOUS

      SECTION 7.1 CONSENT TO AMENDMENTS.  Except as otherwise expressly provided
herein, the provisions of this Agreement may be amended and the Company may take
any action herein  prohibited,  or omit to perform any act herein required to be
performed  by it, only if the Company has  obtained  the written  consent of the
holders of at least a majority  of the  outstanding  Restricted  Securities.  No
other  course of dealing  between the  Company and the holder of any  Restricted
Securities  or any  delay in  exercising  any  rights  hereunder  or  under  the
Certificate of  Incorporation  or Certificate of Designation  shall operate as a
waiver of any rights of any such holders. For purposes of this Agreement, shares
of Restricted  Securities held by the Company or any  Subsidiaries  shall not be
deemed to be outstanding. If the Company pays any consideration to any holder of
Restricted  Securities for such holder's consent to any amendment,  modification
or waiver  hereunder,  the Company shall also pay each other holder granting its
consent  hereunder  equivalent  consideration  computed on a pro rata basis. For
purposes of calculating  the requisite  consent under this SECTION 7.1, a holder
of a Warrant shall be entitled to that number of votes equal to the whole number
of shares of Common Stock issuable upon exercise of the Warrant.

      SECTION   7.2   SURVIVAL   OF   REPRESENTATIONS   AND   WARRANTIES.    All
representations and warranties  contained herein or made in writing by any party
in  connection  herewith  shall  survive  the  execution  and  delivery  of this
Agreement  and  the  consummation  of  the  transactions   contemplated  hereby,
regardless of any investigation made by a Purchaser or on a Purchaser's behalf.

      SECTION 7.3 SUCCESSORS AND ASSIGNS. Except as otherwise expressly provided
herein, all covenants and agreements contained in this Agreement by or on behalf
of any of the  parties  hereto  shall  bind  and  inure  to the  benefit  of the
respective  successors and assigns of the parties hereto whether so expressed or
not. In addition,  and whether or not any express  assignment has been made, the
provisions of this Agreement which are for Purchaser's benefit as a Purchaser or
holder of Series C Preferred or Underlying Common Stock are also for the benefit
of, and enforceable by, any subsequent holder of such Series C Preferred or such
Underlying Common Stock.

      SECTION  7.4  SEVERABILITY.  Whenever  possible,  each  provision  of this
Agreement shall be interpreted in such manner as to be effective and valid under
applicable  law, but if any provision of this Agreement is held to be prohibited
by or invalid under  applicable law, such provision shall be ineffective only to
the extent of such prohibition or invalidity, without invalidating the remainder
of this Agreement.

      SECTION 7.5 COUNTERPARTS. This Agreement may be executed simultaneously in
two or more  counterparts,  any one of which need not contain the  signatures of
more than one party, but all such  counterparts  taken together shall constitute
one and the same Agreement.

      SECTION 7.6 DESCRIPTIVE HEADINGS; INTERPRETATION. The descriptive headings
of this  Agreement  are inserted for  convenience  only and do not  constitute a
substantive  part of this  Agreement.  The use of the word  "INCLUDING"  in this
Agreement shall be by way of example rather than by limitation.
<PAGE>

      SECTION 7.7  GOVERNING  LAW.  The  corporate  law of the State of Delaware
shall  govern  all issues  and  questions  concerning  the  relative  rights and
obligations of the Company and its stockholders.  All other issues and questions
concerning the construction,  validity,  enforcement and  interpretation of this
Agreement  and the  exhibits  and  schedules  hereto  shall be governed  by, and
construed in accordance with, the laws of the State of Delaware,  without giving
effect to any choice of law or conflict of law rules or  provisions  (whether of
the  State  of  Delaware  or  any  other  jurisdiction)  that  would  cause  the
application of the laws of any jurisdiction other than the State of Delaware.

      SECTION 7.8 NOTICES.  All notices,  demands or other  communications to be
given or delivered  under or by reason of the provisions of this Agreement shall
be in writing and shall be deemed to have been given when  delivered  personally
to the recipient,  sent to the recipient by reputable  overnight courier service
(charges  prepaid) or mailed to the recipient by certified or  registered  mail,
return receipt  requested and postage prepaid.  Such notices,  demands and other
communications  shall be sent to the Purchasers at their addresses  indicated on
the Schedule of Purchasers:

         If to Company:                     NATIONAL LAMPOON, INC.
                                            10850 Wilshire Boulevard, Suite 1000
                                            Los Angeles, CA 90024
                                            Telephone No.: 310-474-5252
                                            Fax No.: 310-474-1219
                                            Attn.: Chief Executive Officer

         If to Lender:                      _______________________________
                                            _______________________________
                                            _______________________________
                                            _______________________________

or to such  other  address  or to the  attention  of such  other  person  as the
recipient party has specified by prior written notice to the sending party.

      SECTION 7.9 UNDERSTANDING AMONG THE PURCHASERS.  The determination of each
Purchaser  to  purchase  the Series C  Preferred  and  Warrant  pursuant to this
Agreement has been made by such Purchaser independent of any other Purchaser and
independent  of any  statements  or  opinions  as to the  advisability  of  such
purchase or as to the properties, business, prospects or condition (financial or
otherwise) of the Company and its Subsidiaries which may have been made or given
by any other Purchaser or by any agent or employee of any other Purchaser.

      SECTION 7.10 NO STRICT CONSTRUCTION.  The parties hereto have participated
jointly in the  negotiation  and  drafting  of this  Agreement.  In the event an
ambiguity or question of intent or interpretation  arises,  this Agreement shall
be construed as if drafted jointly by the parties hereto,  and no presumption or
burden of proof shall arise favoring or  disfavoring  any party by virtue of the
authorship of any of the provisions of this Agreement.
<PAGE>

SECTION 7.11 CONSENT TO SERIES B CHANGES.

            (a) In connection with the issuance of the Series C Stock, the Board
      of  Directors  of the  Company  has  approved  the  amendment  of, and has
      recommended  and  proposed to the  stockholders  of the  Company  that the
      Company amend, its Certificate of Incorporation by filing a Certificate of
      Amendment  with the Secretary of State of Delaware,  substantially  in the
      form attached hereto as EXHIBIT G (the "SERIES B FILING"), for the purpose
      of  amending  the rights and  privileges  of the Series B  Preferred.  The
      Purchasers  herby  consent to and approve the  amendment of the  Company's
      Certificate of Incorporation by the making of such filing.  The Purchasers
      also hereby  consent to and approve the Company's  taking of all corporate
      actions reasonably  required to enable the Company to amend the rights and
      privileges of the Series B Preferred as provided in the Series B Filing.

            (b) In connection with the sale of the Company's  Series B Preferred
      on or about May 17, 2002, the purchasers  thereof were issued  warrants to
      purchase  shares of Common Stock (the "SERIES B  WARRANTS").  The Board of
      Directors of the Company has  authorized and approved the amendment of the
      Series B  Warrants  to extend  the time for the  exercise  thereof  to the
      expiration date for the exercise of the Warrants being issued to the fifth
      anniversary of the first sale of Series C Preferred  Stock. The Purchasers
      hereby consent to the extension of the Series B Warrants and agree that no
      adjustment to the conversion price or number of shares with respect to the
      Series C Preferred or the exercise  price or number of shares with respect
      to the Warrants shall result from such extension.

      SECTION  7.12  INTEGRATION.  This  Agreement,  together  with the  related
exhibits  and the other  agreements,  documents,  and  instruments  executed  in
connection with the foregoing,  reflect the entire  understanding of the parties
with  respect  to  the  transactions   contemplated  hereby  and  shall  not  be
contradicted or qualified by any other  agreement,  oral or written,  before the
date hereof..

