Document:

<PAGE>

                                                                   EXHIBIT 10.27

                    CONFIDENTIAL TREATMENT REQUEST SUBMITTED:

        THE PORTIONS OF THIS DOCUMENT MARKED BY "***" HAVE BEEN OMITTED
      PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAVE BEEN FILED
             SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION

                                                               EXECUTION VERSION

                    AMENDED AND RESTATED OPERATING AGREEMENT

                                       OF

                          LMI/SUMISHO SUPER MEDIA, LLC

                                NOVEMBER 26, 2004

THE UNITS IN THIS LIMITED LIABILITY COMPANY HAVE NOT BEEN REGISTERED WITH THE
U.S. SECURITIES AND EXCHANGE COMMISSION OR STATE SECURITIES AUTHORITIES AND MAY
NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE
SECURITIES LAWS OR AN OPINION OF COUNSEL ACCEPTABLE TO THE MANAGEMENT COMMITTEE
THAT REGISTRATION IS NOT REQUIRED. THE SALE OR OTHER TRANSFER OF THE UNITS IS
ALSO RESTRICTED BY CERTAIN PROVISIONS IN THIS AGREEMENT.

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                   PAGE NO.
                                                                                                   --------
<S>                                                                                                <C>
ARTICLE 1: FORMATION AND DEFINITIONS......................................................           1
   1.1      Formation.....................................................................           1
   1.2      Name..........................................................................           1
   1.3      Members.......................................................................           1
   1.4      Units; Percentage Interests...................................................           1
   1.5      Principal Office; Registered Office and Agent.................................           1
   1.6      Foreign Qualification.........................................................           2
   1.7      Term..........................................................................           2
   1.8      Effective Date; Amendment and Restatement.....................................           2
   1.9      Definitions...................................................................           2
ARTICLE 2: PURPOSES AND POWERS............................................................          15
   2.1      Purpose.......................................................................          15
   2.2      Other Purposes................................................................          15
   2.3      Powers........................................................................          15
ARTICLE 3: CAPITAL OF THE COMPANY.........................................................          15
   3.1      Initial Contributions/JCOM Shareholder Agreements.............................          15
   3.2      Additional Capital Contributions..............................................          16
   3.3      Capital Accounts..............................................................          19
   3.4      Loans by Members..............................................................          20
   3.5      Transfer......................................................................          20
   3.6      Adjustments...................................................................          20
   3.7      Market Value Adjustments......................................................          21
   3.8      No Withdrawal of Capital......................................................          21
   3.9      No Interest on Capital........................................................          21
   3.10     Adjustment to Number of Units Outstanding.....................................          21
ARTICLE 4: ALLOCATION OF NET INCOME AND NET LOSSES........................................          21
   4.1      Allocation of Net Income and Net Loss.........................................          21
   4.2      Qualified Income Offset.......................................................          21
   4.3      Limit on Loss Allocations.....................................................          22
   4.4      Compliance with Code..........................................................          22
   4.5      Tax Allocations -- Section 704(c).............................................          22
   4.6      Allocation on Transfer........................................................          22
ARTICLE 5: DISTRIBUTIONS..................................................................          22
   5.1      Distributions Generally.......................................................          22
   5.2      Payment.......................................................................          23
   5.3      Withholding...................................................................          23
   5.4      Distribution Limitation.......................................................          23
ARTICLE 6: MANAGEMENT.....................................................................          24
   6.1      Management....................................................................          24
   6.2      Management Committee Composition; Appointment and Removal of Managers.........          24
   6.3      Management Committee Decisions................................................          25
   6.4      Authorized Representatives....................................................          25
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<S>                                                                                                 <C>
   6.5      JCOM Governance...............................................................          26
ARTICLE 7: PROCEDURAL REQUIREMENTS -- MEETINGS OF MEMBERS AND THE MANAGEMENT COMMITTEE....          26
   7.1      Management Committee Meetings.................................................          26
   7.2      Member Voting Rights; Member Meetings.........................................          27
   7.3      Place.........................................................................          27
   7.4      Notice........................................................................          27
   7.5      Waiver of Notice..............................................................          27
   7.6      Record Date...................................................................          27
   7.7      Quorum; Manner of Acting......................................................          27
   7.8      Proxies.......................................................................          28
   7.9      Meetings by Telephone or Video................................................          28
   7.10     Action Without a Meeting......................................................          28
   7.11     Minutes of Meetings...........................................................          28
ARTICLE 8: LIABILITY OF MEMBERS AND MANAGERS..............................................          28
   8.1      Limited Liability.............................................................          28
   8.2      Capital Contribution..........................................................          29
   8.3      Capital Return................................................................          29
   8.4      Reliance......................................................................          29
ARTICLE 9: EXCULPATION AND INDEMNIFICATION OF MANAGERS AND AUTHORIZED REPRESENTATIVES.....          29
   9.1      Standard of Care..............................................................          29
   9.2      Exculpation...................................................................          29
   9.3      Indemnification...............................................................          29
   9.4      Expense Advancement...........................................................          30
   9.5      Insurance.....................................................................          30
   9.6      Indemnification of Others.....................................................          30
   9.7      Rights Not Exclusive..........................................................          30
ARTICLE 10: ACCOUNTING AND REPORTING......................................................          30
   10.1     Fiscal Year...................................................................          30
   10.2     Tax Accounting Method.........................................................          30
   10.3     Tax Classification and Elections..............................................          31
   10.4     Returns.......................................................................          31
   10.5     Reports; Annual Financial Statements; Regulatory Reporting Obligations........          31
   10.6     Books and Records.............................................................          32
   10.7     Information...................................................................          33
   10.8     Banking.......................................................................          33
   10.9     Tax Matters Partner...........................................................          33
   10.10    No Partnership................................................................          34
ARTICLE 11: DISSOLUTION...................................................................          34
   11.1     Dissolution...................................................................          34
   11.2     Events of Withdrawal..........................................................          35
   11.3     Continuation..................................................................          35
ARTICLE 12: LIQUIDATION...................................................................          36
   12.1     Liquidation...................................................................          36
   12.2     Tax Termination...............................................................          36
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<TABLE>
<S>                                                                                                 <C>
   12.3     Priority of Payment...........................................................          37
   12.4     Liquidating Distributions.....................................................          37
   12.5     No Restoration Obligation.....................................................          38
   12.6     Liquidating Reports...........................................................          38
   12.7     Certificate of Cancellation...................................................          38
ARTICLE 13: TRANSFER RESTRICTIONS.........................................................          38
   13.1     General Restriction...........................................................          38
   13.2     Permitted Transferee..........................................................          38
   13.3     General Conditions on Transfers...............................................          38
   13.4     Transfer or Redemption of Units...............................................          40
   13.5     Procedures for Transfer or Redemption of Units................................          42
   13.6     Rights of Transferees.........................................................          44
   13.7     Security Interest.............................................................          44
ARTICLE 14: COVENANTS.....................................................................          44
   14.1     Confidentiality...............................................................          44
   14.2     Consolidation Cooperation.....................................................          45
   14.3     Form of the Company...........................................................          45
   14.4     Participation Right...........................................................          46
ARTICLE 15: DISPUTES......................................................................          47
   15.1     Resolution by the Parties.....................................................          47
   15.2     Resolution by Arbitration.....................................................          47
   15.3     Waiver of Immunities..........................................................          47
ARTICLE 16: GENERAL PROVISIONS............................................................          47
   16.1     Representations...............................................................          47
   16.2     Unregistered Interests........................................................          48
   16.3     Waiver of Dissolution Rights..................................................          48
   16.4     Waivers and Consents Generally................................................          48
   16.5     Equitable Relief..............................................................          49
   16.6     Remedies for Breach...........................................................          49
   16.7     Limitation of Liability.......................................................          49
   16.8     Amendments....................................................................          49
   16.9     Third-Party Rights............................................................          49
   16.10    Counterparts..................................................................          49
   16.11    Notice........................................................................          49
   16.12    Partial Invalidity............................................................          50
   16.13    Costs.........................................................................          50
   16.14    Entire Agreement..............................................................          50
   16.15    Benefit.......................................................................          50
   16.16    Binding Effect................................................................          50
   16.17    Further Assurances............................................................          50
   16.18    Headings......................................................................          50
   16.19    Terms.........................................................................          50
   16.20    Governing Law.................................................................          51
   16.21    English Language..............................................................          51
   16.22    LMI Guarantee.................................................................          51
   16.23    Registration Rights Agreement.................................................          51
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<PAGE>

                    AMENDED AND RESTATED OPERATING AGREEMENT

                                       OF

                          LMI/SUMISHO SUPER MEDIA, LLC

This AMENDED AND RESTATED OPERATING AGREEMENT is entered into this 26th day of
November, 2004, to be effective as of the Effective Date, by and among Liberty
Japan, Inc., a corporation formed under the laws of the State of Delaware
("LJI"), Liberty Japan II, Inc., a corporation formed under the laws of the
State of Delaware ("LJII"), LMI Holdings Japan, LLC, a limited liability company
formed under the laws of the State of Delaware ("LHJ"), Liberty Kanto, Inc., a
corporation formed under the laws of the State of Delaware ("Liberty Kanto"),
Liberty Jupiter, Inc., a corporation formed under the laws of the State of
Delaware ("Liberty Jupiter"), and Sumitomo Corporation, a corporation formed
under the laws of Japan ("SC"), such parties being all of the Members as of the
Effective Date of LMI/Sumisho Super Media, LLC, a limited liability company
formed under the laws of the State of Delaware (the "Company") and, solely with
respect to 3.1(c), 3.1(d) and 16.22 hereof, Liberty Media International, Inc., a
corporation formed under the laws of the State of Delaware ("LMI").

In consideration of the mutual promises and obligations contained in this
Agreement, and with the intent of being legally bound, the parties agree as
follows:

ARTICLE 1: FORMATION AND DEFINITIONS

1.1 FORMATION. The Company was originally formed on July 16, 2002, as Liberty
Netherlands, Inc., a corporation formed under the laws of the State of Delaware
and changed its name to Liberty Japan IV, Inc. on April 2, 2003. The Company
converted from a corporation into a limited liability company formed under the
laws of the State of Delaware and called LMI Japan IV, LLC pursuant to a
Certificate of Conversion and the Certificate, each of which were filed on July
19, 2004 with the Delaware Secretary of State pursuant to the Act. The Company
changed its name to LMI/Sumisho Super Media, LLC pursuant to a Certificate of
Amendment to the Certificate which was filed on October 20, 2004 with the
Delaware Secretary of State pursuant to the Act.

1.2 NAME. The name of the Company is LMI/Sumisho Super Media, LLC in English;
provided that the Company will be referred to in Japanese as Sumisho/LMI Super
Media, LLC. The business of the Company will be conducted under such names, as
well as any other name or names as the Company may from time to time determine.

1.3 MEMBERS. The address of the Company and of each Member of the Company as of
the date of this Agreement is set forth on the attached EXHIBIT A.

1.4 UNITS; PERCENTAGE INTERESTS. The Units held by, and the Percentage Interests
of, each Member as of the Effective Date are set forth on the attached EXHIBIT
B.

1.5 PRINCIPAL OFFICE; REGISTERED OFFICE AND AGENT. The principal office of the
Company is located at 12300 Liberty Boulevard, Englewood, Colorado, 80112, or at
such other place as the Management Committee may from time to time designate.
The Company may conduct business

<PAGE>

at such additional places as the Management Committee deems advisable. The
registered office of the Company in Delaware is located at 2711 Centerville
Road, Suite 400, Wilmington, Delaware, and its registered agent is The
Prentice-Hall Corporation System, Inc. The Company may change its registered
office or registered agent in Delaware in accordance with the Act. The Company
will instruct JCOM to send any information provided to the Company in its
capacity as a shareholder of JCOM to both the Company's principal office and to
the Company c/o SC Member at the address for SC Member set forth on EXHIBIT A.

1.6 FOREIGN QUALIFICATION. The Company will apply for any required certificate
of authority to do business in any other state or jurisdiction, as required or
appropriate and will file such other certificates and instruments as may be
required or appropriate from time to time in connection with its formation,
existence and operation.

1.7 TERM. The Company became effective as a limited liability company on the
date its Certificate was filed with the Delaware Secretary of State and will
continue in effect, unless and until a Dissolution occurs and the Certificate is
cancelled in accordance with the Act.

1.8 EFFECTIVE DATE; AMENDMENT AND RESTATEMENT. This Agreement will become
effective on the Effective Date and as of such date, amends and restates in its
entirety the operating agreement of the Company dated July 16, 2004, as amended.
Except with respect to the foregoing provision that this Agreement will become
effective on the Effective Date, this Agreement is of no force or effect unless
and until the Effective Date occurs.

1.9 DEFINITIONS. The following terms used in this Agreement have the
corresponding meanings set forth below.

Acquired Units:                             as defined in 13.4(b)(ii).

Act:                                        the Delaware Limited Liability
                                            Company Act, as amended from time to
                                            time.

Additional Contribution:                    as defined in 3.2(a).

Additional Contribution Notice:             as defined in 3.2(a).

Adjusted Capital Account Deficit:           with respect to any Member, the
                                            deficit balance, if any, in such
                                            Member's Capital Account as of the
                                            end of the relevant taxable year,
                                            after crediting to such Capital
                                            Account any amounts which such
                                            Member is obligated to restore to
                                            the Company upon liquidation of such
                                            Member's interest in the Company and
                                            debiting to such Capital Account the
                                            items described
                                            in Section 1.704-1(b)(2)(ii)(d)(4),
                                            1.704-1(b)(2)(ii)(d)(5), and
                                            1.704-1(b)(2)(ii)(d)(6) of the
                                            Regulations.

Adjustment Transaction:                     as defined in 3.10.

                                       2
<PAGE>

Affiliate:                                  with respect to a Person, any other
                                            Person that directly or indirectly
                                            Controls, is Controlled by, or is
                                            under common Control with, such
                                            Person; provided, that for purposes
                                            of 14.4, "Affiliate" includes only
                                            any other Person that directly or
                                            indirectly is Controlled by such
                                            Person and the common stock of which
                                            is not publicly-traded.

Agreement:                                  this Amended and Restated Operating
                                            Agreement, also known as a limited
                                            liability company agreement under
                                            the Act, as amended from time to
                                            time.

Assuming Member:                            as defined in 12.4.

Authorized Representatives:                 as defined in 6.4.

Bankruptcy:                                 a Person will be deemed bankrupt if:

                                            (a) any proceeding is commenced
                                            against such Person as "debtor" for
                                            any relief under bankruptcy or
                                            insolvency laws, or laws relating to
                                            the relief of debtors,
                                            reorganizations, civil
                                            rehabilitations, arrangements,
                                            compositions, or extensions, or such
                                            Person becomes subject to procedures
                                            for provisional or final attachment
                                            in respect of all or a material
                                            portion of its assets, and (i) such
                                            proceeding is not dismissed or
                                            stayed within 120 days after such
                                            proceeding has commenced, or (ii) an
                                            order for relief against such Person
                                            is granted, or (b) such Person
                                            commences any proceeding for relief
                                            under bankruptcy or insolvency laws
                                            or laws relating to the relief of
                                            debtors, reorganizations, civil
                                            rehabilitations, arrangements,
                                            compositions, or extensions.

Book Value:                                 with respect to any asset, the
                                            asset's adjusted basis for U.S.
                                            federal income tax purposes, except
                                            as follows:

                                            (a) the initial Book Value of any
                                            asset contributed (or deemed
                                            contributed under Section
                                            1.708-1(b)(4) of the Regulations) by
                                            a Member to the Company will be the
                                            asset's Fair Market Value at the
                                            time of the contribution;

                                            (b) the Book Value of all Company
                                            assets will be adjusted to equal
                                            their respective Fair Market Values:
                                            (i) as of (A) the acquisition of an
                                            additional interest in the Company
                                            by any new or existing Member in
                                            exchange for more than a de minimis
                                            Capital Contribution, or (B) the
                                            distribution by the Company to a
                                            Member of more than a de minimis
                                            amount of Company property as
                                            consideration for an interest in the
                                            Company; and (ii) as of the
                                            liquidation of the

                                       3
<PAGE>

                                            Company within the meaning of
                                            Regulations Section
                                            1.704-1(b)(2)(ii)(g);

                                            (c) the Book Value of any Company
                                            asset distributed to any Member will
                                            be the Fair Market Value of the
                                            asset on the date of distribution;
                                            and

                                            (d) the Book Values of Company
                                            assets will be increased or
                                            decreased to reflect any adjustment
                                            to the adjusted basis of the assets
                                            under Code Sections 734(b) or
                                            743(b), but only to the extent that
                                            the adjustment is taken into account
                                            in determining Capital Accounts
                                            under Regulations Section
                                            1.704-1(b)(2)(iv)(m), but Book
                                            Values will not be adjusted pursuant
                                            to this provision to the extent that
                                            the Management Committee determines
                                            that an adjustment under clause (b)
                                            is necessary or appropriate in
                                            connection with a transaction that
                                            would otherwise result in an
                                            adjustment under this clause (d).

                                            After the Book Value of any asset
                                            has been adjusted under clause (a),
                                            clause (b) or clause (d) above, Book
                                            Value will be adjusted by the
                                            Depreciation taken into account with
                                            respect to the asset for purposes of
                                            computing Net Income and Net Loss.

Broadband Business:                         a business that owns, leases or
                                            operates, or proposes to own, lease
                                            or operate, a wireline broadband
                                            distribution service to deliver
                                            primarily video services.

Business Day:                               a day other than a Saturday or
                                            Sunday on which banks are open for
                                            business both in New York, New York
                                            and Tokyo, Japan, it being agreed
                                            that with respect to an action to be
                                            taken by a party within a certain
                                            number of Business Days after its
                                            receipt of a specified Notice,
                                            Business Days will mean Business
                                            Days in Japan in the case of SC
                                            Member and will mean Business Days
                                            in the U.S. in the case of LMI
                                            Member.

Capital Account:                            the capital account of a Member
                                            established and maintained in
                                            accordance with 3.3.

Capital Contribution:                       any contribution of money or
                                            property by a Member to the Company.

