| AMENDMENT NO. 1 TO REGISTRATION RIGHTS AGREEMENT

 
June 29, 2004

 
                    Reference      is made to that certain Registration Rights Agreement dated March 22, 2004      by and between Ventures-National Incorporated d/b/a Titan General      Holdings, Inc., a Utah corporation (the "**Company**") and      LAURUS MASTER FUND, LTD., c/o Ironshore Corporate Services Ltd., P.O. Box      1234 G.T., Queensgate House, South Church Street, Grand Cayman, Cayman      Islands ( "**Laurus"**") (the "Registration Rights      Agreement") pursuant to which, among other things, the Company agreed      to undertake the registration with the Securities and Exchange Commission      of a note in the original principal amount of Seven Hundred Fifty Thousand      Dollars ($750,000) (the "**Note**") and a warrant to purchase      up to 750,000 shares of the Company's common stock. Capitalized terms      used herein without definition shall have the meanings ascribed to such      terms in the Registration Rights Agreement.

 
                    WHEREAS,      the Company and Laurus have agreed to amend and restate the Note and in      connection therewith, the Company has agreed to issue an additional common      stock purchase warrant to purchase up to 1,800,000 shares of the common      stock of the Company (the "New Warrant"); and

 
                    WHEREAS,      each of the Company and Laurus desires to make certain changes to the      Registration Rights Agreement to reflect the changes made to the Note and      to register the New Warrant .

 
                    NOW,      THEREFORE, in consideration of the above, and for other good and valuable      consideration, the receipt and sufficiency of which is hereby      acknowledged, the parties hereto agree as follows:

                     Section      1 of the Registration Rights Agreement is hereby deleted in its entirety      and the following inserted in its stead:      
                     "1.      Definitions. Capitalized terms used and not otherwise defined      herein that are defined in the Securities Purchase Agreement shall have      the meanings given such terms in the Securities Purchase Agreement. As      used in this Agreement, the following terms shall have the following      meanings:      
 
                    "*Commission*"      means the Securities and Exchange Commission.

 
                    "*Common      Stock*" means shares of the Company's common stock, par value      $0.001 per share.

 
                    "*Effectiveness      Date*" means the October 1, 2004.

 
                    "*Effectiveness      Period*" shall have the meaning set forth in Section 2(a).

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                    "*Exchange      Act*" means the Securities Exchange Act of 1934, as amended, and      any successor statute.

 
                    "*Filing      Date*" means, with respect to the Registration Statement required      to be filed hereunder, a date no later than August 15, 2004.

 
                    "*Holder*"      or "*Holders*" means the Purchaser or any of its affiliates      or transferees to the extent any of them hold Registrable Securities.

 
                    "*Indemnified      Party*" shall have the meaning set forth in Section 5(c).

 
                    "*Indemnifying      Party*" shall have the meaning set forth in Section 5(c).

 
                    "*Note*"      means that certain note of the Company issued to the Holder in the      original principal amount of Seven Hundred Fifty Thousand Dollars      ($750,000), and any revisions, amendments, modifications and supplements      thereto.

 
                    "*Proceeding*"      means an action, claim, suit, investigation or proceeding (including,      without limitation, an investigation or partial proceeding, such as a      deposition), whether commenced or threatened.

 
                    "*Prospectus*"      means the prospectus included in the Registration Statement (including,      without limitation, a prospectus that includes any information previously      omitted from a prospectus filed as part of an effective registration      statement in reliance upon Rule 430A promulgated under the Securities      Act), as amended or supplemented by any prospectus supplement, with      respect to the terms of the offering of any portion of the Registrable      Securities covered by the Registration Statement, and all other amendments      and supplements to the Prospectus, including post-effective amendments,      and all material incorporated by reference or deemed to be incorporated by      reference in such Prospectus.

 
                   "*Registrable      Securities*" means the shares of Common Stock issued upon the      conversion of the Note and issuable upon exercise of the Warrants.

 
                    "*Registration      Statement*" means each registration statement required to be filed      hereunder, including the Prospectus, amendments and supplements to such      registration statement or Prospectus, including pre- and post-effective      amendments, all exhibits thereto, and all material incorporated by      reference or deemed to be incorporated by reference in such registration      statement.

 
                    "*Rule      144*" means Rule 144 promulgated by the Commission pursuant to the      Securities Act, as such Rule may be amended from time to time, or any      similar rule or regulation hereafter adopted by the Commission having      substantially the same effect as such Rule.

 
                    "*Rule      415*" means Rule 415 promulgated by the Commission pursuant to the      Securities Act, as such Rule may be amended from time to time, or any      similar rule or regulation hereafter adopted by the Commission having      substantially the same effect as such Rule.

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                    "*Rule      424*" means Rule 424 promulgated by the Commission pursuant to the      Securities Act, as such Rule may be amended from time to time, or any      similar rule or regulation hereafter adopted by the Commission having      substantially the same effect as such Rule.

 
                    "*Securities      Act*" means the Securities Act of 1933, as amended, and any      successor statute.

 
                    "*Securities      Purchase Agreement*" means the agreement between the parties      hereto calling for the issuance by the Company of $750,000 of convertible      Note plus the March Warrant.

 
                    "*Trading      Market*" means any of the NASD OTC Bulletin Board, NASDAQ SmallCap      Market, the Nasdaq National Market, the American Stock Exchange or the New      York Stock Exchange.

 
                    "*Warrants*"      means collectively, each of (i) the Common Stock purchase warrants to      purchase up to 750,000 shares of the Company's Common Stock issued to      the Holder on March 22, 2004 and (ii) the Common Stock purchase warrants      to purchase up to 1,800,000 shares of the Company's Common Stock issued      to the Holder on June 29, 2004.

                    The      foregoing amendment shall be effective as of the date hereof.      
                     There      are no other amendments to the Registration Rights Agreement, and all of      the other forms, terms and provisions of the Registration Rights Agreement      remain in full force and effect.      
 
The Company hereby represents and warrants to Laurus that as      of the date hereof all representation, warranties and covenants made by      Company in connection with the Registration Rights Agreement are true      correct and complete and all of Company's covenants requirements have      been met.      
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**                   IN      WITNESS WHEREOF**, each of the Company and Laurus has caused this      Amendment No. 1 to Registration Rights Agreement signed in its name      effective as of this 29th day of June, 2004

 **                                                                 VENTURES-NATIONAL      INCORPORATED                                                                             D/B/A TITAN GENERAL HOLDINGS, INC.**
                                                                  By:        /s/ Daniel D.      Guimond                                                                                     Name:      Daniel D. Guimond                                                                        Title:      Chief Financial Officer

                                                                  **LAURUS      MASTER FUND, LTD**

**                                                                  **By:    /s/      David      Grin                                                                                                       Name:      David Grin                                                                        Title:      Partner/Fund Manager******** |
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