ARTICLE 8. DEFINITIONS

      "CLOSING"  means the  consummation of the purchase and sale of one or more
Series C Preferred and Warrants pursuant hereto on the date hereof.

      "RELATED  AGREEMENTS"  means  the  Series C  Registration  Agreement,  the
Certificate of Designations and the Warrants.

      "RESTRICTED SECURITIES" means (i) the Series C Preferred issued hereunder,
(ii) the Warrants  issued pursuant to SECTION 1.3, (iii) the Common Stock issued
upon  conversion of Series C Preferred or upon exercise of the Warrants and (iv)
any securities issued with respect to the securities referred to in clauses (i),
(ii) or (iii) above by way of a stock  dividend or stock split or in  connection
with a combination of shares,  recapitalization,  merger, consolidation or other
reorganization.  As to any particular  Restricted  Securities,  such  securities
shall  cease to be  Restricted  Securities  when they have (a) been  effectively
registered  under the  Securities  Act and  disposed of in  accordance  with the
registration statement covering them, (b) been distributed to the public through
a broker,  dealer or market maker pursuant to Rule 144 (or any similar provision
then in force) under the Securities Act or become  eligible for sale pursuant to
Rule 144(k) (or any similar provision then in force) under the Securities Act or
(c) been otherwise  transferred  and new  certificates  for them not bearing the
Securities  Act  legend  set forth in  SECTION  6.1 have been  delivered  by the
Company in accordance with SECTION 4.2. Whenever any particular securities cease
to be  Restricted  Securities,  the holder  thereof shall be entitled to receive
from the Company,  without  expense,  new securities of like tenor not bearing a
Securities Act legend of the character set forth in SECTION 6.1.
<PAGE>

      "SECURITIES  ACT" means the  Securities  Act of 1933,  as amended,  or any
similar federal law then in force.

      "SECURITIES AND EXCHANGE  COMMISSION"  includes any  governmental  body or
agency succeeding to the functions thereof.

      "SECURITIES  EXCHANGE ACT" means the  Securities  Exchange Act of 1934, as
amended, or any similar federal law then in force.

      "SUBSIDIARY"  means  any  corporation  of which  the  securities  having a
majority of the ordinary voting power in electing the board of directors are, at
the time as of which  any  determination  is being  made,  owned by the  Company
either directly or through one or more Subsidiaries.

      "UNDERLYING  COMMON  STOCK"  means (i) the Common Stock issued or issuable
upon  conversion  of the Series C Preferred or upon exercise of the Warrants and
(ii) any Common Stock issued or issuable with respect to the securities referred
to in clause (i) above by way of stock  dividend or stock split or in connection
with a combination of shares,  recapitalization,  merger, consolidation or other
reorganization.  For purposes of this  Agreement,  any Person who holds Series C
Preferred or Warrants shall be deemed to be the holder of the Underlying  Common
Stock  obtainable  upon  conversion of the Series C Preferred or exercise of the
Warrants  regardless of any  restriction  or limitation on the conversion of the
Series C Preferred or exercise of the  Warrants,  such  Underlying  Common Stock
shall be  deemed  to be in  existence,  and such  Person  shall be  entitled  to
exercise the rights of a holder of Underlying Common Stock hereunder.  As to any
particular  shares of  Underlying  Common  Stock,  such shares shall cease to be
Underlying Common Stock when they have been (a) effectively registered under the
Securities  Act and disposed of in accordance  with the  registration  statement
covering them, (b) distributed to the public through a broker,  dealer or market
maker pursuant to Rule 144 under the  Securities  Act (or any similar  provision
then in force) or (c) repurchased by the Company or any Subsidiary.

                  [Remainder of Page Intentionally Left Blank]
<PAGE>

      IN WITNESS WHEREOF,  the parties hereto have executed this Agreement as of
the date first written above.

                                            "COMPANY"

                                            NATIONAL LAMPOON, INC.


                                            By: _______________________________
                                                Douglas S. Bennett
                                                Executive Vice President

                                            "PURCHASER"


                                            ___________________________________
<PAGE>

                                LIST OF SCHEDULES

Schedule of Purchasers

Schedule of Loans (Durham)

Schedule of Loans (Laikin)

Schedule 5.5  Material Adverse Changes

Schedule 5.10 Options, Warrants, Etc.

Schedule 5.11 Registration Rights Previously Granted

Schedule 5.12 Intellectual Property
<PAGE>

                             SCHEDULE OF PURCHASERS

<TABLE>
<CAPTION>
                                                                    No. of Shares               Total Purchase
                                         No. of Shares             of Common Stock                 Price for
            Names and                     of Series C              Receivable Upon            Series C Preferred
            Addresses                      Preferred             Exercise of Warrant              and Warrant

<S>                                       <C>                        <C>                         <C>
Timothy S. Durham                         __________                 __________                  $__________*
Suite 4800
111 Monument Circle
Indianapolis IN 46204

Daniel S. Laikin                          __________                 __________                  $__________*
9920 Towne Road
Carmel IN  46032


                                          __________                 __________                   __________
TOTAL                                                                                          $
</TABLE>

*Paid by the  cancellation  and conversion to Series C Preferred and warrants of
the aggregate  principal of and accrued  interest on loans made by the Purchaser
to the Company on the dates and in the amounts noted on the attached Schedule of
Loans.

           [TO BE REVISED FROM TIME TO TIME TO ADD NAMES OF ADDITIONAL
                                  PURCHASERS]
<PAGE>

                                SCHEDULE OF LOANS

                               (TIMOTHY S. DURHAM)

--------------------------------------------------------------------------------
     DATE                  AMOUNT      ACCRUED INTEREST       BALANCE CONVERTED
     ----                  ------      ----------------       -----------------
--------------------------------------------------------------------------------
                                                                          0.00
--------------------------------------------------------------------------------
    3/3/2003              75,000.00                                  75,000.00
--------------------------------------------------------------------------------
    3/5/2003              50,000.00                                 125,000.00
--------------------------------------------------------------------------------
   3/17/2003              98,000.00                                 223,000.00
--------------------------------------------------------------------------------
   4/30/2003              50,000.00                                 273,000.00
--------------------------------------------------------------------------------
    5/1/2003              39,000.00                                 312,000.00
--------------------------------------------------------------------------------
   5/15/2003              50,000.00                                 362,000.00
--------------------------------------------------------------------------------
   5/17/2003              39,000.00                                 401,000.00
--------------------------------------------------------------------------------
    7/2/2003              47,125.00                                 448,125.00
--------------------------------------------------------------------------------
   7/15/2003              41,500.00                                 489,625.00
--------------------------------------------------------------------------------
   7/21/2003               8,500.00                                 498,125.00
--------------------------------------------------------------------------------
    8/1/2003              55,000.00                                 553,125.00
--------------------------------------------------------------------------------
    8/5/2003              34,500.00                                 587,625.00
--------------------------------------------------------------------------------
   8/15/2003              78,000.00                                 665,625.00
--------------------------------------------------------------------------------
   8/20/2003              19,750.00                                 685,375.00
--------------------------------------------------------------------------------
   8/29/2003              18,794.81                                 704,169.81
--------------------------------------------------------------------------------
   8/29/2003             124,750.00                                 828,919.81
--------------------------------------------------------------------------------
   9/15/2003              60,000.00                                 888,919.81
--------------------------------------------------------------------------------
   9/23/2003              37,500.00                                 926,419.81
--------------------------------------------------------------------------------
   9/30/2003             115,250.00                               1,041,669.81
--------------------------------------------------------------------------------
   10/09/2003             31,500.00                               1,073,169.81
--------------------------------------------------------------------------------
   10/15/2003             44,500.00                               1,117,669.81
--------------------------------------------------------------------------------
   10/20/2003             43,000.00                               1,160,669.81
--------------------------------------------------------------------------------
   10/30/2003             85,750.00                               1,246,419.81
--------------------------------------------------------------------------------
   11/07/2003             32,750.00                               1,279,169.81
--------------------------------------------------------------------------------
   11/14/2003             44,000.00                               1,323,169.81
--------------------------------------------------------------------------------
   11/18/2003             54,000.00                               1,377,169.81
--------------------------------------------------------------------------------
   11/25/2003             78,650.00                               1,455,819.81
--------------------------------------------------------------------------------
<PAGE>