Casting Vote Effective Date:                the date on which JASDAQ makes a
                                            public announcement that it has
                                            approved JCOM's application to list
                                            the JCOM Shares on JASDAQ, which
                                            date is anticipated to occur on or
                                            after January 6, 2005.

                                       4
<PAGE>

Certificate:                                the Certificate of Formation of the
                                            Company, as amended from time to
                                            time.

Chairman:                                   as defined in 6.2.

Code:                                       the U.S. Internal Revenue Code of
                                            1986, as amended from time to time
                                            (including corresponding provisions
                                            of any subsequent revenue laws).

Commercially Reasonable Efforts:            reasonable efforts made by any party
                                            that will not require such party to
                                            undertake extraordinary or
                                            unreasonable measures to obtain any
                                            consents, approvals or other
                                            authorizations or to achieve other
                                            desired results, including requiring
                                            such party to make any material
                                            expenditures (other than normal
                                            filing fees or the like) or to
                                            accept any material changes in the
                                            terms of a contract, license or
                                            other instrument for which a
                                            consent, approval or authorization
                                            is sought.

Company:                                    as defined in the preamble.

Company Confidential
Information:                                as defined in 14.1.

Company's Initial JCOM Shares:              the total number of JCOM Shares held
                                            by the Company immediately following
                                            the JCOM IPO Date.

Contribution Adjustment:                    as defined in 3.10.

Contribution Agreement:                     the Contribution Agreement dated as
                                            of the date of this Agreement among
                                            the initial Members, the Company and
                                            LMI.

Control:                                    including with correlative meanings,
                                            the terms "controlling", "controlled
                                            by" and "under common control with",
                                            as used with respect to any Person:
                                            (a) the beneficial ownership,
                                            directly or indirectly, of voting
                                            securities entitling the holder
                                            thereof to cast more than 50% of the
                                            total votes entitled to be cast
                                            generally for the election of
                                            directors (or Persons of a similar
                                            position) of such Person by all the
                                            holders of voting securities of such
                                            Person or (b) the possession,
                                            directly or indirectly, of the power
                                            to control or direct the management
                                            of such Person through a management
                                            agreement or other contractual
                                            arrangement that grants management
                                            and operational control irrespective
                                            of voting power or equity ownership.

                                       5
<PAGE>

Depreciation:                               for each taxable year or other
                                            period, an amount equal to the
                                            depreciation, amortization or other
                                            cost recovery deduction allowable
                                            with respect to an asset for the
                                            year or other period, except that if
                                            the Book Value of an asset differs
                                            from its adjusted basis for U.S.
                                            federal income tax purposes at the
                                            beginning of the year or other
                                            period, Depreciation will be an
                                            amount which bears the same ratio to
                                            the beginning Book Value as the U.S.
                                            federal income tax depreciation,
                                            amortization or other cost recovery
                                            deduction for the year or other
                                            period bears to the beginning
                                            adjusted tax basis, but if the U.S.
                                            federal income tax depreciation,
                                            amortization, or other cost recovery
                                            deduction for the year or other
                                            period is zero, Depreciation will be
                                            determined with reference to the
                                            beginning Book Value using any
                                            reasonable method selected by the
                                            Management Committee.

Dissolution:                                the happening of any of the events
                                            set forth in 11.1.

Distribution:                               the amount of any money or the Fair
                                            Market Value of any property
                                            distributed by the Company to the
                                            Members as an operating or
                                            liquidating distribution in
                                            accordance with this Agreement,
                                            reduced by the amount of any Company
                                            liabilities assumed by the
                                            distributee or to which the
                                            distributed property is subject.

Effective Date:                             the Closing Date of the Contribution
                                            Agreement, as defined in the
                                            Contribution Agreement.

Fair                                        Market Value: the cash price at
                                            which a willing seller would sell
                                            and a willing buyer would buy, both
                                            having full knowledge of the
                                            relevant facts and being under no
                                            compulsion to buy or sell, in an
                                            arm's-length transaction without
                                            time constraints, all as reasonably
                                            determined by the Management
                                            Committee unless otherwise provided
                                            in this Agreement.

Fiscal Year:                                the period commencing on January 1
                                            of each year and ending on December
                                            31 of such year.

Fully Diluted JCOM Shares:                  the sum at any given time, without
                                            duplication, of (a) the aggregate
                                            number of JCOM Shares that are
                                            issued and outstanding, plus (b) the
                                            aggregate number of JCOM Shares
                                            issuable upon the exercise,
                                            conversion or exchange of all
                                            outstanding convertible securities,
                                            convertible debt, options, warrants,
                                            or other direct or indirect rights
                                            to purchase or acquire JCOM Shares
                                            (whether or not then vested or
                                            exercisable).

                                       6
<PAGE>

GAAP:                                       generally accepted accounting
                                            principles in the U.S., consistently
                                            applied.

Governmental Approvals:                     any consent, approval or
                                            authorization of, notice to,
                                            declaration of, or filing with, any
                                            Governmental Authority.

Governmental Authority:                     any foreign, domestic, federal,
                                            territorial, state or local
                                            governmental authority,
                                            quasi-governmental authority, court,
                                            government or self-regulatory
                                            organization, commission, tribunal,
                                            organization or any regulatory,
                                            administrative or other agency, or
                                            any political or other subdivision,
                                            department or branch of any of the
                                            foregoing.

Holding Company:                            in relation to a company or
                                            corporation, any other company or
                                            corporation in respect of which it
                                            is a Subsidiary.

Income:                                     for each Fiscal Year, each item of
                                            income and gain as determined,
                                            recognized and classified for U.S.
                                            federal income tax purposes, but:
                                            (a) any income or gain that is
                                            exempt from U.S. federal income tax
                                            will be included as if it were an
                                            item of taxable income, (b) any
                                            income or gain attributable to the
                                            taxable disposition of any Company
                                            asset will be computed by the
                                            Company as if the adjusted basis of
                                            such asset as of the date of the
                                            disposition were equal in amount to
                                            the Company's Book Value with
                                            respect to such asset as of such
                                            date, (c) in the event of a
                                            distribution of any Company asset,
                                            whether or not in connection with a
                                            liquidation of the Company, such
                                            event will for Capital Account
                                            purposes be a deemed taxable
                                            disposition of such Company asset
                                            immediately prior to such
                                            distribution and income or gain will
                                            be computed and allocated among the
                                            Members as if such property were
                                            actually disposed of for an amount
                                            realized equal to the Fair Market
                                            Value of such asset and as if the
                                            adjusted basis of such asset was
                                            equal to its Book Value at such
                                            time, and (d) in the event the Book
                                            Value of any Company asset is
                                            adjusted upwards pursuant to the
                                            definition of Book Value the amount
                                            of such adjustment will be taken
                                            into account for Capital Account
                                            purposes as income or gain from the
                                            disposition of such Company asset
                                            and allocated among the Members.

Indemnified Persons:                        as defined in 9.3.

IPO Price:                                  as defined in 3.2(b)(ii).

Japanese Broadband Business

                                       7
<PAGE>

Operator:                                   any Person that directly owns or
                                            operates a Broadband Business
                                            serving residential customers in
                                            Japan.

JASDAQ:                                     Japanese Association of Securities
                                            Dealers Automated Quotation System

JCOM:                                       Jupiter Telecommunications Co.,
                                            Ltd., a corporation organized under
                                            the laws of Japan, and any successor
                                            (by merger, consolidation, transfer
                                            or otherwise, in one or a series of
                                            transactions), to all or
                                            substantially all of its assets.

JCOM IPO:                                   the consummation of the first public
                                            offering of JCOM's equity securities
                                            and the listing of such equity
                                            securities on JASDAQ.

JCOM IPO Date:                              the first day of trading of the JCOM
                                            Shares on JASDAQ following the
                                            consummation of the JCOM IPO, which
                                            is anticipated to occur on or after
                                            February 8, 2005.

JCOM Preemptive Rights:                     any (a) preemptive rights granted to
                                            the Company by JCOM or under the
                                            Japanese Commercial Code or the
                                            Articles of Incorporation or Bylaws
                                            of JCOM, to subscribe for new JCOM
                                            Shares in order to maintain its
                                            proportionate share of ownership
                                            upon the issuance of any new JCOM
                                            Shares (or upon the issuance of any
                                            other securities that are directly
                                            or indirectly convertible into or
                                            exchangeable or exercisable for JCOM
                                            Shares), or (b) other rights to
                                            subscribe for new JCOM Shares (or
                                            any other securities that are
                                            directly or indirectly convertible
                                            into or exchangeable or exercisable
                                            for JCOM Shares) granted by JCOM to
                                            its shareholders.

JCOM Share:                                 a share of common stock of
                                            JCOM, and any other common stock or
                                            other securities (including
                                            securities of another entity) into
                                            which such a share of common stock
                                            is exchanged, converted,
                                            reclassified, recapitalized or
                                            reconstituted in any transaction
                                            involving JCOM.

JCOM Three-Party                            the Shareholders Agreement relating
Shareholders Agreement:                     to JCOM, dated as of February 1,
                                            2003, by and among SC, LMI (as
                                            successor in interest to Liberty
                                            Media Corporation), Liberty Jupiter,
                                            LJI, LJII, Microsoft Corporation and
                                            Microsoft Holdings V, Inc., as
                                            amended by the Deed of Adherence of
                                            Liberty Kanto dated March 27, 2003,
                                            the Deed of Adherence of the Company
                                            dated May 16, 2003 and the Amendment
                                            to Three-Party Shareholders
                                            Agreement effective July 15, 2004.

                                       8
<PAGE>

JCOM Two-Party
Shareholders Agreement:                     the Shareholders Agreement relating
                                            to JCOM, dated as of February 1,
                                            2003, by and among SC, LMI (as
                                            successor in interest to Liberty
                                            Media Corporation), Liberty Jupiter,
                                            LJI and LJII, as amended by the Deed
                                            of Adherence of Liberty Kanto dated
                                            March 27, 2003, the Deed of
                                            Adherence of the Company dated May
                                            16, 2003 and the Amendment to
                                            Two-Party Shareholders Agreement
                                            effective July 15, 2004.

LHJ:                                        as defined in the preamble.

Liberty Jupiter:                            as defined in the preamble.

Liberty Kanto:                              as defined in the preamble.

Lien:                                       means, with respect to any
                                            securities, any lien, pledge,
                                            charge, security interest, or
                                            encumbrance of any nature whatsoever
                                            in or on such securities, including,
                                            without limitation, any purchase
                                            option, call or similar right with
                                            respect to such securities or any
                                            limitation on the voting rights of
                                            such securities; provided, that
                                            prior to the JCOM IPO, a Lien will
                                            not be created solely because of any
                                            of the provisions of the JCOM
                                            Two-Party Shareholders Agreement or
                                            the JCOM Three-Party Shareholders
                                            Agreement.

Limited Owner:                              as defined in 11.3(a).

Liquidation:                                the process of winding up and
                                            terminating the Company after its
                                            Dissolution.

LJI:                                        as defined in the preamble.

LJII:                                       as defined in the preamble.

LMI:                                        as defined in the preamble.

LMI Assigned Rights and
Obligations:                                as defined in 3.1(b).

LMI Member:                                 collectively, LJI, LJII, LHJ,
                                            Liberty Kanto and Liberty Jupiter
                                            and any Affiliate of any of them
                                            subsequently admitted to the Company
                                            as an additional or substitute
                                            Member in accordance with the terms
                                            of this Agreement, which
                                            collectively will be considered as
                                            one Member for purposes of this
                                            Agreement.

                                       9
<PAGE>

LMI Requested Financial
Information:                                as defined in 10.5(b).

LMINT                                       Holdings: Liberty Media
                                            International Holdings, LLC, a
                                            Delaware limited liability company,
                                            and any successor (by merger,
                                            consolidation, transfer or
                                            otherwise, in one or a series of
                                            transactions), to all or
                                            substantially all of its assets.

LMINT Holdings Affiliate:                   a Subsidiary of LMINT Holdings or a
                                            Holding Company of LMINT Holdings or
                                            any other Subsidiary of a Holding
                                            Company of LMINT Holdings and also
                                            includes any company or corporation
                                            of which at the time of initial
                                            determination of whether such entity
                                            is an LMINT Holdings Affiliate,
                                            securities or other ownership
                                            interests representing more than 25%
                                            of the equity or more than 25% of
                                            the Ordinary Voting Power or, in the
                                            case of a partnership, more than 25%
                                            of the general partnership interests
                                            are, as of such date, owned,
                                            controlled or held by John C. Malone
                                            and such ownership interests or
                                            general partnership interests, as
                                            the case may be, owned, controlled
                                            or held by John C. Malone, as of
                                            such date, represent the largest
                                            single percentage of equity or
                                            Ordinary Voting Power or general
                                            partnership interests, as
                                            applicable, owned, controlled or
                                            held by any Person (or any company
                                            or corporation that is a Subsidiary
                                            of such a company or corporation).

Loss:                                       for each Fiscal Year, each item of
                                            loss or deduction as determined,
                                            recognized and classified for U.S.
                                            federal income tax purposes,
                                            provided, that: (a) any
                                            Codess.705(a)(2)(B) expenditure will
                                            be included as if it were a
                                            deductible expenditure, (b) any loss
                                            attributable to the taxable
                                            disposition of any Company asset
                                            will be computed by the Company as
                                            if the adjusted basis of such asset
                                            as of the date of the disposition
                                            were equal to the Company's Book
                                            Value with respect to such asset as
                                            of such date, (c) in the event of a
                                            distribution of any Company asset,
                                            whether or not in connection with a
                                            liquidation of the Company, such
                                            event will be a deemed taxable
                                            disposition of such asset
                                            immediately prior to such
                                            distribution and any loss will be
                                            computed and allocated among the
                                            Members as if such property were
                                            actually disposed of for an amount
                                            realized equal to the Fair Market
                                            Value of such asset and as if the
                                            adjusted basis of such asset were
                                            equal to its Book

                                       10
<PAGE>

                                             Value at such time, (d) in the
                                             event the Book Value of any Company
                                             asset is adjusted downward pursuant
                                             to the definition of Book Value,
                                             the amount of such adjustment will
                                             be taken into account as a loss
                                             from the disposition of such asset
                                             and allocated among the Members,
                                             and (e) any deductions for
                                             Depreciation with respect to a
                                             Company asset will be determined as
                                             if the adjusted basis of such asset
                                             were equal to the Book Value of
                                             such asset pursuant to the
                                             methodology described in
                                             Regulations Section
                                             1.704-1(b)(2)(iv)(g)(3).

Management Committee:                       the governing body of the Company
                                            that has the power and authority set
                                            forth in 6.1, comprised of all of
                                            the Managers, as and when acting in
                                            their capacity as the Management
                                            Committee of the Company as provided
                                            in this Agreement.

Manager:                                    an individual appointed to serve on
                                            the Management Committee in
                                            accordance with 6.2.

Member:                                     a Member as listed on the attached
                                            EXHIBIT A, and any other Person
                                            subsequently admitted to the Company
                                            as an additional or substitute
                                            member in accordance with the terms
                                            of this Agreement.

Net Income and Net Loss:                    for each Fiscal Year: (a) the excess
                                            of the Income for such period over
                                            the Loss for such period, or (b) the
                                            excess of the Loss for such period
                                            over the Income for such period,
                                            respectively, but Net Income and Net
                                            Loss for a Fiscal Year will be
                                            computed by excluding from such
                                            computation any Income or Loss
                                            specially allocated under 4.2
                                            through 4.6, any nonrecourse
                                            deductions, and any member
                                            nonrecourse deductions.

Net Proceeds:                               the total amount of cash proceeds
                                            received by the Company in
                                            connection with any sale of JCOM
                                            Shares made pursuant to 13.4, less
                                            the amount of any transfer taxes,
                                            stamp duties, stamp duty reserve
                                            taxes and other similar changes or
                                            taxes, and any other costs or
                                            expenses, incurred by the Company in
                                            connection with such a sale,
                                            including without limitation, costs
                                            and expenses incurred by the Company
                                            pursuant to its obligations under
                                            13.4(c).

Non-Purchasing Member:                      as defined in 14.4.

Notice:                                     written notice actually delivered or
                                            deemed delivered under 16.11.

Offer:                                      as defined in 13.4(b)(i).

                                       11
<PAGE>

Offered Units:                              as defined in 13.4(b)(i).

Offeree:                                    as defined in 13.4(b)(i).

Offer Price:                                as defined in 13.4(b)(i).

Operating Agreement Year:                   the one-year period commencing on
                                            the JCOM IPO Date and each one-year
                                            period thereafter.

Ordinary Market Transaction:                any sale of JCOM Shares effected in
                                            an ordinary market transaction
                                            through the JASDAQ without the
                                            payment to any securities
                                            intermediaries such as underwriters
                                            or placement agents of any
                                            commissions or other fees relating
                                            to the solicitation of offers to buy
                                            the JCOM Shares, other than the
                                            payment of a usual and customary
                                            broker's commission to the broker
                                            who executes the order to sell the
                                            JCOM Shares.

Ordinary                                    Voting Power: voting power with
                                            respect to the general election of
                                            directors (or Persons of a similar
                                            position), excluding voting power
                                            that arises solely upon the
                                            occurrence of a contingency.

Parent:                                     (a) in relation to any Member which
                                            is, or is an Affiliate of SC, SC,
                                            and (b) in relation to any Member
                                            which is, or is an Affiliate of LMI
                                            Member, LMINT Holdings; provided,
                                            that LMI Member or LMINT Holdings
                                            may hereafter, by written notice to
                                            the other Member, designate as the
                                            Parent of LMI Member for purposes of
                                            this Agreement, any LMINT Holdings
                                            Affiliate that (i) has a net worth
                                            of at least US$500,000,000 at the
                                            time of designation, (ii)
                                            beneficially owns, directly or
                                            indirectly, all of the Units
                                            beneficially owned, directly or
                                            indirectly, by LMINT Holdings
                                            immediately prior to such
                                            designation and (iii) agrees to the
                                            guarantee set forth in 16.22 for the
                                            benefit of the Members other than
                                            LMI Member (provided that LMI will
                                            also continue to be bound by the
                                            guarantee set forth in 16.22).

Participation Right:                        as defined in 14.4.