--------------------------------------------------------------------------------
   12/02/2003             33,250.00                               1,489,069.81
--------------------------------------------------------------------------------
   12/16/2003             85,000.00                               1,574,069.81
--------------------------------------------------------------------------------
   12/26/2003             58,750.00                               1,632,819.81
--------------------------------------------------------------------------------
   1/15/2004              81,000.00                               1,713,819.81
--------------------------------------------------------------------------------
   2/03/2004             155,000.00                               1,868,819.81
--------------------------------------------------------------------------------
   2/13/2004              80,000.00                               1,948,819.81
--------------------------------------------------------------------------------
   2/27/2004              87,100.00                               2,035,919.81
--------------------------------------------------------------------------------
   3/03/2004              13,500.00                               2,049,419.81
--------------------------------------------------------------------------------
   3/16/2004              27,351.50                               2,076,771.31
--------------------------------------------------------------------------------
                       2,076,771.31                               2,076,771.31
                       ============                               ============
--------------------------------------------------------------------------------
<PAGE>

                                SCHEDULE OF LOANS

                               (DANIEL S. LAIKIN)

--------------------------------------------------------------------------------
       DATE                 AMOUNT     ACCRUED INTEREST   BALANCE CONVERTED
       ----                 ------     ----------------   -----------------
--------------------------------------------------------------------------------
                                                                       0.00
--------------------------------------------------------------------------------
     3/3/2003             75,000.00                               75,000.00
--------------------------------------------------------------------------------
     3/5/2003             50,000.00                              125,000.00
--------------------------------------------------------------------------------
     3/17/2003            98,000.00                              223,000.00
--------------------------------------------------------------------------------
     4/30/2003            50,000.00                              273,000.00
--------------------------------------------------------------------------------
     5/1/2003             39,000.00                              312,000.00
--------------------------------------------------------------------------------
     5/15/2003            50,000.00                              362,000.00
--------------------------------------------------------------------------------
     5/17/2003            39,000.00                              401,000.00
--------------------------------------------------------------------------------
     7/2/2003             47,125.00                              448,125.00
--------------------------------------------------------------------------------
     7/15/2003            41,500.00                              489,625.00
--------------------------------------------------------------------------------
     7/21/2003             8,500.00                              498,125.00
--------------------------------------------------------------------------------
     8/1/2003             55,000.00                              553,125.00
--------------------------------------------------------------------------------
     8/5/2003             34,500.00                              587,625.00
--------------------------------------------------------------------------------
     8/15/2003            78,000.00                              665,625.00
--------------------------------------------------------------------------------
     8/20/2003            19,750.00                              685,375.00
--------------------------------------------------------------------------------
     8/29/2003            18,794.81                              704,169.81
--------------------------------------------------------------------------------
     8/29/2003           124,750.00                              828,919.81
--------------------------------------------------------------------------------
     9/15/2003            60,000.00                              888,919.81
--------------------------------------------------------------------------------
     9/23/2003            37,500.00                              926,419.81
--------------------------------------------------------------------------------
     9/30/2003           115,250.00                            1,041,669.81
                         ----------                            ------------
--------------------------------------------------------------------------------
    10/09/2003            31,500.00                            1,073,169.81
--------------------------------------------------------------------------------
    10/15/2003            44,500.00                            1,117,669.81
--------------------------------------------------------------------------------
    10/20/2003            43,000.00                            1,160,669.81
--------------------------------------------------------------------------------
    10/30/2003            85,750.00                            1,246,419.81
--------------------------------------------------------------------------------
    11/07/2003            32,750.00                            1,279,169.81
--------------------------------------------------------------------------------
    11/14/2003            44,000.00                            1,323,169.81
--------------------------------------------------------------------------------
    11/18/2003            54,000.00                            1,377,169.81
--------------------------------------------------------------------------------
    11/25/2003            78,650.00                            1,455,819.81
--------------------------------------------------------------------------------
<PAGE>

--------------------------------------------------------------------------------
    12/02/2003            33,250.00                            1,489,069.81
--------------------------------------------------------------------------------
    12/16/2003            85,000.00                            1,574,069.81
--------------------------------------------------------------------------------
    12/26/2003            58,750.00                            1,632,819.81
--------------------------------------------------------------------------------
     1/15/2004            81,000.00                            1,713,819.81
--------------------------------------------------------------------------------
     2/03/2004           155,000.00                            1,868,819.81
--------------------------------------------------------------------------------
     2/13/2004            80,000.00                            1,948,819.81
--------------------------------------------------------------------------------
     2/27/2004            87,100.00                            2,035,919.81
--------------------------------------------------------------------------------
     3/03/2004            13,500.00                            2,049,419.81
--------------------------------------------------------------------------------
     3/10/2004           114,254.98                            2,163,674.79
--------------------------------------------------------------------------------
     3/16/2004            27,351.50                            2,191,026.29
--------------------------------------------------------------------------------
     3/19/2004            15,000.00                            2,206,026.29
--------------------------------------------------------------------------------
                       2,206,026.29                            2,206,026.29
                       ============                            ============
--------------------------------------------------------------------------------
<PAGE>

                                  SCHEDULE 5.5

                            MATERIAL ADVERSE CHANGES

NONE
<PAGE>

                                  SCHEDULE 5.10

                             OPTIONS, WARRANTS, ETC.
<PAGE>

                                  SCHEDULE 5.11

                     REGISTRATION RIGHTS PREVIOUSLY GRANTED

                           JIMIRRO REGISTRATION RIGHTS

      National Lampoon, Inc. has granted registration rights to James P. Jimirro
("JIMIRRO") under the Jimirro  Registration  Rights Agreement dated May 17, 2002
(the "JIMIRRO AGREEMENT").  Pursuant to the Jimirro Agreement,  National Lampoon
has granted  Jimirro two general  demand  registration  rights and an  unlimited
number of  "short-form"  demand  registration  rights (i.e.,  Form S-2 or S-3 or
comparable  successor form).  Except for the NLAG Registration  Rights Agreement
described  below, the Jimirro  Agreement  prohibits the company from granting to
any shareholder or prospective  shareholder  registration rights with respect to
securities  which  are  senior or pari  passu to the  rights  granted  under the
Jimirro Agreement.  The Jimirro Agreement also provides piggyback  registrations
rights.  In a registered  sale of  securities by National  Lampoon,  the Jimirro
securities are second in priority together with the NLAG securities, behind only
securities  of the Company.  In a sale of  securities by NLAG pursuant to demand
registration  rights,  the Jimirro securities are second in priority behind only
the securities of NLAG.

                            NLAG REGISTRATION RIGHTS

      National  Lampoon  has  also  granted  registration  rights  to  the  NLAG
shareholders ("NLAG") under the NLAG Registration Rights Agreement dated May 17,
2002 (the "NLAG  AGREEMENT").  Pursuant to the NLAG Agreement,  National Lampoon
has granted the NLAG shareholders two general demand  registration rights and an
unlimited number of "short-form"  demand  registration rights (i.e., Form S-2 or
S-3 or comparable  successor form).  Except for the Jimirro  Registration Rights
Agreement,  the NLAG  Agreement  prohibits  the  company  from  granting  to any
shareholder  or  prospective  shareholder  registration  rights with  respect to
securities  which are senior or pari passu to the rights  granted under the NLAG
Agreement.  The NAG Agreement also provides piggyback registrations rights. In a
registered  sale of  securities by National  Lampoon,  the NLAG  securities  are
second in priority together with the Jimirro securities,  behind only securities
of  the  Company.  In a  sale  of  securities  by  Jimirro  pursuant  to  demand
registration  rights, the NLAG securities are second in priority behind only the
securities of Jimirro.

                        CONSTELLATION REGISTRATION RIGHTS

      National  Lampoon  has  also  granted  piggyback  registration  rights  to
Constellation  Venture  Capital  LP  under  the  Piggyback  Registration  Rights
Agreement among the Company and Constellation Venture Capital LP dated September
3,  2002  (the   "CONSTELLATION   AGREEMENT").   The   Constellation   piggyback
registration rights come behind securities National Lampoon proposes to sell and
behind  the  Jimirro  securities  and the  NLAG  securities.  The  Constellation
securities participate with pari passu registerable securities.

                          VANDEMAN REGISTRATION RIGHTS

      Pursuant to a Warrant for the Purchase of 50,000  Shares of Common  Stock,
National  Lampoon  has  granted to George  Vandeman  and his  assigns  piggyback
registration  rights. The Vandeman securities  participate with other securities
with similar registration rights.
<PAGE>

                                  SCHEDULE 5.12

                              INTELLECTUAL PROPERTY

                             NATIONAL LAMPOON, INC.

               SCHEDULE OF REGISTERED INTELLECTUAL PROPERTY RIGHTS

1.    Federal Patent Registrations and Applications:

      None.

2.    Federal Copyright Registrations:

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
Heidi Miller's body sculpting            National  Lampoon,  Inc. with a         PA-386-058            08/15/1988
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
How to have a moneymaking garage sale    National  Lampoon,  Inc. with a         PA-387-814            08/15/1988
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Smart cookies don't crumble              National  Lampoon,  Inc. with a         PA-388-027            08/15/1988
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Chef Paul Prudhomme's Louisiana kitchen  National  Lampoon,  Inc. with a         PA-388-030            08/15/1988
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Franco Columbu's Superset shape-up       National  Lampoon,  Inc. with a         PA-388-031            08/15/1988
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Tracy Scoggins' Tough stuff              National  Lampoon,  Inc. with a         PA-410-491            08/15/1988
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
Teen Steam                               National  Lampoon,  Inc. with a         PA-411-068            08/15/1988
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Ball talk:  baseball's voices of summer  National  Lampoon,  Inc. with a         PA-418-830            04/25/1989
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Stand-up Reagan                          National  Lampoon,  Inc. with a         PA-418-867            04/25/1989
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Debby Boone's Hug-a-long songs           National  Lampoon,  Inc. with a         PA-455-172            02/19/1989
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Cybercops:  episode 1.                   National  Lampoon,  Inc. with a        PA-1-000-987           08/02/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Gunnerville High.                        National  Lampoon,  Inc. with a        PA-1-003-663           08/02/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Ain't no time.                           National  Lampoon,  Inc. with a       PAu-1-742-811           02/25/1993
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Rainbow TV: the all-inclusive network.   National  Lampoon,  Inc. with a         SR-276-732            01/20/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
Gunnerville High School.                 National  Lampoon,  Inc. with a         SR-276-734            01/20/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Editor's rant.                           National  Lampoon,  Inc. with a         SR-276-735            01/20/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Apocalyptic Al.                          National  Lampoon,  Inc. with a         SR-276-746            01/20/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Or we'll shoot this dog.                 National  Lampoon,  Inc. with a         SR-276-747            01/20/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Jenni.cam                                National  Lampoon,  Inc. with a         SR-276-748            01/20/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
NLBS.                                    National  Lampoon,  Inc. with a         SR-276-750            01/20/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Fantasy loser's league.                  National  Lampoon,  Inc. with a         SR-276-751            01/20/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National  Lampoon  totally  true facts:  National  Lampoon,  Inc. with a        TX-3-984-295           12/12/1994
a   brand-new   collection   of  absurd  security   interest   held   by
but-true real-life funny stuff           James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
National    Lampoon's   truly   twisted  National  Lampoon,  Inc. with a        TX-4-051-392           11/02/1995
cartoons:  if it's  tasteless,  it's in  security   interest   held   by
here                                     James P. Jimirro
----------------------------------------------------------------------------------------------------------------------