Percentage Interest:                        in relation to any Member, the
                                            percentage (rounded to three places
                                            after the decimal) equal to (a) the
                                            number of Units held by such Member,
                                            divided by (b) the total number of
                                            Units held by all Members,
                                            calculated at the time of
                                            measurement.

Permitted Transferee:                       as defined in 13.2.

                                       12
<PAGE>

Person:                                     an individual, corporation,
                                            partnership, limited liability
                                            company, trust, unincorporated
                                            organization, association,
                                            Governmental Authority or other
                                            entity.

Principal Shareholders
Agreement:                                  the Principal Shareholders
                                            Agreement, dated as of February 1,
                                            2003, by and among Liberty Media
                                            Corporation, SC, Microsoft
                                            Corporation, LJI, LJII, Liberty
                                            Jupiter, Liberty Jupiter Finance,
                                            Inc., J-COM Finance Co., Ltd., JCOM,
                                            Sumitomo Mitsui Banking Corporation
                                            and Citibank, N.A., Tokyo Branch,
                                            and other financial institutions
                                            identified therein, as amended.

Proceeding:                                 any claim, dispute, demand or
                                            threatened, pending or completed
                                            action, suit or proceeding, whether
                                            formal or informal, and whether
                                            civil, administrative, investigative
                                            or criminal.

Purchasing Member:                          as defined in 14.4.

Registration Rights Agreement:              as defined in 16.23.

Regulations:                                the U.S. Treasury Regulations
                                            (including temporary or proposed
                                            regulations) promulgated under the
                                            Code, as amended from time to time
                                            (including corresponding provisions
                                            of succeeding regulations).

Requesting Member:                          as defined in 10.5(b).

Retained IPO Shares:                        as defined in 3.2(b)(ii).

Sale Period:                                as defined in 13.4(c)(i)(B).

SC:                                         as defined in the preamble.

SC Additional Information:                  as defined in 10.5(b).

SC Assigned Rights and
Obligations:                                as defined in 3.1(b).

SC                                          Member: SC and any Affiliate of SC
                                            subsequently admitted to the Company
                                            as an additional or substitute
                                            Member in accordance with the terms
                                            of this Agreement, which
                                            collectively will be considered as
                                            one Member for purposes of this
                                            Agreement.

SC Permitted Number:                        if a positive number (taking into
                                            account any adjustments that have
                                            been made in accordance with this
                                            definition as of

                                       13
<PAGE>

                                            the time of determination), the
                                            number of JCOM Shares obtained by
                                            ***. [THE REDACTED PORTION OF THIS
                                            DEFINITION CONTAINS A FORMULA FOR
                                            CALCULATING THE MAXIMUM NUMBER OF
                                            JCOM SHARES THAT SC MEMBER CAN
                                            REQUEST THE COMPANY TO SELL ON ITS
                                            BEHALF PURSUANT TO SECTION 13.4 OF
                                            THIS AGREEMENT AND LIMITS THE
                                            ABILITY OF SC MEMBER TO UNILATERALLY
                                            CAUSE THE COMPANY TO SELL ENOUGH
                                            JCOM SHARES THAT IT WOULD IMPACT THE
                                            COMPANY'S ABILITY TO CONSOLIDATE
                                            JCOM.].

Selling Member:                             as defined in 13.4(b)(i).

Standard of Care:                           as defined in 9.1.

Subsidiary:                                 with respect to any company, any
                                            other company (a) of which
                                            securities or other ownership
                                            interests representing more than 50%
                                            of the equity or more than 50% of
                                            the Ordinary Voting Power or, in the
                                            case of a partnership, more than 50%
                                            of the general partnership interests
                                            are, as of such date, owned,
                                            controlled or held, by such company,
                                            or (b) which is a Subsidiary of
                                            another Subsidiary of such company.

Tax Matters Partner:                        as defined in 10.9.

Third Party Buyer:                          as defined in 13.4(b)(i).

Third Party Offer:                          as defined in 13.4(b)(i).

TOB Rules:                                  the takeover bid procedures provided
                                            in Chapter 2-2 of the Securities and
                                            Exchange Law of Japan (Law No. 25 of
                                            1948, as amended).

Transfer:                                   a sale, exchange, assignment,
                                            transfer or other disposition of a
                                            Unit (whether voluntary, involuntary
                                            or by operation of law).

Transferee:                                 a Person to whom one or more Units
                                            are Transferred in compliance with
                                            this Agreement.

Transferor:                                 a Person who Transfers one or more
                                            Units in accordance with this
                                            Agreement.

2004 DES Shares:                            as defined in 3.2(b)(i).

2003 DES Shares:                            as defined in 3.2(b)(i).

                                       14
<PAGE>

Unacquired Units:                           as defined in 13.4(c)(i).

Unit:                                       a unit of ownership in the Company,
                                            each representing a right, in
                                            accordance with the provisions of
                                            this Agreement, to participate as a
                                            Member in the management of the
                                            Company and to receive distributions
                                            and allocations of Net Income and
                                            Net Losses.

Unit                                        Fair Market Value: for each Unit,
                                            the average of the closing prices of
                                            a JCOM Share, as reported by the
                                            JASDAQ, for the five consecutive
                                            trading days ending on the trading
                                            day immediately preceding the date
                                            as of which Unit Fair Market Value
                                            is to be determined.

Withdrawal:                                 the occurrence of an event which
                                            terminates membership in the
                                            Company, as provided in 11.2.

ARTICLE 2: PURPOSES AND POWERS

2.1 PURPOSE. Subject to the provisions of this Agreement, the purpose of the
Company is, directly or through Affiliates (a) to own, acquire, hold, sell or
otherwise dispose of JCOM Shares and to take all actions incidental to or
related to such activities, including actions relating to the exercise of the
Company's rights as a holder of JCOM Shares (e.g., voting the JCOM Shares) and
any actions to be taken and decisions to be made pursuant to any agreements
related to the JCOM Shares; (b) to enter into, amend or terminate any agreements
related to the JCOM Shares; and (c) to do any and all other acts or things that
may be incidental, advisable or necessary to carry on the business of the
Company as contemplated by this Agreement. Unless otherwise agreed to by the
written consent of all Members, unless otherwise provided for in this Agreement
or unless necessary to satisfy any liabilities of the Company, the Company will
not sell or otherwise Transfer any of its JCOM Shares.

2.2 OTHER PURPOSES. The Company may engage in any other business or other
activities agreed to with the written consent of all Members, but subject to any
restrictions on activities of limited liability companies under the Act.

2.3 POWERS. The Company has all of the powers granted to a limited liability
company under the Act, as well as all powers necessary or convenient to achieve
its purposes and to further its business that are not expressly prohibited to
the Company by applicable law.

ARTICLE 3: CAPITAL OF THE COMPANY

3.1 INITIAL CONTRIBUTIONS/JCOM SHAREHOLDER AGREEMENTS.

(a)   Pursuant to the Contribution Agreement, each initial Member (other than
      LHJ) will assign and transfer to the Company on the Effective Date, the
      number of JCOM Shares equal to its number of Units as set forth in EXHIBIT
      B, which will constitute the initial Capital Contribution made by such
      Member to the Company with respect to its Units. Immediately prior to
      closing of the Contribution Agreement, LHJ will be the sole

                                       15
<PAGE>

      member of the Company and the Company will own 591,507 JCOM Shares, which
      shares constitute the initial Capital Contribution of LHJ with respect to
      its Units as set forth on EXHIBIT B. The agreed Fair Market Value of such
      contributions are the amounts set forth in EXHIBIT B under "Initial
      Capital Account" and such amounts will be credited as of the Effective
      Date to the applicable Member's Capital Account with respect to such Units
      and will be deemed to be the amount of such Member's initial Capital
      Contribution.

(b)   SC hereby assigns to the Company effective as of the Effective Date, its
      rights and obligations under Clauses 4.1, 4.2 and 4.4 of the JCOM
      Three-Party Shareholders Agreement to the extent such rights and
      obligations relate to the period after the Effective Date (the "SC
      Assigned Rights and Obligations") and each of LJI, LJII, Liberty Kanto and
      Liberty Jupiter hereby assigns to the Company all of its rights and
      obligations under the JCOM Three-Party Shareholders Agreement to the
      extent such rights and obligations relate to the period after the
      Effective Date (the "LMI Assigned Rights and Obligations"). If the Event
      of Dissolution set forth in 11.1(e) occurs, the Company will promptly
      re-assign the SC Assigned Rights and Obligations to SC and, unless LMI
      Member exercises its option under 11.3(b) to continue the Company, will
      promptly re-assign to LJI, LJII, Liberty Kanto and Liberty Jupiter their
      respective LMI Assigned Rights and Obligations.

(c)   The Members on their own behalf and on behalf of the Company and LMI agree
      that effective as of the Effective Date and without further action
      required on any of their behalf, the JCOM Two-Party Shareholders Agreement
      is terminated and of no further force or effect.

(d)   If the event of Dissolution set forth in 11.1(e) occurs, the Members and
      LMI will enter into a new shareholders agreement with respect to their
      ownership interests in JCOM on the same substantive terms and conditions
      as the JCOM Two-Party Shareholders Agreement, taking into account such
      changes as may be required to reflect the then-current ownership of JCOM
      Shares by the Members and other factual changes resulting from this
      Agreement.

3.2 ADDITIONAL CAPITAL CONTRIBUTIONS.

(a)   (i)   The Management Committee will have the right from time to time to
            make calls for optional additional Capital Contributions in order to
            enable the Company to purchase additional JCOM Shares pursuant to
            the exercise of its JCOM Preemptive Rights, if any (each, an
            "Additional Contribution") by giving Notice to each Member of any
            such optional capital call (an "Additional Contribution Notice").
            Each Additional Contribution Notice will specify each Member's
            Percentage Interest of such Additional Contribution and the date by
            which such Additional Contribution must be received by the Company
            if the Member desires to participate, which date will be a
            reasonable period of time prior to the date when the Company must
            exercise its JCOM Preemptive Rights. If the Management Committee
            makes a call for Additional Contributions, each Member will have the
            option to contribute all or any portion of its Percentage Interest
            of such Additional Contributions, which contributions will be in
            cash. Additional

                                       16
<PAGE>

            Units will be issued to the Members in respect of such Additional
            Contributions (including Additional Contributions made pursuant to
            3.2(a)(ii)) on the basis of one Unit for each JCOM Share acquired
            with such Member's Additional Contributions; provided, that if
            application of the foregoing would require the issuance of
            fractional Units, the Additional Contributions to be made by each
            Member will be equitably adjusted as determined by the Management
            Committee so that no fractional Units will be issued. No Member will
            be required to make an Additional Contribution.

      (ii)  If either LMI Member or SC Member does not elect to fund any portion
            of its Percentage Interest of a call for Additional Contributions
            made pursuant to 3.2(a)(i), which election will be deemed to have
            been made by LMI Member or SC Member with respect to any portion of
            its Percentage Interest of such Additional Contributions that it
            does not contribute by the date specified in the Additional
            Contribution Notice, then at any time prior to the exercise by the
            Company of its JCOM Preemptive Rights to which the Additional
            Contribution relates, a Member that has elected to fund its entire
            Percentage Interest of a call for Additional Contributions may elect
            to increase its Additional Contribution by all or any portion of the
            amount of the non-contributing Member's share that is not funded by
            such Member without further Notice to the non-contributing Member.

(b)  (i)    Immediately following the six month anniversary of the JCOM IPO
            Date, SC Member will contribute to the Company the 375,125 JCOM
            Shares that SC acquired on May 16, 2003 pursuant to a debt for
            equity swap with JCOM (as adjusted, including with respect to type
            of shares, to take into account any common stock dividend, stock
            split, reverse stock split, recapitalization, reclassification,
            conversion, reconstitution, exchange or other transaction affecting
            all of the JCOM Shares that occurs after the date of this Agreement,
            the "2003 DES Shares"), together with any dividends or distributions
            paid, and the right to receive any dividends or distributions
            declared, in respect of the 2003 DES Shares on or after the
            Effective Date but prior to the date the Company becomes the holder
            of record of such shares, in each case other than common stock
            dividends already included in the 2003 DES Shares. On the later to
            occur of August 6, 2005 or the six month anniversary of the JCOM IPO
            Date, SC Member will contribute to the Company the 152,505 JCOM
            Shares that SC acquired from JCOM on August 6, 2004 (as adjusted,
            including with respect to type of shares, to take into account any
            common stock dividend, stock split, reverse stock split,
            recapitalization, reclassification, conversion, reconstitution,
            exchange or other transaction affecting all of the JCOM Shares that
            occurs after the date of this Agreement, the "2004 DES Shares"),
            together with any dividends or distributions paid, and the right to
            receive any dividends or distributions declared, in respect of the
            2004 DES Shares on or after the Effective Date but prior to the date
            the Company becomes the holder of record of such shares, in each
            case other than common stock dividends already included in the 2004
            DES Shares. In each case, the Company will issue additional Units to
            SC Member simultaneously upon such contributions on the basis of one
            Unit for each JCOM Share contributed to the

                                       17
<PAGE>

            Company and the issuance of such additional Units will be promptly
            reflected on the books and records of the Company.

      (ii)  In addition to the JCOM Shares to be contributed by SC Member to the
            Company pursuant to 3.2(b)(i), SC Member has retained 102,921 JCOM
            Shares (as adjusted, including with respect to type of shares, to
            take into account any common stock dividend, stock split, reverse
            stock split, recapitalization, reclassification, conversion,
            reconstitution, exchange or other transaction affecting all of the
            JCOM Shares that occurs after the date of this Agreement, the
            "Retained IPO Shares") ***. If the IPO Price is *** or greater per
            share, then immediately following the JCOM IPO Date, SC Member will
            contribute all of the Retained IPO Shares to the Company, together
            with any dividends or distributions paid, and the right to receive
            any dividends or distributions declared, in respect of the Retained
            IPO Shares after the Effective Date but prior to the date the
            Company becomes the holder of record of such shares, in each case
            other than common stock dividends already included in the Retained
            IPO Shares. If the IPO Price is less than *** per share, SC Member
            will promptly contribute to the Company that number, if any, of
            Retained IPO Shares that SC Member has not sold to a non-Affiliate
            within five Business Days of the JCOM IPO Date, together with any
            dividends or distributions paid, and the right to receive any
            dividends or distributions declared, in respect of such Retained IPO
            Shares being contributed after the Effective Date but prior to the
            date the Company becomes the holder of record of such shares, in
            each case other than common stock dividends already included in the
            Retained IPO Shares. In each case, the Company will issue additional
            Units to SC Member simultaneously upon such contributions on the
            basis of one Unit for each JCOM Share contributed to the Company and
            the issuance of such additional Units will be promptly reflected on
            the books and records of the Company.

      (iii) Any additional JCOM Shares acquired by LMI Member, SC Member or
            either of their respective Affiliates after the date of this
            Agreement, including any JCOM Shares acquired pursuant to a debt for
            equity swap or similar transaction or pursuant to 14.4, will also be
            contributed by LMI Member or SC Member to the Company within 10 days
            after the acquisition of such JCOM Shares in exchange for one Unit
            per JCOM Share contributed to the Company. Notwithstanding the
            foregoing, LMI Member may require that SC Member hold outside of the
            Company, that portion of any additional JCOM Shares acquired by SC
            Member or its Affiliates which, if such portion were contributed by
            SC Member to the Company, would cause LMI Member's Percentage
            Interest to be less than 55%. To the extent that any JCOM Shares are
            held by SC Member or its Affiliates outside of the Company pursuant
            to this clause (iii), if SC Member or its Affiliates desires to sell
            any of such JCOM Shares to any Person other than one of its
            Affiliates, then it will first offer LMI Member a right of first
            refusal to acquire such JCOM Shares on the terms and conditions set
            forth in 13.4(b) (read as if all

                                       18
<PAGE>

            references to Units were instead references to the JCOM Shares that
            SC Member or its Affiliates desire to sell).

      (iv)  Any Member contributing JCOM Shares to the Company pursuant to this
            3.2(b) will be deemed to have (1) agreed to all of the covenants in
            Sections 2(c), 3 and 4 of the Contribution Agreement, and (2) made
            all of the representations and warranties set forth in Section 6(a)
            of the Contribution Agreement as of the date of such contribution,
            as if such provisions applied to the Capital Contributions made
            pursuant to this 3.2(b) instead of the initial Capital Contribution.

(c)   Except as provided in this 3.2 and in 3.10, the Company will not be
      authorized to issue any additional Units, except upon the written consent
      of all of its Members.

(d)   If the Company desires to purchase any additional JCOM Shares not already
      provided for above in this 3.2, the Company will purchase such JCOM Shares
      and issue additional Units in respect thereof in accordance with the
      procedures set forth in 3.2(a).

3.3 CAPITAL ACCOUNTS. A Capital Account will be maintained for each Member and
credited, charged and otherwise adjusted as required by Section 704(b) of the
Code and the Section 704(b) Regulations. Each Member as of the Effective Date
will make or will be deemed to have made the Capital Contributions giving rise
to such Member's Capital Account as set forth in EXHIBIT B. Each Member's
Capital Account will thereafter be:

(a)   credited with: (i) the amount of money contributed by a Member to the
      capital of the Company as an Additional Contribution, (ii) the Fair Market
      Value of property contributed by the Member as an Additional Contribution
      (net of liabilities that the Company assumes or takes property subject
      to), (iii) the Member's allocable share of Income and Net Income and (iv)
      all other items properly credited to the Capital Account;

(b)   charged with: (i) the amount of money distributed to the Member by the
      Company, (ii) the Fair Market Value of property distributed to the Member
      by the Company (net of liabilities that the Member assumes or takes
      subject to), (iii) the Member's allocable share of Losses and Net Losses
      and (iv) all other items properly charged to Capital Account; and

(c)   otherwise adjusted as required by the Section 704(b) Regulations.

Any unrealized appreciation or Depreciation with respect to any asset
distributed in-kind will be allocated among the Members in accordance with the
provisions of Article 4 as though such asset had been sold for its Fair Market
Value on the date of Distribution, and the Members' Capital Accounts will be
adjusted to reflect both the deemed realization of such appreciation or
Depreciation and the Distribution of such property.

The foregoing provisions and the other provisions of this Agreement relating to
the maintenance of the Capital Accounts are intended to comply with the Section
704(b) Regulations and will be interpreted and applied in a manner consistent
with such Regulations and any amendment or successor provision thereto. The
Management Committee also will make any appropriate modifications if
unanticipated events might otherwise cause this Agreement not to comply with

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<PAGE>

the Regulations, so long as such changes would not cause a material change in
the relative economic benefits of the Members under this Agreement.

3.4 LOANS BY MEMBERS.

(a)   With the consent of the Management Committee, any Member or an Affiliate
      of a Member may loan money to, act as surety for, or transact other
      business with the Company provided that any and all transactions between a
      Member or any of its Affiliates and the Company will be conducted on an
      arm's length basis and, subject to other applicable law, will have the
      same rights and obligations with respect thereto as a person who is not a
      Member, but no such transaction will be deemed to constitute a Capital
      Contribution to the Company and will not increase the Capital Account of
      any person engaging in any such transaction.

(b)   The Members will minimize the operating expenses of the Company. Without
      limiting the generality of the foregoing, the Company will not pay any
      salary or other remuneration to any Manager, Authorized Representative or
      Member and the Company will not have any officers or employees. Any fees
      (including, without limitation fees and expenses of attorneys, financial
      accountants and brokers) arising out of, or incurred in connection with, a
      sale or purchase of, JCOM Shares by the Company, will be borne by each
      Member in proportion to the number of JCOM Shares sold or purchased on
      behalf of such Member. If the Management Committee determines that funds
      are needed for operating expenses, the Members will loan the necessary
      funds to the Company in proportion to their respective Percentage
      Interests or will pay such operating expenses directly in proportion to
      their respective Percentage Interests; provided, that if a Member defaults
      in its obligation to loan or pay its Percentage Interest of any operating
      expenses, the other Member may loan the defaulting Member's share of such
      expenses to the Company, in which case the defaulting Member will be
      deemed to have guaranteed the repayment by the Company of such amount, or
      pay the defaulting Member's share directly, in which case the defaulting
      Member will be obligated to reimburse the other Member for such amount.

3.5 TRANSFER. If any Units are Transferred in accordance with this Agreement,
the Capital Account of the Transferor that is attributable to the Transferred
Units will carry over to the Transferee.

3.6 ADJUSTMENTS. The Members intend to comply with the Section 704(b)
Regulations in all respects, and the Management Committee is authorized and
directed to adjust the Capital Accounts of the Members to the full extent that
the Section 704(b) Regulations may apply (including, without limitation,
applying the concepts of qualified income offsets and minimum gain chargebacks).
To this end, the Management Committee may make any Capital Account adjustment
that it determines to be necessary or appropriate to maintain equality between
the aggregate Capital Accounts of the Members and the amount of Company capital
reflected on the Company's balance sheet (as computed for book purposes); as
long as such adjustments are consistent with the underlying economic arrangement
of the Members and are based, wherever practicable, on U.S. federal tax
accounting principles.

                                       20
<PAGE>

3.7 MARKET VALUE ADJUSTMENTS. The Management Committee is authorized and
directed to make appropriate Capital Account adjustments upon any Transfer of a
Unit, including those that apply upon the constructive Liquidation of the
Company under Section 708(b) of the Code, all in accordance with the Section
704(b) Regulations. Similarly, if optional basis adjustments are made under
Section 734 or Section 743 of the Code, the Management Committee is authorized
to make appropriate Capital Account adjustments as required by the Section
704(b) Regulations.

3.8 NO WITHDRAWAL OF CAPITAL. Except as specifically provided in this Agreement,
no Member will be entitled to withdraw all or any part of such Person's Capital
Account or Capital Contribution from the Company prior to the Company's
Dissolution and Liquidation, or, when such withdrawal of capital is permitted,
to demand a distribution of property other than money or as otherwise provided
in this Agreement.

3.9 NO INTEREST ON CAPITAL. No Member will be entitled to receive interest on
such Person's Capital Account or Capital Contribution.

3.10 ADJUSTMENT TO NUMBER OF UNITS OUTSTANDING. It is the intent of the Members
that the number of Units outstanding at any given time be equal to the number of
JCOM Shares held by the Company at such time. Therefore, if after the Effective
Date, (a) JCOM effects any common stock dividend, stock split, or reverse stock
split of JCOM Shares, or (b) the JCOM Shares are recapitalized, reclassified or
exchanged for other securities (including securities of another entity) on any
basis other than one for one (collectively, an "Adjustment Transaction"), then
the Management Committee will cause the number of outstanding Units to be
appropriately and equitably adjusted on a pro rata basis among the Members so
that the number of Units outstanding immediately following the Adjustment
Transaction will be equal to the number of JCOM Shares held by the Company
immediately following the Adjustment Transaction. In addition, if the number of
JCOM Shares contributed by the Members to the Company on the Effective Date is
adjusted pursuant to the Contribution Agreement after the date of this Agreement
(a "Contribution Adjustment"), the number of Units to be issued to the Members
on the Effective Date will also be adjusted to equal the number of JCOM Shares
so contributed. Each time an Adjustment Transaction occurs or if a Contribution
Adjustment occurs, the Company will attach a revised EXHIBIT B to this Agreement
reflecting the number of Units held by each Member immediately following the
Adjustment Transaction and will send a copy thereof to all Members.

ARTICLE 4: ALLOCATION OF NET INCOME AND NET LOSSES

4.1 ALLOCATION OF NET INCOME AND NET LOSS.(a) Except as provided in 4.2 through
4.6, the Company's Net Income or Net Loss, as the case may be, and each item of
income, loss and deduction entering into the computation thereof, for each
Fiscal Year will be allocated to the Members in proportion to their Percentage
Interests.

4.2 QUALIFIED INCOME OFFSET. Notwithstanding any other provision of this
Agreement to the contrary, this Agreement includes a "qualified income offset"
as defined in the Regulations under Section 704 of the Code.

                                       21
<PAGE>

4.3 LIMIT ON LOSS ALLOCATIONS. Notwithstanding the provisions of 4.1, or any
other provision of this Agreement to the contrary, Net Loss (or items thereof)
will not be allocated to a Member if such allocation would cause or increase
such Member's Adjusted Capital Account Deficit and will be reallocated to the
other Members, subject to the limitations of this 4.3.

4.4 COMPLIANCE WITH CODE. The foregoing provisions of this Agreement relating to
the allocation of Net Income and Net Loss are intended to comply with
Regulations under Section 704(b) of the Code and will be interpreted and applied
in a manner consistent with such Regulations.

4.5 TAX ALLOCATIONS -- Section 704(c). In accordance with Section 704(c) of the
Code and the related Regulations, income, gain, loss and deduction with respect
to any property contributed to the capital of the Company, solely for tax
purposes, will be allocated among the Members so as to take account of any
variation between the adjusted basis to the Company of the property for U.S.
federal income tax purposes and the initial Book Value of the property. If the
Book Value of any Company asset is adjusted as described in the definition of
Book Value, subsequent allocations of income, gain, loss and deduction with
respect to that asset will take account of any variation between the adjusted
basis of the asset for U.S. federal income tax purposes and its Book Value in
the same manner as under Section 704(c) and the related Regulations. Any
elections or other decisions relating to allocations under this 4.5 will be made
in any manner that the Management Committee determines reasonably reflects the
purpose and intention of this Agreement. Allocations under this 4.5 are solely
for purposes of U.S. federal, state and local taxes and will not affect, or in
any way be taken into account in computing, any Member's Capital Account or
share of Income, Loss, Net Income, Net Loss or other items or distributions
under any provision of this Agreement.

4.6 ALLOCATION ON TRANSFER. If any interest in the Company is transferred, or is
increased or decreased by reason of the admission of a new Member or otherwise,
during any Fiscal Year, the Company will allocate Net Income or Net Loss or
items thereof to the Persons who were the holders of such interest during such
Fiscal Year in proportion to the number of days that each such holder was
recognized as the owner of such interest during such Fiscal Year or, if the
Members agree otherwise, in any other proportion permitted by the Code and in
accordance with this Agreement, but in any event without regard to the results
of Company operations during the period in which each such holder was recognized
as the owner of such interest during such Fiscal Year, and without regard to the
date, amount or recipient of any distributions which may have been made with
respect to such interest.

ARTICLE 5: DISTRIBUTIONS

5.1 DISTRIBUTIONS GENERALLY. No Distributions will be made by the Company to its
Members unless approved by the Management Committee, except for (a)
Distributions incident to the Company's redemption of Unacquired Units as
provided for in 13.4 (which do not require any further approvals), (b)
Distributions incident to the Company's Liquidation and Dissolution (which will
be governed by Article 12), and (c) Distributions made in connection with a
reorganization of the Company pursuant to 14.3 (which do not require further
approvals once the Distributions are approved pursuant to 14.3). Except for
Distributions provided in (a), (b) or (c) above which will be governed by the
specified Sections, any Distributions so approved will be applied, in the
following order and priority:

                                       22
<PAGE>

      (i)   First, to the retirement of any debt the Company owes to Members or
            their Affiliates (according to the relative priority of repayment of
            such loans and pro rata among loans of equal priority if the amount
            available for repayment is insufficient for payment in full); and

      (ii)  Thereafter, to the Members pro rata in proportion to their
            Percentage Interests.

5.2 PAYMENT. All Distributions will be made to Members owning Units on the date
of record, such date being the Business Day immediately preceding the date of
Distribution, as reflected on the books of the Company. Distributions in-kind
may be made with the unanimous written consent of the Members. If in-kind
Distributions are made, the assets distributed will be deemed to have been sold
immediately preceding the date of Distribution for a purchase price equal to
their Fair Market Value, and the Net Income or Net Loss arising from such deemed
sale will be allocated to the Members in accordance with Article 4 and credited
to their Capital Accounts in accordance with Article 3.

5.3 WITHHOLDING. If required by the Code or by state, local or foreign law, the
Company will withhold any required amount from Distributions to a Member for
payment to the appropriate taxing authority. Any amount so withheld from a
Member will be treated as a Distribution by the Company to such Member. Each
Member agrees to file timely any agreement that is required by any taxing
authority in order to avoid any withholding obligation that would otherwise be
imposed on the Company.

5.4 DISTRIBUTION LIMITATION. Notwithstanding any other provision of this
Agreement, the Company will not make any Distribution to the Members if, after
the Distribution, the liabilities of the Company (other than liabilities to
Members on account of their Units) would exceed the Fair Market Value of the
Company's assets, as initially determined by the Management Committee.

      (a)   If the Management Committee determines on a less-than unanimous
            basis that a Distribution otherwise required to be made pursuant to
            this Agreement can not be made because of the operation of this 5.4,
            SC Member may elect to require an independent determination of
            whether the liabilities of the Company (other than liabilities to
            Members on account of their Units) would exceed the Fair Market
            Value of the Company's assets after the Distribution in question,
            such election to be made by sending Notice to LMI Member within five
            Business Days following the Management Committee's determination. If
            such election is made by SC Member, each of LMI Member and SC Member
            will retain within ten Business Days following SC Member's election,
            an internationally recognized investment bank to determine whether
            the liabilities of the Company (other than liabilities to Members on
            account of their Units) would exceed the Fair Market Value of the
            Company if the Distribution in question were made, it being agreed
            that the Fair Market Value of any assets that are JCOM Shares will
            be the Unit Fair Market Value for this purpose.

      (b)   Each investment banker will be instructed to determine the net
            valuation of the Company (Fair Market Value of the Company's assets
            minus its liabilities, other than liabilities to Members on account
            of their Units) and to deliver a copy of its net valuation to each
            of

                                       23
<PAGE>

            LMI Member and SC Member. The average of the two net valuations will
            be deemed to be the net valuation, unless the amount by which the
            higher net valuation exceeds the lower net valuation is greater than
            10% of the lower net valuation, in which event the investment
            bankers will jointly select a third investment bank within ten
            Business Days following delivery of the last of their net
            valuations, to determine the net valuation of the Company and the
            net valuation will be deemed to be equal to the average of the third
            net valuation and the other net valuation closest to it. If either
            Member fails to retain an internationally recognized investment
            banker within the required time period, the net valuation of the
            investment banker retained by the other Member will control for
            purposes of determining whether a Distribution can be made in
            accordance with this 5.4. The valuation process will in no event
            last more than 45 days. Each of SC Member and LMI Member will be
            responsible for its own fees and expenses related to the valuation
            process, and any fees and expenses related to a third valuation will
            be borne one half by SC Member and one half by LMI Member. The
            Company and the Members will provide all information reasonably
            requested in connection with the determination of the net valuation
            of the Company. With respect to any property subject to a liability
            for which the recourse of creditors is limited to the specific
            property, such property will be included in assets only to the
            extent the property's Fair Market Value, as determined in accordance
            with the foregoing, exceeds its associated liability, and such
            liability will be excluded from the Company's liabilities.

ARTICLE 6: MANAGEMENT

6.1 MANAGEMENT. Management of the Company will be vested exclusively in the
Management Committee. Except as otherwise provided in this Agreement: (a) the
Management Committee has complete and unrestricted power and authority to manage
the business, properties and activities of the Company in its sole and exclusive
discretion, (b) no Person dealing with the Company will be required to inquire
into the authority of the Management Committee (or any designee of the
Management Committee) to take any action or make any decision, (c)
notwithstanding any powers granted to members of a limited liability company
under the Act, no Member will take part in the operations, management or control
of the Company's business, transact any business in the Company's name, or have
the power to sign documents for or otherwise bind the Company except for such
actions that are specifically authorized by the Management Committee or as
otherwise provided by this Agreement, and (d) the Management Committee has the
rights, authority and powers of a "manager" under the Act with respect to the
Company business and assets as provided in the Act as in effect on the Effective
Date. Without limiting the foregoing, the Management Committee has all of the
responsibilities and authority of the board of directors of a Delaware business
corporation, subject to the express provisions of this Agreement; provided, that
the reference to Delaware business corporations is not intended and will not be
construed to subject the Company to any restriction or limitation or to subject
the Managers to any duty or liability applicable to Delaware corporations or
their directors that is not otherwise applicable to a Delaware limited liability
company or its managers or agents.

6.2 MANAGEMENT COMMITTEE COMPOSITION; APPOINTMENT AND REMOVAL OF MANAGERS. The
Management Committee will consist of two Managers, with LMI Member having the
sole right to appoint and remove one Manager, and SC Member having the sole
right to appoint and remove one Manager. Neither LMI Member nor SC Member may
appoint as a Manager, any

                                       24
<PAGE>

Person who serves on the board of directors or comparable governing body of a
Japanese Broadband Operator that competes with JCOM. The Manager appointed by
LMI Member will serve as the Chairman of the Management Committee (the
"Chairman"). The name of the initial Manager appointed by LMI Member (and
Chairman) will be Bernie Dvorak and the name of the initial Manager appointed by
SC Member will be Hiroyuki Yamazaki. Each Manager is entitled to appoint an
alternate to serve in his or her absence at any meeting of the Management
Committee. Each Manager will serve on the Management Committee until his or her
resignation or removal by the Member that appointed such Manager. Either Member
may, at any time, remove a Manager appointed by such Member and appoint a
substitute Manager by delivering Notice of such removal and appointment to the
other Member. Any vacancy on the Management Committee resulting from the death,
disability or resignation of a Manager will be filled by the Member that
appointed such Manager. The Management Committee will permit any individuals
designated by any Member to be observers at any meetings of the Management
Committee. The Management Committee may also permit individuals to meet apart
from the Management Committee to discuss issues affecting the Company and to
make recommendations to the Management Committee with respect to such issues;
provided, that any such group formed by the Management Committee will not have
any decision-making power. Any such group will be comprised of at least one
individual designated by LMI Member and one individual designated by SC Member.
For the avoidance of doubt, the Management Committee will not have the power to
appoint sub-committees having the power to exercise any authority on the
Management Committee's behalf.

6.3 MANAGEMENT COMMITTEE DECISIONS. All decisions with respect to the Company
will be made by the Management Committee using the procedures specified in this
Section. The Manager appointed by LMI Member pursuant to 6.2 will have one vote
with respect to any Management Committee decision, and the Manager appointed by
SC Member pursuant to 6.2 will have one vote with respect to any Management
Committee decision. It is the intent of LMI Member and SC Member that they will
enjoy the same management style as they have historically exercised with respect
to their JCOM Shares, namely, that they will use commercially reasonable best
efforts to cause the Manager appointed by each of them pursuant to 6.2 to reach
agreement on all decisions to be made by the Management Committee on behalf of
the Company. During the period from the Effective Date through the date that
falls immediately prior to the Casting Vote Effective Date, all decisions with
respect to the Company, including any decision that is listed in Sections 2.1.1
through 2.1.15 of the JCOM Two-Party Shareholders Agreement with respect to
which the Company has voting rights as a shareholder of the Company, will
require unanimous agreement among the Members. From and after the Casting Vote
Effective Date, however, if the Manager appointed by LMI Member and the Manager
appointed by SC Member cannot reach agreement on any decision to be made by the
Management Committee, the Chairman will be entitled to a second or casting vote
in order to break the deadlock, which vote will control and be the decision of
the Management Committee.

6.4 AUTHORIZED REPRESENTATIVES. The Company will not have any officers, except
that the Chairman and his or her designees and any other person hereafter
designated by the Management Committee ("Authorized Representatives") are
authorized to act on behalf of the Company and the Management Committee on
specified matters that have been approved by the Management Committee (e.g. the
voting of JCOM Shares held by the Company).

                                       25
<PAGE>

6.5 JCOM GOVERNANCE.

(a)   The Management Committee will cause the Company in its capacity as a
      shareholder of JCOM to vote the Company's JCOM Shares in favor of, and to
      take all other actions within its power to cause: (a) the election to the
      JCOM Board of Directors of three non-executive directors designated by LMI
      Member and three non-executive directors designated by SC Member (in each
      case who need not be Japanese nationals or resident in Japan), (b) the
      removal of a non-executive JCOM director designated by LMI Member or SC
      Member at the request of the designating Member and the election of a
      substitute JCOM director designated by such Member and (c) the filling of
      any vacancy on the JCOM Board of Directors resulting from the death,
      disability or resignation of a non-executive JCOM director designated by
      LMI Member or SC Member with a non-executive director designated by the
      Member that originally designated such non-executive director. All members
      of the JCOM Board of Directors will be nominated and elected in accordance
      with the Japanese Commercial Code.