National  Lampoon  presents true facts:  National  Lampoon,  Inc. with a        TX-4-171-211           12/22/1995
the    big    book:    the    complete,  security   interest   held   by
unexpurgated  assembly of amazing  ads,  James P. Jimirro
stupefying    signs,    weird   wedding
announcements,         and        other
absurd-but-true  samples  of  real-life
funny stuff
----------------------------------------------------------------------------------------------------------------------
National Lampoon's white bread snaps.    National  Lampoon,  Inc. with a        TX-4-254-012           10/17/1995
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National   lampoon  virtual   candidate  National  Lampoon,  Inc. with a        TX-5-054-405           02/10/2000
2000.                                    security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Trash tattoo.                            National  Lampoon,  Inc. with a        TX-5-067-799           02/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Smash & grab.                            National  Lampoon,  Inc. with a        TX-5-357-156           01/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Jenni.cam.                               National  Lampoon,  Inc. with a        TX-5-357-157           01/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
News on the march.                       National  Lampoon,  Inc. with a        TX-5-357-158           01/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Virtual candidate 2000.                  National  Lampoon,  Inc. with a        VA-1-021-500           02/10/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Enter this site or we'll shoot this dog  National  Lampoon,  Inc. with a        VA-1-058-221           01/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Gunnerville High School.                 National  Lampoon,  Inc. with a        VA-1-058-222           01/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Flashbacks.                              National  Lampoon,  Inc. with a        VA-1-058-223           01/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Editor's rant.                           National  Lampoon,  Inc. with a        VA-1-058-224           01/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Apocalyptic Al                           National  Lampoon,  Inc. with a        VA-1-058-225           01/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Adelphian Lodge.                         National  Lampoon,  Inc. with a        VA-1-058-226           01/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
Stick it to em.                          National  Lampoon,  Inc. with a        VA-1-058-227           01/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Jenni.cam                                National  Lampoon,  Inc. with a        VA-1-058-228           01/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Rainbow TV - the all-inclusive network.  National  Lampoon,  Inc. with a        VA-1-058-229           01/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Worldwide waste of time.                 National  Lampoon,  Inc. with a        VA-1-058-230           01/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Voyercam.                                National  Lampoon,  Inc. with a        VA-1-058-231           01/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Trash tattoo.                            National  Lampoon,  Inc. with a        VA-1-058-232           01/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Cybercops.                               National  Lampoon,  Inc. with a        VA-1-058-233           01/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Gunnerville High School.                 National  Lampoon,  Inc. with a        VA-1-058-234           01/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
NLBS.                                    National  Lampoon,  Inc. with a        VA-1-058-235           01/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Fantasy Loser's League.                  National  Lampoon,  Inc. with a        VA-1-058-236           01/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Smash & grab.                            National  Lampoon,  Inc. with a        VA-1-058-237           01/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
The dregs                                National  Lampoon,  Inc. with a        TX 5-092-744           01/28/2000
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a         B: 578989
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 581764
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 594460
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 596546
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
National Lampoon                         National  Lampoon,  Inc. with a          B 606623
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 611489
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 624921
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 618430
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 633959
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 633958
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 639914
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 668972
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
National Lampoon                         National  Lampoon,  Inc. with a          B 668973
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 668974
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 668975
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 674274
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 688090
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 688714
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 697369
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 709177
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
National Lampoon                         National  Lampoon,  Inc. with a          B 711551
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 717768
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 725263
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 735998
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 740465
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 745276
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 757418
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 758587
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
National Lampoon                         National  Lampoon,  Inc. with a          B 767782
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 773307
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 782489
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 785901
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 801588
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 803007
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 809087
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 818221
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
National Lampoon                         National  Lampoon,  Inc. with a          B 825730
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 834403
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 837511
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 848924
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 855812
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 860635
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 871008
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 874933
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
National Lampoon                         National  Lampoon,  Inc. with a          B 884387
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 891302
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 902787
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 918610
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 918611
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 925057
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 935241
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 937733
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
National Lampoon                         National  Lampoon,  Inc. with a          B 958315
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 958316
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 971823
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 973535
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 984166
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 988340
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 996475
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a           B 4297
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
National Lampoon                         National  Lampoon,  Inc. with a          B 12808
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 21720
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 25065
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 33125
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 40529
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 48703
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 57325
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 64185
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
National Lampoon                         National  Lampoon,  Inc. with a          B 74832
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 81754
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 85384
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 137088
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 156295
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 152103
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 156296
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 164353
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
National Lampoon                         National  Lampoon,  Inc. with a          B 170216
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 177760
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 233599
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 248569
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 248570
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 265694
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 273054
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a          B 281437
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
National Lampoon.  The Best of Number 4  National  Lampoon,  Inc. with a          B 907480
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
The Best of National Lampoon No. 1       National  Lampoon,  Inc. with a          A 336334
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
The Best of National Lampoon No. 3       National  Lampoon,  Inc. with a          A 423189
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Letters  From the  Editor  of  National  National  Lampoon,  Inc. with a          A 420415
lampoon                                  security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National   Lampoon:    This   Side   of  National  Lampoon,  Inc. with a          A 532080
Parodies                                 security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Would You By a Used Car From This Man?   National  Lampoon,  Inc. with a          A 317995
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon:  a Dirty Book          National  Lampoon,  Inc. with a          A 728026
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Art Poster Book                          National  Lampoon,  Inc. with a          A 694476
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
National Lampoon:  The Best of No. 6     National  Lampoon,  Inc. with a          A 764189
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National  Lampoon  Presents  the  Naked  National  Lampoon,  Inc. with a          A 854544
and the Nude                             security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National    Lampoon,    the   Paperback  National  Lampoon,  Inc. with a          A 578840
Conspiracy                               security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National  Lampoon:  the Best of  Number  National  Lampoon,  Inc. with a          A 529031
4, Vol. 1, No. 5                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National   Lampoon:   The   Gentleman's  National  Lampoon,  Inc. with a          A 681033
Bathroom Companion                       security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
The 199th Birthday Book                  National  Lampoon,  Inc. with a          A 741350
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
The Job of Sex:  A  Workingman's  Guide  National  Lampoon,  Inc. with a          A 550712
to Productive Lovemaking                 security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Missing White House Tapes;  Impeachment  National  Lampoon,  Inc. with a          DU 89349            01/30/1974
Day Ceremonies Script                    security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
National   Lampoon   1964  High  School  National  Lampoon,  Inc. with a          A 541513
Yearbook Parody                          security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National   Lampoon   Presents   the  Up  National  Lampoon,  Inc. with a          A 828588
Yourself Book                            security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
The  Breast  of  National  Lampoon;   a  National  Lampoon,  Inc. with a          A 377706
Collection of Sexual Humor               security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon Comics                  National Lampoon, Inc.                   A 572874
----------------------------------------------------------------------------------------------------------------------

The National  Lampoon  Encyclopedia  of  National  Lampoon,  Inc. with a          A 479368
Humor                                    security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon comedy playoffs.        National  Lampoon,  Inc. with a       PAu-1-434-923          09/20/1990
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon, another dirty book     National  Lampoon,  Inc. with a         TX-232-406           03/29/1979
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National   Lampoon   Sunday   newspaper  National  Lampoon,  Inc. with a         TX-347-662           08/31/1979
parody                                   security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
National  Lampoon,  slightly  higher in  National  Lampoon,  Inc. with a         TX-365-426           11/07/1979
Canada:  an  unassuming   anthology  of  security   interest   held   by
Canadian-type  material  from the pages  James P. Jimirro
of the National Lampoon
----------------------------------------------------------------------------------------------------------------------
The  Iron  on  book:  sixteen  original  National  Lampoon,  Inc. with a         TX-379-403           08/31/1979
designs for your chest                   security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
The  National  Lampoon's  Animal  house  National  Lampoon,  Inc. with a         TX-384-974           11/19/1979
book                                     security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National  Lampoon's  Cartoons  even  we  National  Lampoon,  Inc. with a         TX-396-473           11/05/1979
wouldn't  dare print:  a collection  of  security   interest   held   by
thoroughly reprehensible cartoons        James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Jeff Greenfield's Book of books          National  Lampoon,  Inc. with a         TX-402-260           11/16/1979
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National  Lampoon's  tenth  anniversary  National  Lampoon,  Inc. with a         TX-540-642           03/25/1980
anthology                                security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon foto funnies            National  Lampoon,  Inc. with a         TX-544-611           07/08/1980
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon true facts              National  Lampoon,  Inc. with a         TX-808-981           12/03/1981
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
Hitler's favorite cartoons               National  Lampoon,  Inc. with a         TX-907-682           04/21/1982
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National   Lampoon  peekers  and  other  National  Lampoon,  Inc. with a         TX-945-741           06/23/1982
true facts                               security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National  Lampoon son of cartoons  even  National  Lampoon,  Inc. with a        TX-1-622-171          07/25/1985
we wouldn't dare print II:  a sequel     security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon dirty joke book         National  Lampoon,  Inc. with a        TX-1-797-519          04/15/1986
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National   Lampoon   true   facts  1991  National  Lampoon,  Inc. with a        TX-2-906-982          08/07/1990
calendar                                 security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National  Lampoon  presents true facts:  National  Lampoon,  Inc. with a        TX-3-159-281          04/26/1991
the book                                 security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National   Lampoon   true   facts  1992  National  Lampoon,  Inc. with a        TX-3-223-950          09/12/1991
calendar                                 security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National  Lampoon  presents  More  true  National  Lampoon,  Inc. with a        TX-3-273-518          03/17/1992
facts:   an   all-new   collection   of  security   interest   held   by
absurd-but-true real-life funny stuff    James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
National   Lampoon's   Truly  tasteless  National  Lampoon,  Inc. with a        TX-3-462-011          10/23/1992
cartoons:  the best of the worst         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
That's  sick:  The  National  lampoon's  National  Lampoon,  Inc. with a        TX-3-799-435          04/14/1994
rudest and crudest cartoons              security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a         TX 244-608           03/14/1979
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                 TX 244-607           03/14/1979
                                                                                --------------------------------------

                                                                                 TX 244-606           03/14/1979
                                         -----------------------------------------------------------------------------

                                                                                 TX 244-605           03/14/1979
                                                                                --------------------------------------

                                                                                 TX 244-604           03/14/1979
                                                                                --------------------------------------

                                                                                 TX 244-603           03/14/1979
                                                                                --------------------------------------

                                                                                 TX 244-600           03/14/1979
                                                                                --------------------------------------

                                                                                 TX 244-601           03/14/1979
                                                                                --------------------------------------

                                                                                 TX 244-602           03/14/1979
----------------------------------------------------------------------------------------------------------------------

National Lampoon                         National  Lampoon,  Inc. with a         TX 347-663           03/14/1979
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                 TX 347-668           03/14/1979
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
                                                                                 TX 347-672           03/14/1979
                                                                                --------------------------------------

                                                                                 TX 347-669           05/03/1979
                                                                                --------------------------------------

                                                                                 TX 347-667           05/03/1979
                                                                                --------------------------------------

                                                                                 TX 347-666           05/01/1979
                                                                                --------------------------------------

                                                                                 TX 347-673           05/01/1979
                                                                                --------------------------------------

                                                                                 TX 347-674           05/01/1979
                                                                                --------------------------------------

                                                                                 TX 347-664           09/04/1979
                                                                                --------------------------------------

                                                                                 TX 347-665           09/04/1979
                                                                                --------------------------------------

                                                                                 TX 347-670           09/05/1979
                                                                                --------------------------------------

                                                                                 TX 347-671           09/05/1979
                                                                                --------------------------------------

                                                                                 TX 360-828           10/19/1979
                                                                                --------------------------------------

                                                                                 TX 360-829           10/19/1979
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a         TX 418-860           12/14/1979
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                 TX 418-861           02/21/1980
                                         -----------------------------------------------------------------------------

                                                                                 TX 418-862           02/21/1980
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
                                                                                 TX 424-859           02/21/1980
                                                                                --------------------------------------

                                                                                 TX 483-274           03/24/1980
                                                                                --------------------------------------

                                                                                 TX 486-569           05/29/1980
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a         TX 509-660           04/21/1980
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                 TX 521-123           07/07/1980
                                                                                --------------------------------------

                                                                                 TX 518-472           07/28/1980
                                                                                --------------------------------------

                                                                                 TX 537-416           09/08/1980
                                                                                --------------------------------------

                                                                                 TX 592-060           12/05/1980
                                                                                --------------------------------------

                                                                                 TX 581-606           11/10/1980
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a         TX 644-795           12/01/1980
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                 TX 644-828           01/05/1981
                                                                                --------------------------------------

                                                                                 TX 675-911           04/23/1981
                                                                                --------------------------------------

                                                                                 TX 644-829           01/26/1981
                                                                                --------------------------------------

                                                                                 TX 671-101           03/03/1981
                                                                                --------------------------------------

                                                                                 TX 675-910           03/30/1981
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
                                                                                 TX 689-192           05/01/1981
                                                                                --------------------------------------

                                                                                 TX 706-321           05/22/1981
                                                                                --------------------------------------

                                                                                 TX 718-965           06/25/1981
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a         TX 740-533           07/27/1981
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                 TX 750-923           08/24/1981
                                                                                --------------------------------------

                                                                                 TX 775-880           09/28/1981
                                         -----------------------------------------------------------------------------

                                                                                 TX 789-928           10/23/1981
                                                                                --------------------------------------

                                                                                 TX 823-506           12/30/1981
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a         TX 871-131           01/21/1982
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                 TX 854-039           02/26/1982
                                                                                --------------------------------------

                                                                                 TX 879-048           03/31/1982
                                                                                --------------------------------------

                                                                                 TX 895-622           04/21/1982
                                                                                --------------------------------------

                                                                                 TX 916-440           05/24/1982
                                                                                --------------------------------------

                                                                                 TX 923-569           06/23/1982
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a         TX 808-982           11/27/1981
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
                                                                                 TX 938-965           07/26/1982
                                                                                --------------------------------------

                                                                                 TX 973-106           08/25/1982
                                                                                --------------------------------------

                                                                                TX 1-004-476          09/27/1982
                                                                                --------------------------------------

                                                                                TX 1-004-477          10/25/1982
                                                                                --------------------------------------

                                                                                TX 1-011-809          11/26/1982
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a        TX 1-054-013          12/27/1982
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 1-053-080          01/28/1983
                                                                                --------------------------------------

                                                                                TX 1-062-587          03/01/1983
                                                                                --------------------------------------

                                                                                TX 1-089-298          04/05/1983
                                                                                --------------------------------------

                                                                                TX 1-106-578          04/25/1983
                                                                                --------------------------------------

                                                                                TX 1-119-853          05/27/1983
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a        TX 1-190-353          06/24/1983
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 1-194-913          07/25/1983
                                                                                --------------------------------------

                                                                                TX 1-193-077          08/25/1983
                                                                                --------------------------------------

                                                                                TX 1-204-103          10/03/1983
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
                                                                                TX 1-230-792          10/31/1983
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a        TX 1-251-409          12/09/1983
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 1-272-725          01/06/1984
                                                                                --------------------------------------

                                                                                TX 1-275-407          01/30/1984
                                                                                --------------------------------------

                                                                                TX 1-303-745          03/05/1984
                                                                                --------------------------------------

                                                                                TX 1-326-005          03/29/1984
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a        TX 1-349-455          04/26/1984
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 1-352-688          05/29/1984
                                                                                --------------------------------------

                                                                                TX 1-383-533          06/28/1984
                                                                                --------------------------------------

                                                                                TX 1-394-294          07/26/1984
                                                                                --------------------------------------

                                                                                TX 1-408-020          08/24/1984
                                                                                --------------------------------------

                                                                                TX 1-425-928          09/26/1984
                                                                                --------------------------------------

                                                                                TX 1-456-819          10/29/1984
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a        TX 1-476-774          11/26/1984
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 1-497-995          01/14/1985
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
                                                                                TX 1-515-582          01/29/1985
                                                                                --------------------------------------

                                                                                TX 1-527-380          03/12/1985
                                                                                --------------------------------------

                                                                                TX 1-553-740          04/03/1985
                                                                                --------------------------------------

                                                                                TX 1-566-445          05/02/1985
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a        TX 1-582-633          05/29/1985
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 1-617-807          06/25/1985
                                                                                --------------------------------------

                                                                                TX 1-634-940          07/29/1985
                                                                                --------------------------------------

                                                                                TX 1-658-436          08/28/1985
                                                                                --------------------------------------

                                                                                TX 1-662-714          09/20/1985
                                                                                --------------------------------------

                                                                                TX 1-688-882          10/28/1985
                                                                                --------------------------------------

                                                                                TX 1-702-932          12/02/1985
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a        TX 1-723-939          12/23/1985
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 1-744-842          01/27/1986
                                                                                --------------------------------------

                                                                                TX 1-791-363          02/26/1986
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
                                                                                TX 1-794-559          04/07/1986
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a        TX 1-858-428          05/27/1986
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 1-841-564          06/09/1986
                                                                                --------------------------------------

                                                                                TX 1-885-884          08/13/1986
                                                                                --------------------------------------

                                                                                TX 1-890-213          08/13/1986
                                                                                --------------------------------------

                                                                                TX 1-919-800          09/22/1986
                                                                                --------------------------------------

                                                                                TX 1-936-540          10/20/1986
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a        TX 2-001-853          12/30/1986
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a        TX 2-142-606          09/21/1987
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 2-165-789          10/07/1987
                                                                                --------------------------------------

                                                                                TX 2-171-738          10/28/1987
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a        TX 2-280-402          04/11/1988
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 2-280-401          04/11/1988
                                                                                --------------------------------------

                                                                                TX 2-215-857          12/21/1987
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
                                                                                TX 2-218-600          12/24/1987
                                                                                --------------------------------------

                                                                                TX 2-246-544          02/18/1988
                                                                                --------------------------------------

                                                                                TX 2-299-669          04/18/1988
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a        TX 2-368-614          03/25/1988
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 2-368-620          03/25/1988
                                                                                --------------------------------------

                                                                                TX 2-336-235          06/13/1988
                                                                                --------------------------------------