(b)   SC Member agrees to indemnify, defend and hold the Company harmless from
      and against, any claim by Microsoft Corporation or MS Holdings V, Inc. or
      their Affiliates that any non-executive JCOM director designated by SC
      Member pursuant to this 6.5 voted in its capacity as a director of JCOM in
      a manner that caused the Company or its Affiliates to violate Clause 4.6
      of the JCOM Three-Party Shareholders Agreement. LMI Member agrees to
      indemnify, defend and hold the Company harmless from and against, any
      claim by Microsoft Corporation or MS Holdings V, Inc. or their Affiliates
      that any non-executive JCOM director designated by LMI Member pursuant to
      this 6.5 voted in its capacity as a director of JCOM in a manner that
      caused the Company or its Affiliates to violate Clause 4.6 of the JCOM
      Three-Party Shareholders Agreement.

(c)   Until the Casting Vote Effective Date, the Members agree that JCOM may not
      take any action of the type described in Sections 2.1.1 through 2.1.15 of
      the JCOM Two-Party Shareholders Agreement without the approval of at least
      one JCOM director designated or nominated by LMI Member and one JCOM
      director designated or nominated by SC Member. Until the JCOM IPO Date,
      the Members agree that JCOM may not take action of the type described in
      Section 2.1.1 of the JCOM Two-Party Shareholders Agreement without the
      approval of at least one JCOM director designated or nominated by LMI
      Member and one JCOM director designated or nominated by SC Member.

ARTICLE 7: PROCEDURAL REQUIREMENTS -- MEETINGS OF MEMBERS AND
THE MANAGEMENT COMMITTEE

7.1 MANAGEMENT COMMITTEE MEETINGS. The Management Committee will meet from time
to time at the request of any Manager, such meetings to be conducted in the
English language. All meetings of the Management Committee will be presided over
by the Chairman or, in his or her absence, an alternate Manager appointed prior
to the meeting by the Chairman. Any individual appointed to serve as an
alternate in the absence of a Manager will have all of the same rights and
powers of the appointing Manager at such meeting, including in the case of an
individual appointed by LMI Member, the right to a second or casting vote under
6.3 from and after the Casting Vote Effective Date (except as otherwise provided
in 6.5(c)).

                                       26
<PAGE>

7.2 MEMBER VOTING RIGHTS; MEMBER MEETINGS. The vote of the Members will not be
required with respect to any action to be taken by the Company except as
specifically set forth in this Agreement. Meetings of the Members will be held
at such times, if any, as the Management Committee reasonably determines and
sets forth in the Notice of meeting.

7.3 PLACE. The Management Committee may designate any place as the place of
meeting for any meeting of the Members or the Management Committee. If no
designation is made, the place of meeting will be the Company's principal place
of business.

7.4 NOTICE. Notice of any Management Committee or Members meeting must be given
not fewer than five days and not more than 30 days before the date of the
meeting. Such Notice must state the place, day and hour of the meeting and the
purpose for which the meeting is called. Each Notice will be accompanied by a
written agenda (in Japanese and English) specifying the business of such meeting
and will include dial-in instructions for any Manager or Member desiring to
participate in such meeting by telephone rather than in person (provided that
such five day period may be shortened with the consent of all Managers or
Members, as applicable).

7.5 WAIVER OF NOTICE. Any Member or Manager may waive, in writing, any Notice
required to be given to such Member or such Manager, whether before or after the
time stated in such Notice. Any Member or Manager who signs minutes of action
(or written consent or agreement) will be deemed to have waived any required
Notice with respect to such action.

7.6 RECORD DATE. For the purpose of determining Members entitled to Notice of or
to vote at any meeting of Members, the date on which Notice of the meeting is
first given will be the record date for the determination of Members. Any such
determination of Members entitled to vote at any meeting of Members will apply
to any adjournment of a meeting.

7.7 QUORUM; MANNER OF ACTING.

(a)   A quorum at any meeting of Members will consist of all Members (which
      Members may be in attendance in person, by proxy, by telephone or by video
      conference). Except as otherwise provided in this Agreement, if a quorum
      is present at any meeting of the Members, the affirmative vote of Members
      holding a majority of the Percentage Interests present at such meeting
      will be the act of the Members.

(b)   A quorum at any meeting of the Management Committee will consist of both
      Managers (which Managers may be in attendance in person, by proxy, by
      telephone or video conference). In the event that the appropriate number
      and/or composition of Managers necessary for a quorum of the Management
      Committee is not satisfied on a first call of a meeting as prescribed in
      this 7.7(b), including as a result of one Member not having a validly
      appointed Manager at such time, the meeting will be reconvened on the day
      that is two Business Days thereafter (which may be shortened by the
      written consent of all Managers on the Management Committee). In the event
      that, on a second call of such meeting, the appropriate number and/or
      composition of Managers necessary for a quorum is not satisfied, including
      as a result of one Member not having a validly appointed Manager at such
      time, the meeting will be reconvened on the date that is two Business

                                       27
<PAGE>

      Days thereafter (which may be shortened by the written consent of all
      Managers on the Management Committee); provided that, at the third call of
      such meeting, the absence of any Manager not in attendance on both
      previous calls of the meeting, including as a result of one Member not
      having a validly appointed Manager at such time, will not prevent the
      transaction of business at any such meeting, and the vote of the Manager
      in attendance at such meeting will be the decision of the Management
      Committee with respect to all matters voted upon at the meeting for
      purposes of 6.3. Notice of any such reconvened meeting will be given to
      all Managers not in attendance at the prior inquorate meeting or to any
      Member that does not have a validly appointed Manager at such time.

7.8 PROXIES. At any meeting of Members or the Management Committee, a Member or
a Manager may vote in person or by written proxy given to another Member or
Manager. Such proxy must be signed by the Member or Manager, or by a duly
authorized attorney-in-fact, and must be filed with the Company before or at the
time of the meeting. No proxy will be valid after eleven months from the date of
its signing unless otherwise provided in the proxy. Attendance at the meeting by
the Member or Manager giving the proxy will revoke the proxy during the period
of attendance.

7.9 MEETINGS BY TELEPHONE OR VIDEO. The Members and the Managers may participate
in a meeting by means of conference telephone or video or similar communications
equipment by which all Members or Managers participating in the meeting can hear
each other at the same time. Such participation will constitute presence in
person at the meeting and waiver of any required Notice. The Company will take
all reasonable steps to ensure that Members and Managers are able to participate
by telephone or video conference in meetings of Members and meetings of the
Management Committee, respectively.

7.10 ACTION WITHOUT A MEETING. Any action required or permitted to be taken at a
meeting of Members or Managers may be taken without a meeting if, and will be
effective when, the action is evidenced by one or more written consents
describing the action taken, signed by all Members, or in the case of Managers,
signed by at least one Manager appointed by LMI Member and at least one Manager
appointed by SC Member.

7.11 MINUTES OF MEETINGS. Minutes of each Management Committee or Members
meeting will be prepared in both Japanese and English and will be promptly
distributed by the Company to each Member.

ARTICLE 8: LIABILITY OF MEMBERS AND MANAGERS

8.1 LIMITED LIABILITY. Except as otherwise provided in the Act, the debts,
obligations and liabilities of the Company (whether arising in contract, tort or
otherwise) will be solely the debts, obligations and liabilities of the Company,
and neither the Managers, any Authorized Representative nor any Member of the
Company (including any Person who formerly held such status) is liable or will
be obligated personally for any such debt, obligation or liability of the
Company solely by reason of such status. No individual trustee, officer,
director, manager, employee, or agent of any Member, in its individual capacity
as such, will have any personal liability for the performance of any obligation
of such Member under this Agreement.

                                       28
<PAGE>

8.2 CAPITAL CONTRIBUTION. Each Member is liable to the Company for any Capital
Contribution or Distribution that has been wrongfully or erroneously returned or
made to such Member in violation of the Act, the Certificate or this Agreement.

8.3 CAPITAL RETURN. Any Member who has received the return of all or any part of
such Member's Capital Contribution will have no liability to return such
Distribution to the Company after the expiration of three years from the date of
such Distribution unless Notice of an obligation to return is given to such
Person within such three-year period; provided that if such return of capital
has occurred without violation of the Act, the Certificate or this Agreement,
the three-year obligation to return capital will apply only to the extent
necessary to discharge the Company's liability to its creditors who reasonably
relied on such obligation in extending credit prior to such return of capital.

8.4 RELIANCE. Any Member and the Managers will be fully protected in relying in
good faith upon the records of the Company and upon such information, opinions,
reports or statements by: (a) any of the Company's other Members, employees or
committees, or (b) any other Person who has been selected with reasonable care
as to matters such Member reasonably believes are within such other person's
professional or expert competence. Matters as to which such reliance may be made
include the value and amount of assets, liabilities, Income and Losses of the
Company, as well as other facts pertinent to the existence and amount of assets
from which distributions to Members might properly be made.

ARTICLE 9: EXCULPATION AND INDEMNIFICATION OF MANAGERS AND AUTHORIZED
REPRESENTATIVES

9.1 STANDARD OF CARE. The only fiduciary duty owed by the Managers to the
Company and its Members is to discharge their duties as Managers in good faith,
in such manner as they reasonably believe to be in the best interests of the
Company, consistent with the Delaware corporate director fiduciary duty of care,
not to engage in willful misconduct or gross negligence in the discharge of such
duties and not to breach the express terms of this Agreement or any express
directive of the Management Committee (the "Standard of Care"). The Managers do
not have any other express or implied fiduciary duties to the Company or its
Members. Notwithstanding the foregoing, the Managers owe no fiduciary duty of
any nature to any Limited Owner or to any Transferee that is not admitted as a
Member.

9.2 EXCULPATION. The Managers will not be liable to the Company or to any Member
or Transferee for any losses, damages, expenses or liabilities arising out of or
related to any act or omission of the Managers to the extent that, in such act
or omission, such Manager has not breached the Standard of Care. The liability
of Authorized Representatives to the Company or to any Member is akin to the
liability, if any, of officers of a Delaware corporation.

9.3 INDEMNIFICATION. The Company will indemnify, defend and hold harmless each
of the Managers and any Authorized Representatives of the Company (collectively,
the "Indemnified Persons") from and against any and each loss, damage, expense
(including, without limitation, fees and expenses of attorneys and other
advisors and any court costs incurred by any Indemnified Person) or liability
incurred in any Proceeding to which any Indemnified Person is made a party
because such Person was a Manager or Authorized Representative and by reason of

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<PAGE>

any act or omission with respect to the business or affairs of the Company
performed or omitted to be performed in good faith, not in breach of the express
terms of this Agreement or any express directive of the Management Committee and
reasonably believed by the Indemnified Person to be in or not opposed to the
best interests of the Company.

9.4 EXPENSE ADVANCEMENT. With respect to the reasonable expenses incurred by an
Indemnified Person when such Indemnified Person is a party to a Proceeding, the
Company will provide funds to such Indemnified Person in advance of the final
disposition of the Proceeding if: (a) such Indemnified Person furnishes the
Company with such Person's written affirmation of a good faith belief that it is
entitled to indemnification under the standards set forth in this Article, and
(b) such Indemnified Person agrees in writing to repay the advance if it is
determined by the Management Committee that such Indemnified Person was not
entitled to indemnification under the standards set forth in this Article. If
the decision of the Management Committee regarding whether an Indemnified Person
is entitled to indemnification under the standards set forth in this Article is
not unanimous, the Manager that voted against such indemnification will have the
option, exercisable by written notice to the other Manager within 10 Business
Days following the decision of the Management Committee, to elect that such
dispute be resolved in accordance with Article 15. If the parties are unable to
resolve the dispute pursuant to 15.1 and the dispute is resolved by arbitration,
the decision of the arbitrators regarding whether the Indemnified Person is
entitled to indemnification under the standards set forth in this Article will
control over the decision of the Management Committee.

9.5 INSURANCE. The indemnification provisions of this Article do not limit any
Indemnified Person's right to recover under any insurance policy maintained by
the Company. If, with respect to any loss, damage, expense or liability
described in 9.3, any Manager or Authorized Representative receives an insurance
policy indemnification payment, which, together with any indemnification payment
made by the Company, exceeds the amount of such loss, damage, expense or
liability, then such Manager or Authorized Representative will immediately repay
such excess to the Company.

9.6 INDEMNIFICATION OF OTHERS. The Management Committee may cause the Company to
indemnify and advance expenses to any Member, officer, employee or agent of the
Company to the same extent (or to a greater or lesser extent than) the Company
is obligated to indemnify and advance expenses to any Manager or Authorized
Representative.

9.7 RIGHTS NOT EXCLUSIVE. The rights accruing to each Person entitled to
indemnification under this Article 9 will not exclude any other right to which
such Person may be lawfully entitled.

ARTICLE 10: ACCOUNTING AND REPORTING

10.1 FISCAL YEAR. For income tax and accounting purposes, the fiscal year of the
Company will be the calendar year.

10.2 TAX ACCOUNTING METHOD. For income tax purposes, the Company will use the
accrual method of accounting (unless otherwise required by the Code). The Tax
Matters Partner will have the authority to adopt all other accounting methods
for tax purposes.

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<PAGE>

10.3 TAX CLASSIFICATION AND ELECTIONS. Notwithstanding any other provision of
this Agreement, no Member or employee of the Company may take any action
(including, but not limited to, the filing of a U.S. Treasury Form 8832 Entity
Classification Election) which would cause the Company to be characterized as an
entity other than a partnership for U.S. federal income tax purposes without the
consent of LMI Member.

10.4 RETURNS. The Company will use reasonable efforts to cause the preparation
and timely filing of all tax returns required to be filed by the Company
pursuant to the Code, as well as all other tax returns required in each
jurisdiction in which the Company does business.

10.5 REPORTS; ANNUAL FINANCIAL STATEMENTS; REGULATORY REPORTING OBLIGATIONS.

(a)   The Company will prepare or will cause the preparation of reasonably
      detailed unaudited quarterly and annual financial statements consisting of
      balance sheets and statements of income (but not cash flows) for the
      Company, reflecting JCOM's financial results and prepared on a historical
      basis in accordance with GAAP (excluding footnotes). The Company will
      furnish to the Members unaudited (a) quarterly statements within 60 days
      after the end of each calendar quarter and (b) annual statements within
      120 days after the end of each calendar year. Upon SC Member's request,
      such financial statements will also be prepared on a Japanese yen basis,
      but still in accordance with GAAP. The Company will permit SC Member's
      auditors or auditors appointed by SC Member in cooperation with the
      Company's and JCOM's auditors to perform audit procedures with respect to
      the financial statements of the Company and JCOM as of and for the periods
      ending March 31 and September 30 of each year.

(b)   SC Member and LMI Member agree to use Commercially Reasonable Efforts to
      cause JCOM to produce within the time frames requested by LMI Member from
      time to time, such JCOM financial statements and other financial
      information prepared in accordance with GAAP as LMI may require (the "LMI
      Requested Financial Information"), as reasonably determined by LMI, to
      enable it to consolidate JCOM's results of operations with LMI's results
      of operations for purposes of U.S. financial accounting reporting rules
      and regulations and to meet on a timely basis, LMI's reporting or other
      obligations under applicable law, the rules and regulations promulgated
      thereunder and interpretations thereof by the applicable regulatory
      authority or its staff, including, without limitation, the U.S. Securities
      Act of 1933 and the U.S. Securities Act of 1934. SC Member and LMI Member
      agree to use Commercially Reasonable Efforts to cause JCOM to provide such
      LMI Requested Financial Information to each of LMI and SC within 10 to 13
      days of each fiscal year or quarter end, as applicable, or such shorter
      time period as may be required by LMI pursuant to the preceding sentence.
      Following receipt by SC and LMI of such LMI Requested Financial
      Information for any fiscal year or quarter, LMI Member and SC Member agree
      to use Commercially Reasonable Efforts to cause JCOM to produce, within
      the time frames requested by SC and its auditors, such audit work papers,
      clearance reports and other related information (the "SC Additional
      Information") as SC's auditors determine is necessary for SC to include
      JCOM's results of operations into SC's results of operations using the
      equity accounting method. SC Member and LMI Member also agree to use
      Commercially Reasonable Efforts to cause JCOM, within the time frames
      requested by SC Member or LMI Member from time to time, to take

                                       31
<PAGE>

      such action or to produce such other information, statements and reports,
      as may be required by applicable stock exchange or stock associations
      rules or by applicable law, the rules and regulations promulgated
      thereunder or interpretations thereof by the applicable regulatory
      authority or its staff, as reasonably determined by LMI Member or SC
      Member, as the case may be, to timely meet its or its Affiliates'
      disclosure, reporting or other obligations under the rules of any stock
      exchange or stock association on which its shares are listed and under any
      applicable law and the rules and regulations promulgated thereunder or
      interpretations thereof by the applicable regulatory authority or its
      staff, including, without limitation, the U.S. Securities Act of 1933, the
      U.S. Securities Act of 1934 and the Sarbanes-Oxley Act of 2002.
      Notwithstanding the foregoing, neither Member shall be required to use
      Commercially Reasonable Efforts to cause JCOM to produce any information
      or take any action at the request of the other Member (the "Requesting
      Member") that would be reasonably likely to constitute a violation by
      JCOM, SC Member or LMI Member of applicable Japanese law based on an
      opinion, which may be a reasoned or qualified opinion, of Japanese counsel
      reasonably acceptable to the Requesting Member. Notwithstanding anything
      to the contrary herein, any requests that SC Member desires to make
      pursuant to this 10.5(b) will first be given to LMI Member by SC Member
      and LMI Member will then promptly initiate any such requests with JCOM,
      except for any requests for SC Additional Information, which may be made
      by SC Member or its auditors to JCOM or its auditors directly, with a copy
      of any such request to be delivered to LMI Member.

10.6  BOOKS AND RECORDS.

(a)   The following books and records of the Company will be kept at its
      principal office: (i) a current list of the full name and last known
      business, residence or mailing address of each Member, (ii) the original
      of the Certificate and of this Agreement, as amended (as well as any
      signed powers of attorney pursuant to which any such document was
      executed), (iii) a copy of the Company's U.S. federal, state and local
      income tax returns and reports, and annual financial statements of the
      Company, for the ten most recent years, and (iv) minutes, or minutes of
      action or written consent, of every meeting of the Members and the
      Management Committee.

(b)   The Company will keep at the Company's principal office separate books of
      account for the Company which will show a true and accurate record of all
      costs and expenses incurred, all credits made and received, and all income
      derived in connection with the operation of the Company in accordance with
      GAAP consistently applied as to the Company's financial position and
      results of operations.

(c)   Each Member will have the right, at any time with reasonable Notice to the
      Managers and the Company and at such Member's sole expense, to examine,
      copy and audit the Company's books and records during normal business
      hours.

(d)   All books, records (including bills and invoices), reports and returns of
      the Company required by this Article will be maintained in a commercially
      reasonable manner as reasonably determined by the Management Committee.

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<PAGE>

10.7 INFORMATION. Each Member has the right, from time to time and upon
reasonable demand for any purpose reasonably related to such Member's ownership
of Units, to obtain from the Company: (a) a current list of the full name and
last known business, residence or mailing address of each Member, (b) a copy of
the Certificate and of this Agreement, as amended (as well as any signed powers
of attorney pursuant to which any such document was executed), (c) a copy of the
Company's U.S. federal, state and local income tax returns and reports and
annual financial statements of the Company, for the ten most recent years, (d)
minutes, or minutes of action or written consent, of every meeting of the
Members and the Management Committee, (e) true and full information regarding
the amount of money and a description and statement of the agreed value of any
other property or services contributed or to be contributed by each Member, and
the date on which each became a Member, (f) true and full information regarding
the status of the business and financial condition of the Company, (g) copies of
any materials that JCOM distributes to the Company that were not also received
by any JCOM director designated by such Member pursuant to 6.5, or as the
Company may otherwise reasonably request from JCOM upon the reasonable request
of a Member and (h) other information regarding the affairs of the Company as is
just and reasonable. Any demand by a Member under this 10.7 must be by Notice to
the Company, and must state the purpose of the demand. Any inspection or copying
of the Company's books and records under this 10.7 will be during normal
business hours, and at the expense of the Member making the demand.

10.8 BANKING. The Management Committee will cause to be established and
maintained one or more bank or financial or security accounts and safe deposit
boxes for the Company. Without limiting the foregoing, within six months
following the JCOM IPO Date, the Company will open a non-resident bank account
in Japan and will maintain such account for so long as SC Member has the ability
to request a redemption of Units pursuant to 13.4, in each case provided that
such bank account can be opened and maintained without the Company having an
address in Japan and without the necessity of having a Japanese resident be
signatory on such account. The Management Committee may authorize one or more
individuals to sign checks on and withdraw funds from such bank or financial
accounts and to have access to such safe deposit boxes, and may place such
limitations and restrictions on such authority as the Management Committee deems
advisable.

10.9 TAX MATTERS PARTNER. Until further action by the Company, LJI is designated
as the tax matters partner under Section 6231(a)(7) of the Code ("Tax Matters
Partner"). The Tax Matters Partner will be responsible for notifying all Members
of ongoing proceedings, both administrative and judicial, and will represent the
Company throughout any such proceeding. The Members will furnish the Tax Matters
Partner with such information as it may reasonably request to provide the
Internal Revenue Service with sufficient information to allow proper notice to
the Members. If an administrative proceeding with respect to a partnership item
under the Code has begun, and the Tax Matters Partner so requests, each Member
will notify the Tax Matters Partner of its treatment of any partnership item on
its U.S. federal income tax return, if any, which is inconsistent with the
treatment of that item on the partnership return for the Company. Any settlement
agreement with the Internal Revenue Service will be binding upon the Members
only as provided in the Code. The Tax Matters Partner will not bind any other
Member to any extension of the statute of limitations or to a settlement
agreement without such Member's written consent. Any Member who enters into a
settlement agreement with respect to any partnership item will notify the other
Members and the Management Committee of such

                                       33
<PAGE>

settlement agreement and its terms within 30 days from the date of settlement.
If the Tax Matters Partner does not file a petition for readjustment of the
partnership items in the Tax Court, U.S. federal District Court or Claims Court
within the 90-day period following a notice of a final partnership
administrative adjustment, any notice partner or 5-percent group (as such terms
are defined in the Code) may institute such action within the following 60 days.
The Tax Matters Partner will timely notify the other Members in writing of its
decision. Any notice partner or 5-percent group will notify any other Member and
the Management Committee of its filing of any petition for readjustment.

10.10 NO PARTNERSHIP. The classification of the Company as a partnership will
apply only for U.S. federal (and, as appropriate, state, local and foreign)
income tax purposes. This characterization, solely for tax purposes, does not
create or imply a general partnership between the Members for state law or any
other purpose. Instead, the Members acknowledge the status of the Company as a
limited liability company formed under the Act, and the Members elect
pass-through treatment for tax accounting purposes. All duties and obligations
of the Members to each other are expressly set forth in this Agreement. Without
limiting the foregoing, the Members do not owe to each other or to the Company
the duties that a general partner owes to a partnership and its other partners
nor do the Managers or the Authorized Representatives owe such duties to each
other, the Company or its Members, it being acknowledged that the duties owed by
the Managers and the Authorized Representatives to each other and the Company
are as set forth in Article 9. The Members do not have any express or implied
fiduciary duties to the Company or each other except the fiduciary duties, if
any, that shareholders in a Delaware corporation might have to each other or the
corporation.

ARTICLE 11: DISSOLUTION

11.1 DISSOLUTION. Dissolution of the Company will occur upon the earliest to
occur of any of the following events:

(a)   the unanimous vote of the Members to dissolve the Company;

(b)   an event of Withdrawal (as defined in 11.2) of a Member and the election
      of the remaining Members to dissolve in accordance with 11.3;

(c)   without limiting SC Member's obligations under 14.2, at such time as LMI
      is not able to, or LMI Member provides SC Member with Notice that LMI no
      longer desires to, consolidate the financial results of JCOM with LMI for
      purposes of applicable U.S. financial reporting rules and regulations;

(d)   the entry of a decree of judicial dissolution under the Act;

(e)   the nonoccurrence of the Casting Vote Effective Date on or before March
      31, 2005;

(f)   the five year anniversary of the Casting Vote Effective Date;

(g)   any of LJI, LJII, LHJ, Liberty Japan or Liberty Kanto while a Member,
      ceases to be an Affiliate of its Parent;

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<PAGE>

(h)   such time as the sum of the number of Units and JCOM Shares owned directly
      by SC Member and its Affiliates who are subject to 14.4 exceeds the sum of
      the number of Units and JCOM Shares owned directly by LMI Member and its
      Affiliates, provided that SC Member is not in breach of its obligations
      hereunder; or

(i)   if either LMI Member or SC Member has materially breached a material
      provision of this Agreement and such breach has not been cured within 30
      days after receipt of a Notice from the non-breaching Member providing
      reasonable detail concerning the nature of the breach, then upon the
      election of the non-breaching Member;

provided that, with respect to an event of Dissolution pursuant to clauses (c)
or (f) above, the Members will, no later than 60 days prior to such date of
Dissolution, discuss whether to extend and amend the terms of this Agreement.

11.2 EVENTS OF WITHDRAWAL. An event of Withdrawal of a Member occurs when any of
the following occurs:

(a)   with respect to any Member, upon the Transfer of all of such Member's
      Units (which may only be done as otherwise permitted under this Agreement
      and which Transfer is treated as a resignation);

(b)   with respect to any Member, upon the voluntary withdrawal, retirement or
      resignation of the Member by Notice to the Company;

(c)   with respect to any Member that is a corporation, upon filing of articles
      of dissolution of the corporation;

(d)   with respect to any Member that is a partnership, a limited liability
      company or a similar entity, upon dissolution and liquidation of such
      entity (but not solely by reason of a technical termination under Section
      708(b)(1)(B) of the Code); or

(e)   with respect to any Member, the Bankruptcy of the Member.

Within 10 days following the happening of any event of Withdrawal with respect
to a Member, such Member must give Notice of the date and the nature of such
event to the Company.

11.3  CONTINUATION.

(a)   In the event of Withdrawal of a Member, the Company will be continued
      unless the remaining Members (including the Permitted Transferee of a
      withdrawing Member, if applicable) unanimously elect to dissolve. If the
      Company is so continued, any Member as to which an event of Withdrawal
      specified in 11.2(b) through 11.2(e) has occurred, or such Member's
      Transferee or other successor-in-interest (as the case may be) if a Member
      has made a Transfer in violation of this Agreement and such Transfer is
      found not to be null and void, will, without further act, become a
      "Limited Owner" of its own Units or the Units of the withdrawn Member. A
      Limited Owner has no right: (i) to participate or interfere in the
      management or administration of the Company's business or affairs,
      including by virtue of appointment of one or more Managers, (ii) to vote
      or

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<PAGE>

      agree on any matter affecting the Company or any Member, (iii) to require
      any information on account of Company transactions or (iv) except as
      provided in the next succeeding sentence, to inspect the Company's books
      and records. The only rights of a Limited Owner are: (x) to obtain the
      information specified in 10.7 if it executes a confidentiality agreement
      (in form and substance satisfactory to the Board) concerning such
      information if not already bound by 10.7, (y) to receive the allocations
      and Distributions to which the Units of the Limited Owner are entitled and
      (z) to receive all necessary tax reporting information. Neither the
      Company, the Managers nor the Members will owe any fiduciary duty of any
      nature to a Limited Owner. However, each Limited Owner will be subject to
      all of the obligations, restrictions and other terms contained in this
      Agreement as if it were a Member.

(b)   Upon the occurrence of any event of Dissolution, LMI Member will have the
      option to continue the Company, as long as it first makes all liquidating
      Distributions to SC Member that it would have been required to make under
      Article 12 if the Company had completely wound up its affairs and
      liquidated. Any such Distribution to SC Member will be made in complete
      redemption of all Units then owned by SC Member.

ARTICLE 12: LIQUIDATION

12.1 LIQUIDATION. Subject to 11.3(b), upon Dissolution of the Company, the
Company will immediately proceed to wind up its affairs and liquidate pursuant
to this 12.1. The Management Committee or, if the Management Committee fails to
act, any Person appointed by Members owning a majority of Units held by all
Members other than the Members whose Manager-appointees failed to act, will act
as the liquidating trustee. The winding up and Liquidation of the Company will
be accomplished in a businesslike manner as determined by the liquidating
trustee. A reasonable time will be allowed for the orderly Liquidation of the
Company and the discharge of liabilities to creditors so as to enable the
Company to minimize any losses attendant upon Liquidation. Any gain or loss on
disposition of any Company assets in Liquidation will be allocated to Members in
accordance with Article 4. Any liquidating trustee is entitled to reasonable
compensation for services actually performed, and may contract for such
assistance in the liquidating process as such Person deems necessary or
desirable. Until the filing of a certificate of cancellation under 12.7, and
without affecting the liability of the Members and without imposing liability on
the liquidating trustee, the liquidating trustee may settle and close the
Company's business, prosecute and defend suits, dispose of its property,
discharge or make provision for its liabilities, and make Distributions in
accordance with the priorities set forth in this Article.

12.2 TAX TERMINATION. In addition to termination of the Company following its
Dissolution, a termination of the Company will occur, for U.S. federal income
tax purposes only, on the date the Company is terminated under Section 708(b)(1)
of the Code. Under current law, events causing such a termination include the
sale or exchange of 50% or more of the total interest in the capital and profits
of the Company within a twelve-month period. Upon the occurrence of a
termination under Section 708(b)(1) of the Code, the Company will be deemed to
contribute all of its assets and liabilities to a new partnership for tax
purposes in exchange for an interest in such partnership and, immediately
thereafter, to distribute interests in the new partnership to the Members in
complete liquidation of the Company. All adjustments and computations will be
made under this

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<PAGE>

Agreement as if the constructive transactions had actually occurred, and the
Capital Accounts of the Members in such new tax partnership will be determined
and maintained in accordance with the Section 704(b) Regulations.

12.3 PRIORITY OF PAYMENT. The assets of the Company will be distributed in
Liquidation in the following order:

(a)   First, to creditors by the payment or provision for payment of the debts
      and liabilities of the Company (other than any loans or advances that may
      have been made by any Member or any Affiliate of a Member) and the
      expenses of Liquidation;

(b)   Second, to the setting up of any reserves that are reasonably necessary
      for any contingent, conditional or unmatured liabilities or obligations of
      the Company;

(c)   Third, to the repayment of any loans or advances to the Company that were
      made by any Member or any Affiliate of a Member (according to the relative
      priority of repayment of such loans and proportionally among loans of
      equal priority if the amount available for repayment is insufficient for
      payment in full); and

(d)   Fourth, to the Members pro rata in proportion to their Percentage
      Interests.

12.4 LIQUIDATING DISTRIBUTIONS. Liquidating Distributions due to the Members
will be made by selling the assets of the Company and distributing the net
proceeds. Notwithstanding the preceding sentence, unless otherwise agreed by the
Members, liquidating Distributions will be made to the extent possible by
distributing the assets of the Company in-kind to the Members in proportion to
the amounts distributable to them pursuant to 12.3, valuing such assets at their
Fair Market Value (net of liabilities secured by such property that the Member
takes subject to or assumes), as reasonably agreed by the Members, on the date
of Distribution. If the Members are unable to agree on net Fair Market Value
within 30 days following an event of Dissolution, each Member will retain within
45 days following an event of Dissolution, an internationally recognized
investment bank to determine net Fair Market Value in accordance with the
valuation process specified in 5.4(b); provided, that if the assets to be
distributed are JCOM Shares, Fair Market Value will be the Unit Fair Market
Value and provided that if either Member fails to retain an internationally
recognized investment bank within the required time period, net Fair Market
Value as determined by the investment banker retained by the other Member will
control for purposes of this 12.4. In connection with any in-kind Distributions,
the assets distributed will be deemed to have been sold immediately preceding
the date of Distribution for a purchase price equal to their Fair Market Value,
and the Net Income or Net Loss arising from such deemed sale will be allocated
to the Members in accordance with Article 4 and credited to their Capital
Accounts in accordance with Article 3. Each Member (the "Assuming Member")
agrees to save and hold harmless the other Member from any and all liabilities
that are taken subject to or assumed by the Assuming Member. Appropriate and
customary prorations and adjustments will be made incident to any Distribution
in-kind. Each Member will look solely to the assets of the Company for the
return of its Capital Contributions, and if the assets of the Company remaining
after the payment or discharge of the debts and liabilities of the Company are
insufficient to return such contributions, such Member will have no recourse
against the other Member. The Members acknowledge that 12.3 may establish
Distribution priorities on Liquidation different

                                       37
<PAGE>

from those set forth in the Act, as in effect at the time of any Distribution;
and, in such event, it is the Members' intention that the provisions of 12.3
will control, to the extent possible. If any in-kind liquidating Distributions
of JCOM Shares are to be made, the Members will use Commercially Reasonable
Efforts to complete the liquidating Distributions in such a manner so that the
TOB Rules do not apply to the Distributions.

12.5 NO RESTORATION OBLIGATION. Except as otherwise specifically provided in
this Agreement, nothing contained in this Agreement imposes on any Member an
obligation to make an Additional Contribution in order to restore a deficit
Capital Account upon Liquidation of the Company.

12.6 LIQUIDATING REPORTS. A report will be submitted with each liquidating
Distribution to Members made pursuant to 12.3 and 12.4, showing the collections,
disbursements and distributions during the period, which is subsequent to any
previous report. A final report, showing cumulative collections, disbursements
and distributions, will be submitted upon completion of the Liquidation process.

12.7 CERTIFICATE OF CANCELLATION. Upon Dissolution of the Company and the
completion of the winding up of its business, the Company will file a
certificate of cancellation (to cancel the Certificate) with the Delaware
Secretary of State pursuant to the Act. At such time, the Company will also file
an application for withdrawal of its certificate of authority in any
jurisdiction where it is then qualified to do business.

ARTICLE 13: TRANSFER RESTRICTIONS

13.1 GENERAL RESTRICTION. No Person may Transfer all or any part of such
Person's Units in any manner whatsoever except: (a) a Transfer to a Permitted
Transferee as specified in 13.2; or (b) as provided in 13.4, but in any case
with respect to a Transfer described in either (a) or (b), only if the
requirements of 13.3 have also been satisfied. Any other Transfer of Units is
null and void, and of no effect. Any Member who makes a Transfer of all of its
Units in accordance with the requirements of this Agreement will cease to be a
Member on the date of such Transfer and will cease on such date to have any
rights or future obligations as a Member pursuant to this Agreement; provided
that such Member will not be released from any obligations or liabilities that
arose prior to the date of Transfer or, in the case of SC Member, from any
obligations or liabilities pursuant to 13.3(e). Any Member who makes a Transfer
of part (but not all) of such Person's Units will continue as a Member (with
respect to the interest retained), and such partial Transfer will not constitute
an event of Withdrawal of such Member. The rights and obligations of any
Transferee of a Unit will be governed by the other provisions of this Agreement.

13.2 PERMITTED TRANSFEREE. Subject to the requirements set forth in 13.3, a
Person may Transfer all or any part of such Person's Units to any Affiliate of
the Person (each, a "Permitted Transferee").