                                                                                TX 2-376-066          08/22/1988
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a        TX 2-502-608          02/24/1989
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 2-526-863          11/02/1988
                                                                                --------------------------------------

                                                                                TX 2-466-526          12/23/1988
                                                                                --------------------------------------

                                                                                TX 2-465-327          12/23/1988
                                                                                --------------------------------------

                                                                                TX 2-499-560          02/23/1989
                                                                                --------------------------------------

                                                                                TX 2-528-082          04/14/1989
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a        TX 2-579-005          06/14/1989
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 2-620-993          08/18/1989
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
                                                                                TX 2-670-005          10/27/1989
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a        TX 2-708-426          12/29/1989
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 2-811-501          04/23/1990
                                                                                --------------------------------------

                                                                                TX 2-811-500          04/23/1990
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a        TX 2-858-033          07/17/1990
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 2-878-499          08/24/1990
                                                                                --------------------------------------

                                                                                TX 2-924-929          10/30/1990
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a        TX 3-032-465          04/03/1991
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 3-032-466          04/03/1991
                                                                                --------------------------------------

                                                                                TX 3-034-811          04/03/1991
----------------------------------------------------------------------------------------------------------------------
National Lampoon                         National  Lampoon,  Inc. with a        TX 3-097-183          05/01/1991
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 3-128-004          08/27/1991
                                                                                --------------------------------------

                                                                                TX 3-132-814          08/21/1991
                                                                                --------------------------------------

                                                                                TX 3-136-111          08/28/1991
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
National Lampoon best of number . . .    National  Lampoon,  Inc. with a         TX 347-661           08/31/1979
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon best of number . . .    National  Lampoon,  Inc. with a         TX 418-992           08/31/1979
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National Lampoon best of number . . .    National  Lampoon,  Inc. with a         TX 810-136           12/10/1981
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Gentleman's bathroom companion . . .     National  Lampoon,  Inc. with a         TX 418-991           08/31/1979
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
National  Lampoon  .  .  .  anniversary  National  Lampoon,  Inc. with a         TX 521-124           06/19/1980
anthology                                security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                 TX 580-087           11/06/1980
----------------------------------------------------------------------------------------------------------------------

National  Lampoon  All-new true facts .  National  Lampoon,  Inc. with a        TX 1-937-589          10/21/1986
.. .                                      security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
The National Lampoon Treasury of Humor   National  Lampoon,  Inc. with a        TX 3-243-157          02/12/1992
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
That's  sick:  The  National  Lampoon's  National  Lampoon,  Inc. with a        TX 3-799-435          04/14/1994
rudest and crudest cartoons              security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Heavy Metal                              National  Lampoon,  Inc. with a         TX 141-752           03/10/1978
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
                                                                                 TX 141-751           03/10/1978
                                                                                --------------------------------------

                                                                                 TX 141-750           03/10/1978
                                                                                --------------------------------------

                                                                                 TX 113-307           08/01/1978
                                                                                --------------------------------------

                                                                                 TX 117-728           09/28/1978
----------------------------------------------------------------------------------------------------------------------
Heavy Metal                              National  Lampoon,  Inc. with a         TX 230-188           07/03/1978
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                 TX 230-189           07/03/1978
                                                                                --------------------------------------

                                                                                 TX 230-190           07/03/1978
                                                                                --------------------------------------

                                                                                 TX 230-191           07/03/1978
                                                                                --------------------------------------

                                                                                 TX 212-254           08/30/1978
                                                                                --------------------------------------

                                                                                 TX-212-253           11/15/1978
                                                                                --------------------------------------

                                                                                 TX-240-977           05/04/1979
                                                                                --------------------------------------

                                                                                 TX 263-685           02/01/1979
                                                                                --------------------------------------

                                                                                 TX-254-991           02/08/1979
                                                                                --------------------------------------

                                                                                 TX 277-479           07/03/1979
----------------------------------------------------------------------------------------------------------------------
Heavy Metal                              National  Lampoon,  Inc. with a         TX 307-041           05/04/1979
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
                                                                                 TX 330-366           09/14/1979
                                                                                --------------------------------------

                                                                                 TX 288-211           05/15/1979
                                                                                --------------------------------------

                                                                                 TX 342-498           10/05/1979
                                                                                --------------------------------------

                                                                                 TX 342-499           10/05/1979
                                                                                --------------------------------------

                                                                                 TX 315-700           08/15/1979
                                                                                --------------------------------------

                                                                                 TX 321-276           09/04/1979
                                                                                --------------------------------------

                                                                                 TX 345-419           10/05/1979
                                                                                --------------------------------------

                                                                                 TX 362-170           11/05/1979
----------------------------------------------------------------------------------------------------------------------
Heavy Metal                              National  Lampoon,  Inc. with a         TX 461-212           11/19/1979
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                 TX 403-640           01/10/1980
                                                                                --------------------------------------

                                                                                 TX 444-814           03/25/1980
                                                                                --------------------------------------

                                                                                 TX 461-213           03/24/1980
                                                                                --------------------------------------

                                                                                 TX 444-813           03/25/1980
                                                                                --------------------------------------

                                                                                 TX 463-862           04/21/1980
                                                                                --------------------------------------

                                                                                 TX 474-389           05/19/1980
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
Heavy Metal                              National  Lampoon,  Inc. with a         TX 510-133           06/19/1980
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                 TX-529-905           08/11/1980
----------------------------------------------------------------------------------------------------------------------
Heavy Metal                              National  Lampoon,  Inc. with a         TX 628-621           10/31/1980
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                 TX 628-620           10/31/1980
                                                                                --------------------------------------

                                                                                 TX 628-619           10/31/1980
                                                                                --------------------------------------

                                                                                 TX 716-913           04/03/1981
                                                                                --------------------------------------

                                                                                 TX 716-914           04/03/1981
                                                                                --------------------------------------

                                                                                 TX 716-912           04/03/1981
                                                                                --------------------------------------

                                                                                 TX 705-631           04/01/1981
                                                                                --------------------------------------

                                                                                 TX 720-512           06/19/1981
                                                                                --------------------------------------

                                                                                 TX 718-850           06/18/1981
----------------------------------------------------------------------------------------------------------------------
Heavy Metal                              National  Lampoon,  Inc. with a         TX 744-974           04/01/1981
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                 TX 752-833           07/28/1981
                                                                                --------------------------------------

                                                                                 TX 760-062           09/08/1981
                                                                                --------------------------------------

                                                                                 TX 772-506           09/28/1981
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
                                                                                 TX 808-343           11/23/1981
                                                                                --------------------------------------

                                                                                 TX 803-073           11/23/1981
----------------------------------------------------------------------------------------------------------------------
Heavy Metal                              National  Lampoon,  Inc. with a         TX 826-660           12/17/1981
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                 TX 844-264           01/27/1982
                                                                                --------------------------------------

                                                                                 TX 853-885           02/16/1982
                                                                                --------------------------------------

                                                                                 TX 888-162           04/12/1982
                                                                                --------------------------------------

                                                                                 TX 905-724           05/13/1982
                                                                                --------------------------------------

                                                                                 TX 921-984           06/17/1982
----------------------------------------------------------------------------------------------------------------------
Heavy Metal                              National  Lampoon,  Inc. with a         TX 956-852           08/09/1982
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                 TX 965-368           09/08/1982
                                                                                --------------------------------------

                                                                                 TX 961-553           08/26/1982
                                                                                --------------------------------------

                                                                                 TX 980-776           09/23/1982
----------------------------------------------------------------------------------------------------------------------
Heavy Metal                              National  Lampoon,  Inc. with a        TX 1-074-929          10/15/1982
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 1-116-447          05/19/1983
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
                                                                                TX 1-051-494          01/21/1983
                                                                                --------------------------------------

                                                                                TX 1-124-575          05/19/1983
----------------------------------------------------------------------------------------------------------------------
Heavy Metal                              National  Lampoon,  Inc. with a        TX 1-136-605          11/16/1982
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 1-143-785          02/14/1983
                                                                                --------------------------------------

                                                                                TX 1-133-247          04/25/1983
                                                                                --------------------------------------

                                                                                TX 1-133-248          04/25/1983
                                                                                --------------------------------------

                                                                                TX 1-167-089          07/19/1983
                                                                                --------------------------------------

                                                                                TX 1-162-199          07/18/1983
                                                                                --------------------------------------

                                                                                TX 1-203-083          09/23/1983
                                                                                --------------------------------------

                                                                                TX 1-203-088          09/23/1983
----------------------------------------------------------------------------------------------------------------------
Heavy Metal                              National  Lampoon,  Inc. with a        TX 1-256-837          12/07/1983
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 1-249-255          12/05/1983
                                                                                --------------------------------------

                                                                                TX 1-281-944          02/03/1984
                                                                                --------------------------------------

                                                                                TX 1-284-550          02/03/1984
                                                                                --------------------------------------

                                                                                TX 1-299-064          02/03/1984
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
Heavy Metal                              National  Lampoon,  Inc. with a        TX 1-395-577          05/21/1984
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 1-352-273          05/21/1984
                                                                                --------------------------------------

                                                                                TX 1-352-250          05/21/1984
                                                                                --------------------------------------

                                                                                TX 1-392-501          07/20/1984
                                                                                --------------------------------------

                                                                                TX 1-433-721          09/24/1984
                                                                                --------------------------------------

                                                                                TX 1-398-583          07/20/1984
                                                                                --------------------------------------

                                                                                TX 1-451-520          10/12/1984
                                                                                --------------------------------------

                                                                                TX 1-446-273          10/12/1984
                                                                                --------------------------------------

                                                                                TX 1-451-513          10/15/1984
----------------------------------------------------------------------------------------------------------------------
Heavy Metal                              National  Lampoon,  Inc. with a        TX 1-560-747          04/25/1985
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
                                                                                TX 1-571-973          04/25/1985
----------------------------------------------------------------------------------------------------------------------

                                                                                TX 1-566-298          04/25/1985
----------------------------------------------------------------------------------------------------------------------

                                                                                TX 1-566-297          04/25/1985
----------------------------------------------------------------------------------------------------------------------

                                                                                TX 1-562-352          04/25/1985
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
Heavy Metal                              National  Lampoon,  Inc. with a        TX 1-624-872          07/12/1985
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Heavy Metal                              National  Lampoon,  Inc. with a        TX 1-948-492          11/28/1986
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 1-948-493          11/28/1986
----------------------------------------------------------------------------------------------------------------------
Heavy Metal                              National  Lampoon,  Inc. with a        TX 1-954-688          12/03/1986
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 1-954-653          12/03/1986
                                                                                --------------------------------------

                                                                                TX 1-986-533          12/03/1986
                                                                                --------------------------------------

                                                                                TX 1-986-532          12/03/1986
                                                                                --------------------------------------

                                                                                TX 1-954-150          12/01/1986
                                                                                --------------------------------------

                                                                                TX 1-954-149          12/01/1986
                                                                                --------------------------------------

                                                                                TX 1-964-852          12/15/1986
                                                                                --------------------------------------

                                                                                TX 1-964-855          12/16/1986
                                                                                --------------------------------------

                                                                                TX 1-964-853          12/15/1986
----------------------------------------------------------------------------------------------------------------------
Heavy Metal                              National  Lampoon,  Inc. with a        TX 2-130-268          08/19/1987
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 2-136-702          08/19/1987
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
                                                                                TX 2-134-966          08/19/1987
----------------------------------------------------------------------------------------------------------------------
Heavy Metal                              National  Lampoon,  Inc. with a        TX 2-879-177          08/06/1990
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 2-882-592          08/06/1990
                                                                                --------------------------------------

                                                                                TX 2-879-582          08/06/1990
                                                                                --------------------------------------

                                                                                TX 2-938-906          09/26/1990
----------------------------------------------------------------------------------------------------------------------
Heavy Metal                              National  Lampoon,  Inc. with a         TX 19-219            03/09/1978
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 3-020-452          01/23/1991
                                                                                --------------------------------------

                                                                                TX 2-988-990          01/23/1991
                                                                                --------------------------------------

                                                                                TX 3-041-468          01/23/1991
                                                                                --------------------------------------

                                                                                TX 3-041-467          01/23/1991
                                                                                --------------------------------------

                                                                                TX 3-003-884          01/23/1991
                                                                                --------------------------------------

                                                                                TX 2-995-258          01/23/1991
                                                                                --------------------------------------

                                                                                TX 3-020-454          01/23/1991
                                                                                --------------------------------------

                                                                                TX 3-020-453          01/23/1991
                                                                                --------------------------------------

                                                                                TX 3-055-982          02/12/1991
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TITLE                              CLAIMANT                      REG. NO.             REG. DATE
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                     <C>                   <C>
                                                                                TX 3-003-108          02/12/1991
                                                                                --------------------------------------

                                                                                TX 3-064-954          05/20/1991
----------------------------------------------------------------------------------------------------------------------
Heavy Metal                              National  Lampoon,  Inc. with a        TX 3-087-955          06/05/1991
                                         security   interest   held   by
                                         James P. Jimirro
                                                                                --------------------------------------
                                                                                TX 3-137-047          09/05/1991
                                                                                --------------------------------------

                                                                                TX 3-162-297          09/30/1991
----------------------------------------------------------------------------------------------------------------------
The Best Of Heavy Metal                  National  Lampoon,  Inc. with a        TX 2-134-970          08/19/1987
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
My bod is for God                        National  Lampoon,  Inc. with a        PAu-424-054           07/29/1982
                                         security   interest   held   by
                                         James P. Jimirro
----------------------------------------------------------------------------------------------------------------------
Apocalypso now                           National  Lampoon,  Inc. with a        PAu-424-055           07/29/1982
                                         security   interest   held   by
                                         James P. Jimirro
</TABLE>
<PAGE>

3.    Federal Trademark and Service Mark Registrations:

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
     TRADEMARK/SERVICE          REGISTRANT         DESCRIPTION OF          REGISTRATION NO.       REGISTRATION DATE
            MARK                                   GOODS/SERVICES

----------------------------------------------------------------------------------------------------------------------
<S>                           <C>              <C>                             <C>                   <C>
NATIONAL LAMPOON              National         Magazine             in         907,211               02/02/1971
                              Lampoon,   Inc.  International Class 16
                              with          a
                              security
                              interest   held
                              by   James   P.
                              Jimirro

                              National

                              Lampoon,   Inc.  Burly      Bear     and
NATIONAL                      with          a  National        Lampoon
                              security         Networks shows
LAMPOON                       interest   held
                              by   James   P.
                              Jimirro

----------------------------------------------------------------------------------------------------------------------
</TABLE>

4.    Internet domain name registrations:

      nationallampoon.com -- registered by J2 Communications

      nationalampoon.com -- registered by J2 Communications
<PAGE>

                                LIST OF EXHIBITS

Exhibit A        Certificate of Designations (Series C)


Exhibit B        Form of Common Stock Purchase Warrant

Exhibit C        Series C Registration Agreement

Exhibit D        Series C Voting Agreement

Exhibit E        Second Amendment to Voting Agreement

Exhibit F        Consent of Series B Holders

Exhibit G        Certificate of Amendment