13.3 GENERAL CONDITIONS ON TRANSFERS. Except to the extent that one or more of
such conditions is waived by the Management Committee, no Transfer of a Unit
will be effective unless all of the conditions set forth below are satisfied:

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<PAGE>

(a)   The Transferor delivers to the Company (i) an opinion of counsel for the
      Transferor reasonably satisfactory in form and substance to the Company to
      the effect that, assuming the accuracy of the statement of the Transferee
      described in (ii) below, the Transfer of the Units as proposed does not
      violate requirements for registration under applicable U.S. federal and
      state securities laws; provided that the requirement of an opinion of
      counsel will be waived in circumstances where it is not reasonably
      necessary, and (ii) a statement of the Transferee in form and substance
      reasonably satisfactory to the Company making appropriate representations
      and warranties with respect to compliance with the applicable U.S. federal
      and state securities laws and as to any other matter reasonably required
      by the Company;

(b)   The Transferor signs and delivers to the Company a copy of the assignment
      of the Units to the Transferee (substantially in the form of the attached
      EXHIBIT C);

(c)   Unless the Transferee is already a Member, the Transferee signs and
      delivers to the Company an agreement (substantially in the form of the
      attached EXHIBIT C) to be bound by this Agreement;

(d)   The Transfer is in compliance with the other provisions of this Article;
      and

(e)   In the case of any Transfer by SC to an Affiliate, except as the parties
      may other reasonably agree, SC signs and delivers to LMI Member an
      agreement pursuant to which SC agrees for the benefit of LMI Member that
      it will cause the Transferee to perform its obligations under this
      Agreement and guarantees to LMI Member (as a primary obligor and not as a
      surety only) the performance by the Transferee or any Affiliate of SC to
      which the Transferee may hereafter Transfer Units, of all SC Member's
      obligations from time to time in force under the terms of this Agreement
      for so long as any of them is a Member. Notwithstanding the foregoing,
      SC's obligations under any guarantee delivered pursuant to this paragraph
      will terminate with respect to an SC Member at such time that the Member
      ceases to be an Affiliate of SC pursuant to a transaction permitted by
      this Agreement.

(f)   In the case of any Transfer by LJ, LJII, LHJ, Liberty Kanto or Liberty
      Jupiter to an Affiliate, except as the parties may other reasonably agree,
      LMI signs and delivers to SC Member an agreement pursuant to which LMI
      agrees for the benefit of SC Member that it will cause the Transferee to
      perform its obligations under this Agreement and guarantees to SC Member
      (as a primary obligor and not as a surety only) the performance by the
      Transferee or any Affiliate of LMI to which the Transferee may hereafter
      Transfer Units, of all LMI Member's obligations from time to time in force
      under the terms of this Agreement for so long as any of them is a Member.
      Notwithstanding the foregoing, LMI's obligations under any guarantee
      delivered pursuant to this paragraph will terminate with respect to an LMI
      Member at such time that the Member ceases to be an Affiliate of LMI
      pursuant to a transaction permitted by this Agreement.

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<PAGE>

13.4  TRANSFER OR REDEMPTION OF UNITS.

(a)   The provisions of this 13.4 do not apply to any Transfer of Units that is
      otherwise permitted under 13.2. In accordance with the procedures set
      forth in this 13.4, after the JCOM IPO Date, LMI Member or SC Member may
      Transfer to the other Member or have the Company redeem, as applicable,
      all or any part of its Units (subject in all cases to the limits on the
      number of Units eligible for redemption set forth in 13.4(c)); provided,
      that the procedures set forth in this 13.4 for the Transfer or redemption
      of Units will not be initiated by either LMI Member or SC Member (i) more
      frequently than once in any rolling 90 day period, or (ii) with respect to
      a Transfer or redemption of Units with a Unit Fair Market Value of less
      than(Y)1 billion, measured as of the date the Offer is made.

(b)   (i)   If LMI Member or SC Member (a "Selling Member") desires to have
            the Company redeem all or any portion of its Units (the "Offered
            Units"), it will first submit a written offer (the "Offer") to sell
            to the other Member (the "Offeree") the Offered Units. If the
            Selling Member has received a bona fide written offer from any
            Person other than an Affiliate of such Selling Member (a "Third
            Party Buyer") to purchase for cash a number of JCOM Shares equal to
            the number of Offered Units (a "Third Party Offer"), then the
            purchase price per Offered Unit (the "Offer Price") for the Offer
            will be the purchase price per JCOM Share offered by the Third Party
            Buyer, which will be payable in cash. If the Selling Member has not
            received a Third Party Offer, then the Offer Price per Offered Unit
            will be the Unit Fair Market Value as of the date on which the Offer
            is made, which will be payable in cash. The Offer will be
            accompanied by a copy of any Third Party Offer if applicable and
            will set forth in reasonable detail (i) the aggregate number of
            Offered Units, (ii) the Offer Price, and if applicable, (iii) the
            identity of the Third Party Buyer and the name of its ultimate
            parent company and controlling shareholders, if any, and the amount
            of the Third Party Offer.

      (ii)  If the Offeree desires to accept the entire Offer, or if there is
            not a Third Party Offer, any portion thereof, the Offeree will
            notify the Selling Member in writing of its intention to acquire all
            of the Offered Units if there is a Third Party Offer or the number
            of such Offered Units it desires to acquire if there is not a Third
            Party Offer (in either case, the "Acquired Units"), such Notice to
            be delivered within five Business Days after the Offer is made (or
            if no Notice is given within such five Business Day period, the
            Offeree will be deemed to have rejected the Offer in full). The
            closing of such purchase and sale of Acquired Units will occur at
            such time and will be subject to such conditions as are set forth in
            13.5. The Offeree may assign its rights to acquire the Offered Units
            under this 13.4(b) to any of its Affiliates. If the closing of the
            purchase and sale of the Acquired Units does not occur pursuant to
            13.5 due to a breach by the Offeree of any of its covenants,
            representations or warranties that are a condition to the
            consummation of such purchase, without limiting any rights hereunder
            or any remedies provided at law, in equity or otherwise, the Offer
            will be considered to have been rejected and the Selling Member may
            cause JCOM Shares to be sold and Units to be redeemed in accordance
            with the applicable provision set forth in 13.4(c). If the closing
            of the

                                       40
<PAGE>

            purchase and sale of the Acquired Units does not occur pursuant to
            13.5 for any reason other than as set forth in the immediately
            preceding sentence, then all of the Acquired Units will once again
            be subject to all of the provisions of this 13.4. Following the
            acquisition of Acquired Units by a Member pursuant to this 13.4(b),
            such Member may thereafter require the Company to redeem such Units
            as Unacquired Units pursuant to 13.4(c) without first offering such
            Units to the other Member pursuant to 13.4(b).

(c)   (i)   If the Offer is not accepted in full pursuant to 13.4(b)(ii)
            (with the difference between the Offered Units and the Acquired
            Units being referred to as the "Unacquired Units"), then:

            (A)   If the Unacquired Units were the subject of a Third Party
                  Offer, then in accordance with the terms and conditions of the
                  Third Party Offer as set forth in the Offer and in accordance
                  with 13.5, the Company will (1) if the Selling Member is LMI
                  Member, sell to the Third Party Buyer a number of JCOM Shares
                  no greater than the number of Unacquired Units, (2) if the
                  Selling Member is SC Member, sell to the Third Party Buyer a
                  number of JCOM Shares no greater than the lesser of (x) the
                  number of Unacquired Units, (y) the SC Permitted Number less
                  the aggregate number of Units that SC Member (including all
                  predecessor SC Members) has sold to LMI Member pursuant to
                  13.4(b) and less the aggregate number of JCOM Shares that SC
                  Member (including all predecessor SC Members) has caused the
                  Company to sell under 13.4(c), in each case from the JCOM IPO
                  Date through but not including the date of sale of JCOM Shares
                  to the Third Party Buyer, and (z) the number obtained by
                  subtracting the aggregate number of JCOM Shares that SC Member
                  (including all predecessor SC Members) has caused the Company
                  to sell under 13.4(c) within the Operating Agreement Year in
                  which the sale of JCOM Shares to the Third Party Buyer will
                  occur from the number that equals one-third of the SC
                  Permitted Number, and (3) in each case, distribute the Net
                  Proceeds of the sale of the JCOM Shares and any cash or stock
                  dividends or other distributions the Company has received on
                  such JCOM Shares that have not previously been distributed to
                  the Members and that are not otherwise included in the
                  definition of JCOM Shares, to the Selling Member, first in
                  retirement of any debt the Company owes to such Selling Member
                  and next in redemption of a number of its Unacquired Units
                  equal to the number of JCOM Shares sold; or

            (B)   If the Unacquired Units were not the subject of a Third Party
                  Offer, then for a period of 30 days after the Offer was not
                  accepted in full pursuant to 13.4(b)(ii) (the "Sale Period"),
                  the Selling Member may cause the Company to (1) if the Selling
                  Member is LMI Member, sell a number of JCOM Shares no greater
                  than the aggregate number of Unacquired Units in Ordinary
                  Market Transactions effected at such times during the Sale
                  Period as LMI Member may reasonably request, (2) if the
                  Selling Member is SC Member, sell a number of JCOM Shares, in
                  Ordinary Market

                                       41
<PAGE>

                  Transactions effected at such times during the Sale Period as
                  SC Member may reasonably request, no greater than the lesser
                  of (x) the number of Unacquired Units, (y) the SC Permitted
                  Number less the aggregate number of Units that SC Member
                  (including all predecessor SC Members) has sold to LMI Member
                  pursuant to 13.4(b) and less the aggregate number of JCOM
                  Shares that SC Member (including all predecessor SC Members)
                  has caused the Company to sell under 13.4(c), in each case
                  from the JCOM IPO Date until the commencement of the Sale
                  Period, and (z) the number obtained by subtracting the number
                  of JCOM Shares that SC Member (including all predecessor SC
                  Members) has caused the Company to sell under 13.4(c) within
                  the Operating Agreement Year in which the Sale Period
                  commences from the number that equals one-third of the SC
                  Permitted Number and, (3) in each case, at such time and
                  subject to such conditions as are set forth in 13.5, the
                  Company will distribute the Net Proceeds of the sales of the
                  JCOM Shares and any cash or stock dividends or other
                  distributions the Company has received on such JCOM Shares
                  that have not previously been distributed to the Members and
                  that are not otherwise included in the definition of JCOM
                  Shares, to the Selling Member first in retirement of any debt
                  the Company owes to such Selling Member and next in redemption
                  of a number of its Unacquired Units equal to the number of
                  JCOM Shares sold.

      (ii)  The redemption of the Selling Member's Unacquired Units pursuant to
            13.4(c) will be the only means for a Selling Member to Transfer the
            Unacquired Units and the Selling Member may not otherwise Transfer
            all or any part of the Unacquired Units in any other manner
            whatsoever except as permitted by 13.2.

      (iii) To the extent that (A) the closing of the purchase and sale of JCOM
            Shares to a Third Party Buyer pursuant to 13.4(c)(i)(A) does not
            occur due to a breach by the Third Party Buyer of any of its
            covenants, representations or warranties that are a condition to the
            consummation of such purchase, (B) prevailing market conditions
            prevent the Company from completing any sales of JCOM Shares
            requested by the Selling Member pursuant to 13.4(c)(i)(B) during the
            Sale Period, (C) any Unacquired Units are not redeemed due to the
            limitations on the number of Unacquired Units that may be redeemed
            that are set forth in 13.4(c)(i)(A) or (B), or (D) any redemption
            provided for in this 13.4(c) does not occur for any other reason,
            then in each case any Unacquired Units that are not redeemed by the
            Company will remain subject to the provisions of this 13.4.

13.5 PROCEDURES FOR TRANSFER OR REDEMPTION OF UNITS. Any purchase and sale of
Acquired Units to an Offeree pursuant to 13.4(b), any sale of JCOM Shares by the
Company pursuant to 13.4(c) and any redemption of Unacquired Units pursuant to
13.4(c) will be subject to the following terms and conditions:

(a)   In the case of a purchase and sale of Acquired Units or the redemption of
      any Unacquired Units, the Selling Member will be deemed to have
      represented and warranted that: (i) the Offeree or the Company, as
      applicable, will receive good and valid title to the Acquired

                                       42
<PAGE>

      Units free and clear of all Liens of any nature whatsoever; and (ii) all
      of such Units can be purchased and sold or redeemed, as applicable,
      without any notice to, or consent, approval, order or authorization of, or
      declaration or filing with, any other Person other than those already
      obtained and except for any required Governmental Approvals. In the case
      of a purchase and sale of JCOM Shares to a Third Party Buyer, the Company
      will make the following representations and warranties if requested by the
      Third Party Buyer: (A) the Third Party Buyer will receive good and valid
      title to such JCOM Shares free and clear of all Liens of any nature
      whatsoever; and (B) all of such JCOM Shares can be purchased and sold
      without any notice to, or consent, approval, order or authorization of, or
      declaration or filing with, any other Person other than those already
      obtained and except for any required Governmental Approvals. The Selling
      Member will use Commercially Reasonable Efforts to require the Third Party
      Buyer to accept any additional representations, warranties or covenants
      with respect to the sale of the JCOM Shares directly from the Selling
      Member and not from the Company. In any case, the Selling Member will
      indemnify, defend and hold the Company harmless from and against any and
      all losses, damages, expenses or liabilities incurred by the Company and
      arising out of the sale of JCOM Shares by the Company at the request of
      the Selling Member, including claims made pursuant to any purchase
      agreement between the Company and a Third Party Buyer.

(b)   The closing of any purchase and sale of Acquired Units or JCOM Shares or
      any redemption of Unacquired Units will be subject to the satisfaction of
      the following conditions, it being agreed that the parties will use
      Commercially Reasonable Efforts to cause such conditions to be met: (i)
      the applicable parties will have made all necessary filings and taken all
      actions that are required to be made or taken by them to comply with the
      TOB Rules; (ii) all consents, notices, approvals, including Governmental
      Approvals expressly required with respect to the transactions to be
      consummated at such closing will have been obtained; and (iii) there will
      be no preliminary or permanent injunction or other order by any court of
      competent jurisdiction restricting, preventing or prohibiting the
      consummation of the transactions to be consummated at such closing.

(c)   Unless otherwise agreed by the applicable parties, the closing of any
      purchase and sale of Acquired Units, any sale of JCOM Shares to a Third
      Party Buyer or any redemption of Unacquired Units will take place at the
      principal executive offices of the Company or at such other place as the
      Management Committee may decide, at 10:00 a.m. local time on a Business
      Day selected by the Offeree in the case of a purchase and sale and
      selected by the Company in the case of a redemption, provided that such
      closing will occur as promptly as practicable, and in any event, (i) with
      respect to a purchase and sale of Acquired Units, within five Business
      Days after the Offeree's acceptance of the Offer, (ii) with respect to a
      redemption following a sale of JCOM Shares to a Third Party Buyer pursuant
      to 13.4(c)(i)(A), within five Business Days following the closing of the
      sale to the Third Party Buyer, (iii) with respect to a redemption
      following sales of JCOM Shares in Ordinary Market Transactions pursuant to
      13.4(c)(i)(B), within five Business Days after the end of the Sale Period,
      and (iv) with respect to any sale of JCOM Shares to a Third Party Buyer
      pursuant to 13.4(c)(i)(A), within 60 days after the Offeree has rejected
      the Offer with respect to the Unacquired Units, subject in each case to
      extension for up to 90 days to the extent required to satisfy all of the
      conditions set forth in 13.5(b).

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<PAGE>

(d)   Unless the applicable parties agree otherwise, the purchase price on any
      purchase and sale of Acquired Units, the purchase price on any sale of
      JCOM Shares to a Third Party Buyer and the redemption price for any cash
      redemption of Unacquired Units will be payable in Japanese yen by wire
      transfer of same day funds to an account at a bank designated by the
      applicable party, such designation to be made no less than five Business
      Days prior to the applicable closing; provided that, if SC Member is the
      Selling Member, in order to facilitate SC Member's prompt receipt of
      payment, any Third Party Buyer will be instructed by the Company to remit
      the payment to the Company's bank account in Japan if the Company has such
      an account.

(e)   In the case of any purchase and sale of Acquired Units, the conditions set
      forth in 13.3 must also be satisfied. In addition, at the reasonable
      request of the Company, the Selling Member will cause the requirements of
      13.3(a) to be satisfied with respect to the Company as Transferor of JCOM
      Shares by delivering to the Company an opinion of counsel meeting the
      requirements of 13.3(a)(i) and a statement of the Transferee meeting the
      requirements of 13.3(a)(ii), in each case with respect to the Transfer of
      JCOM Shares rather than Units.

13.6 RIGHTS OF TRANSFEREES. Any Transferee acquiring Units in compliance with
this Agreement will become a Member automatically on the effective date of the
Transfer.

13.7 SECURITY INTEREST. The Company will not pledge or grant a security
interest, Lien or other encumbrance in or against all or any part of the JCOM
Shares or any other assets of the Company and no Member will pledge or grant a
security interest, Lien or other encumbrance in or against all or any part of
such Member's Units, except as contemplated under the Principal Shareholders
Agreement.

ARTICLE 14: COVENANTS

14.1 CONFIDENTIALITY. Each Member agrees not to disclose (except to its
officers, directors, managers, employees, representatives, advisors, agents and
Affiliates) or to permit any Person Controlled by it to disclose, and will use
its reasonable best efforts to ensure that its officers, directors, managers,
employees, representatives, advisors, agents and Affiliates do not disclose or
permit disclosure of, any Company Confidential Information to any third party.
For purposes of this 14.1, "Company Confidential Information" means the terms of
this Agreement and all knowledge, information or materials relating to the
Company which a Member obtains by reason of being a Member in the Company.
Notwithstanding the foregoing, a Member may disclose Company Confidential
Information:

(a)   as authorized in writing by the other Member;

(b)   as required by any applicable law, stock exchange rule or by any subpoena
      or similar legal process; provided that, if a Member is so required to
      disclose Company Confidential Information, such Member, to the extent not
      legally prohibited from doing so, will promptly provide the other Member
      Notice of such requirement so that the other Member may, if it desired,
      seek a protective order or other appropriate remedy, and the Member
      required to make such disclosure of Company Confidential Information will
      reasonably

                                       44
<PAGE>

      cooperate with the Member seeking such protective order or other remedy.
      If such protective order or other remedy is not sought (or, if sought, is
      not obtained), the Member required to make such disclosure of Company
      Confidential Information will furnish only that portion of the relevant
      Company Confidential Information which it is advised by such Member's
      counsel is legally required and will exercise reasonable efforts to obtain
      that confidential treatment will be accorded to such Company Confidential
      Information;

(c)   if such Company Confidential Information is required to be disclosed by
      order, request or guidance of any Governmental Authority, stock exchange
      or stock association;

(d)   if such Company Confidential Information was known by the disclosing
      Member prior to becoming a Member of the Company;

(e)   if such Company Confidential Information is in the public domain;

(f)   if such Company Confidential Information is obtained from a third party in
      circumstances not involving a breach of the terms of this 14.1; or

(g)   to any bona fide prospective purchaser of the equity interests in or
      assets of the disclosing Member, provided that such purchaser agrees to be
      bound by the provisions of this 14.1.

The nondisclosure obligation contained in this 14.1 will be binding upon each
Member for so long as it holds any Units and for a period of three years
thereafter.

14.2 CONSOLIDATION COOPERATION. If at any time prior to a Dissolution, LMI is
not able to, but still desires to, consolidate the financial results of JCOM
with LMI for purposes of applicable U.S. financial reporting rules and
regulations, then upon request by LMI Member, LMI Member and SC Member will use
Commercially Reasonable Efforts to negotiate amendments to this Agreement and to
any other agreements relating to JCOM or negotiate new agreements relating to
such matters to permit continued consolidation by LMI.

14.3 FORM OF THE COMPANY. The Members acknowledge that SC Member has determined
that as of the date of this Agreement, a Delaware limited liability company is
not entitled to pass-through treatment under Japanese tax laws and based on
Japanese tax laws in place as of the date of this Agreement, SC Member would be
subject to Japanese withholding taxes on its share of any dividends that the
Company receives from JCOM. Accordingly, the Members agree that if JCOM
hereafter intends to begin paying dividends to its shareholders at a time when a
Delaware limited liability company continues, in SC Member's reasonable
judgment, to be ineligible for pass-through treatment under Japanese tax laws,
then SC Member may propose that the Company be reorganized as a different type
of entity and the parties will negotiate in good faith to effect such
reorganization if (a) the form of proposed entity is treated as a pass-through
entity for both U.S. and Japanese tax purposes and (b) such reorganization would
not have an adverse tax or other effect on LMI Member (other than imposing on
LMI Member up to a 20% withholding tax on its pro rata share of dividends paid
by JCOM to the Company) or its rights and obligations with respect to the
Company and the management of the Company, including any adverse effect on LMI's
ability to consolidate the financial results of JCOM with LMI for purposes of
applicable U.S. financial reporting rules and regulations. If the Company is
reorganized as described above, the Members will use reasonable commercial
efforts to (x)

                                       45
<PAGE>

negotiate governing documents for the new entity that contain the same rights
and obligations of the Members that are set forth in this Agreement, modified
only as necessary to reflect the new form of entity, and (y) to complete the
reorganization in such a manner so that the TOB Rules do not apply to the
reorganization.

14.4 PARTICIPATION RIGHT. After the JCOM IPO, if LMI Member, SC Member or an
Affiliate of LMI Member or SC Member desires to acquire JCOM Shares through an
Ordinary Market Transaction or from JCOM or any Person other than an Affiliate
of such Member, the Member that desires to acquire JCOM Shares or whose
Affiliate desires to acquire JCOM Shares (the "Purchasing Member") must first
give prompt written notice to the other Member (the "Non-Purchasing Member")
offering the Non-Purchasing Member the right (a "Participation Right") to
purchase a percentage, not to exceed its Percentage Interest, of the total
number of additional JCOM Shares that the Purchasing Member or its Affiliate
proposes to acquire on the same terms and conditions. The Notice will specify in
reasonable detail (a) the number of JCOM Shares proposed to be acquired, (b) the
proposed purchase price per JCOM Share or, with respect to JCOM Shares proposed
to be acquired through Ordinary Market Transactions, the maximum price at which
shares will be acquired, (c) with respect to JCOM Shares to be acquired through
Ordinary Market Transactions, the time period over which such shares will be
acquired, (d) except with respect to JCOM Shares to be acquired through Ordinary
Market Transactions, the identity of the Person from whom the Purchasing Member
or its Affiliate intends to acquire the JCOM Shares and the name of its ultimate
parent company and controlling shareholder(s), if any, and (e) any other
material terms and conditions of the proposed transaction. If the Non-Purchasing
Member desires to accept all or any portion of its Participation Right, the
Non-Purchasing Member will notify the Purchasing Member in writing of its
intention to acquire all or a portion of its Percentage Interest of the JCOM
Shares, such Notice to be given to the Purchasing Member within 20 Business Days
following the Non-Purchasing Member's receipt of Notice of its Participation
Right with respect to the acquisition of JCOM Shares in Ordinary Market
Transactions or any other acquisition of JCOM Shares and which will constitute
the Non-Purchasing Member's agreement to acquire such JCOM Shares on the terms
specified in the Notice (including in the case of Ordinary Market Transactions,
to acquire such JCOM Shares from time to time during the period specified in the
Notice given by the Purchasing Member) and to be bound by the terms and
conditions of such purchase. If any consideration other than cash is to be paid
by the Purchasing Member or its Affiliate in exchange for the JCOM Shares to be
acquired, the Purchasing Member will take all necessary actions to permit the
Non-Purchasing Member to be able to use cash to exercise its Participation
Right, with the value of any non-cash consideration to be paid by the Purchasing
Member to be valued at its Fair Market Value, as reasonably determined by the
Members. If the Members are unable to agree on the Fair Market Value within 30
days following the Purchasing Member's receipt of the Non-Purchasing Member's
Notice to exercise its Participation Right, each Member will retain within 45
days following the receipt of such Notice, an internationally recognized
investment bank to determine Fair Market Value in accordance with the valuation
process specified in 5.4(b). The closing of any purchase of JCOM Shares under
this 14.4 will occur at the time and place reasonably specified by the
Purchasing Member, with each Member directly purchasing the JCOM shares to be
acquired by it pursuant to this 14.4. If the Non-Purchasing Member elects not to
exercise its Participation Right, which election will be deemed to have been
made by the Non-Purchasing Member if it does not notify the Purchasing Member
within such 20-Business Day period, then the Purchasing Member or its Affiliate
may acquire a number of JCOM Shares no greater than

                                       46
<PAGE>

the amount specified in its Notice and on the terms and conditions specified in
the Notice, without further notice to the Non-Purchasing Member. Notwithstanding
the foregoing, if the Purchasing Member or its Affiliate desires to purchase any
JCOM Shares prior to the JCOM IPO from Microsoft Corporation, Microsoft Holdings
V, Inc. or either of their respective Affiliates, then the Non-Purchasing Member
will have the opportunity to acquire 50% of such JCOM Shares, rather than its
Percentage Interest.

ARTICLE 15: DISPUTES

15.1 RESOLUTION BY THE PARTIES. In the event of a disagreement among the
parties, including a disagreement regarding this Agreement, or any breach
thereof, the parties engaged in such disagreement will use their Commercially
Reasonable Efforts to resolve such disagreement amicably and where applicable
the party in breach will promptly take all reasonable steps to remedy such
breach. If, at the end of thirty (30) days from notification to the other
parties of such disagreement or breach, no resolution has been reached, the most
senior executive officer (jomu) of each party involved in the disagreement or
alleging or contesting the breach will meet to resolve the matter. If they, too,
are unable to reach a mutually agreeable resolution within thirty (30) days of
the matter being referred to them any party involved may elect that the matter
will be arbitrated in accordance with 15.2.

15.2 RESOLUTION BY ARBITRATION. Any and all disputes with respect to which such
authorized persons failed to reach a mutually agreeable resolution will be
finally and exclusively settled by arbitration conducted in New York, New York
under UNCITRAL Arbitration Rules by three (3) arbitrators in the English
language. Any such decision will be given in writing and will state the basis
therefore. Nothing in this 15.2 will prevent a party from seeking injunctive
relief. Any arbitral award rendered under this 15.2 will be final and binding
upon the parties.

15.3 WAIVER OF IMMUNITIES. In connection with the enforcement of any arbitral
award obtained pursuant to the requirements of 15.1 and 15.2 or the exercise by
any party of its rights under 15.1 and 15.2, each party irrevocably waives any
right that it has or may hereafter acquire, in any jurisdiction, to claim for
itself or its revenues, assets or properties, immunity from service of process,
suit, the jurisdiction of any court, an interlocutory order or injunction or the
enforcement of the same against its property in such court, attachment prior to
judgment, attachment in aid of execution of an arbitral award or judgment
(interlocutory or final) or any other legal process.

ARTICLE 16: GENERAL PROVISIONS

16.1 REPRESENTATIONS. Each Member represents and warrants to each other Member
that, as of the signing of this Agreement:

(a)   such Person is duly organized, validly existing and in good standing (if
      applicable) under the laws of the jurisdiction where it purports to be
      organized and has the requisite power and lawful authority to own and
      operate its assets and properties and to conduct its business in which it
      is currently or proposed to be engaged;

(b)   such Person has full power and authority to enter into this Agreement and
      perform its obligations hereunder;

                                       47
<PAGE>

(c)   all actions necessary to authorize the signing and delivery of this
      Agreement, and the performance of obligations under it, have been duly
      taken;

(d)   this Agreement has been duly signed and delivered by a duly authorized
      officer or other representative of such Person and constitutes the legal,
      valid and binding obligation of such Person enforceable in accordance with
      its terms (except as such enforceability may be affected by applicable
      Bankruptcy, insolvency or other similar laws affecting creditors' rights
      generally, and except that the availability of equitable remedies is
      subject to judicial discretion);

(e)   no consent, approval, notice, hearing, filing, registration or any other
      action with any other Person is required in connection with the signing,
      delivery and performance of this Agreement by such Person;

(f)   the signing, delivery and performance of this Agreement do not violate the
      organizational documents of such Person, or any material agreement to
      which such Person is a party or by which such Person is bound; and

(g)   such Person has had an opportunity to perform any due diligence such
      Person deems necessary or desirable.

16.2 UNREGISTERED INTERESTS. Each Member: (a) acknowledges that the Units are
being offered and sold without registration under the U.S. Securities Act of
1933, as amended, or under similar provisions of state law, (b) acknowledges
that such Member is fully aware of the economic risks of an investment in the
Company, and that such risks must be borne for an indefinite period of time, (c)
represents and warrants that such Member is acquiring Units for such Member's
own account, for investment, and with no view to the distribution of the Units
and (d) agrees not to Transfer, or to attempt to Transfer, all or any part of
its Units without registration under the U.S. Securities Act of 1933, as
amended, and any applicable state securities laws, unless the Transfer is exempt
from such registration requirements. Each Member further represents and warrants
that such Member is an "accredited investor" as defined in Rule 501(a) of the
Regulation D under the U.S. Securities Act of 1933, as amended.

16.3 WAIVER OF DISSOLUTION RIGHTS. The Members agree that irreparable damage
would occur if any Member should bring an action for judicial dissolution of the
Company. Accordingly, each Member accepts the provisions under this Agreement as
such Person's sole entitlement on Dissolution of the Company and waives and
renounces such Person's right to seek a court decree of dissolution or to seek
the appointment by a court of a liquidator for the Company. Each Member further
waives and renounces any alternative rights which might otherwise be provided by
law upon the Withdrawal of such Person and accepts the provisions under this
Agreement as such Person's sole entitlement upon the happening of such event.

16.4 WAIVERS AND CONSENTS GENERALLY. No course of dealing will be deemed to
amend or discharge any provision of this Agreement. No delay in the exercise of
any right will operate as a waiver of such right. No single or partial exercise
of any right will preclude its further exercise. A waiver of any right on any
one occasion will not be construed as a bar to, or waiver of, any such right on
any other occasion.

                                       48
<PAGE>

16.5 EQUITABLE RELIEF. If any Member proposes to Transfer all or any part of its
Units or to disclose confidential information in violation of the terms of this
Agreement, the Company, the Management Committee, or any Member may apply to any
court of competent jurisdiction for a temporary injunctive order prohibiting
such proposed Transfer or disclosure except upon compliance with the terms of
this Agreement. Any attempted Transfer in violation of this Agreement is null
and void, and of no force and effect. The Person against whom such action or
proceeding is brought waives the claim or defense that an adequate remedy at law
exists, and such Person will not urge in any such action or proceeding the claim
or defense that such remedy at law exists.

16.6 REMEDIES FOR BREACH. Except as provided in 16.3 and 16.5, (a) the rights
and remedies of the Members, the Managers and the Management Committee set forth
in this Agreement are neither mutually exclusive nor exclusive of any right or
remedy provided by law, in equity or otherwise and (b) all legal remedies (such
as monetary damages) as well as all equitable remedies (such as specific
performance) will be available for any breach or threatened breach of any
provision of this Agreement.

16.7 LIMITATION OF LIABILITY. No party will be liable to any other party for
indirect, consequential or special damages arising out of a breach by such party
of this Agreement, whether based in contract or tort (including negligence,
strict liability or otherwise) and whether or not advised of the potential for
such damages.

16.8 AMENDMENTS. This Agreement may be amended by the affirmative vote of all
Members; provided, that the Management Committee will have the power, without
the affirmative vote of the Members, to amend this Agreement solely to reflect
the admission, substitution, termination, or Withdrawal of Members in accordance
with this Agreement. Any amendment will become effective upon such approval,
unless otherwise provided. Notice of any proposed amendment must be delivered to
the Members at least five days in advance of the meeting at which the amendment
will be considered (unless the approval is evidenced by duly signed minutes of
action). Any duly adopted amendment to this Agreement is binding upon, and
inures to the benefit of, each Person who holds a Unit at the time of such
amendment, without the requirement that such Person sign the amendment or any
republication or restatement of this Agreement.

16.9 THIRD-PARTY RIGHTS. A Person who is not a party to this Agreement has no
right to enforce or enjoy the benefit of any term of this Agreement.

16.10 COUNTERPARTS. This Agreement may be signed in multiple counterparts (or
with detachable signature pages). Each counterpart will be considered an
original instrument, but all of them in the aggregate will constitute one
agreement. Telecopies of signatures will be given effect for purposes of the
signature page of this Agreement and any amendments to this Agreement.

16.11 NOTICE. All Notices under this Agreement will be in writing in English and
will be either delivered or sent addressed as set forth on EXHIBIT A or to such
other address as the addressee may hereafter designate by Notice given to the
other parties to this Agreement. In computing time periods, the day of Notice
will be included. For Notice purposes, a day means a calendar day unless
otherwise provided in this Agreement. Any Notices given to any Member or

                                       49
<PAGE>

Manager in accordance with this Agreement will be deemed to have been duly given
and received: (a) on the date of receipt if personally delivered, (b) upon
confirmation of transmission by the sender's facsimile machine if sent by
facsimile transmission or (c) three Business Days after having been sent by an
internationally recognized overnight courier service; provided, that any Notice
regarding a change in address of the sender will not be deemed to have been duly
given and received until actually received. Any Notice to be given to a Manager
or Member pursuant to Article 7 will also be deemed to have been duly given and
received on the date such Notice is received by the Manager or Member by e-mail
transmission to the most recent e-mail address on file with the Company in the
case of a Manager or to the e-mail address set forth on EXHIBIT A in the case of
a Member.

16.12 PARTIAL INVALIDITY. Wherever possible, each provision of this Agreement
will be interpreted in such manner as to be effective and valid under applicable
law. However, if for any reason any one or more of the provisions of this
Agreement are held to be invalid, illegal or unenforceable in any respect, such
action will not affect any other provision of this Agreement. In such event,
this Agreement will be construed as if such invalid, illegal or unenforceable
provision had never been contained in it. Should any provision of this Agreement
be or become ineffective for reasons beyond the control of the parties, the
parties will use reasonable efforts to agree upon a new provision which will as
nearly as possible have the same commercial effect as the ineffective provision.

16.13 COSTS. Except as otherwise specified in this Agreement, each of the
parties hereto will pay its own costs, charges and expenses connected with the
preparation and implementation of this Agreement and the transactions
contemplated by it.

16.14 ENTIRE AGREEMENT. This Agreement (including its Exhibits) and the
Contribution Agreement contain the entire agreement and understanding of the
Members concerning its subject matter.

16.15 BENEFIT. The contribution obligations of each Member will inure solely to
the benefit of the other Members and the Company, without conferring on any
other Person any rights of enforcement or other rights.

16.16 BINDING EFFECT. This Agreement is binding upon, and inures to the benefit
of, the Members, the Managers, and Permitted Transferees.

16.17 FURTHER ASSURANCES. Each Member agrees, without further consideration, to
sign and deliver such other documents of further assurance as may reasonably be
necessary to effectuate the provisions of this Agreement.

16.18 HEADINGS. Article and section titles have been inserted for convenience of
reference only and are not intended to affect the meaning or interpretation of
this Agreement.

16.19 TERMS. Terms used with initial capital letters will have the meanings
specified, applicable to both singular and plural forms, for all purposes of
this Agreement. All pronouns (and any variation) will be deemed to refer to the
masculine, feminine or neuter, as the identity of the Person may require. The
singular or plural includes the other, as the context requires or

                                       50
<PAGE>

permits. The word "include" (and any variation) is used in an illustrative
sense rather than a limiting sense. The word "day" means a calendar day.

16.20 GOVERNING LAW. This Agreement will be governed by, and construed in
accordance with, the laws of the State of Delaware. Any conflict or apparent
conflict between this Agreement and the Act will be resolved in favor of this
Agreement, except as otherwise required by the Act.

16.21 ENGLISH LANGUAGE. If this Agreement or the Certificate is translated into
Japanese for the convenience of the parties or some of them, the English
language version hereof/thereof will for all purposes be deemed to be the
definitive and binding version thereof.

16.22 LMI GUARANTEE. LMI hereby agrees that it will cause each of LJ, LJII, LHJ,
Liberty Kanto and Liberty Jupiter to perform its obligations under this
Agreement and guarantees to SC Member (as a primary obligor and not as a surety
only) the performance by each of them of all of their obligations from time to
time in force under the terms of this Agreement for so long as any of them is a
Member. Notwithstanding the foregoing, LMI's guarantee will terminate with
respect to a Member at such time that the Member ceases to be an Affiliate of
LMI or Parent pursuant to a transaction permitted by this Agreement.

16.23 REGISTRATION RIGHTS AGREEMENT. It is expected that the Company will enter
into a Registration Rights Agreement with JCOM and Microsoft Holdings V, Inc. in
connection with the JCOM IPO (the "Registration Rights Agreement"). If at any
time, JCOM proposes to file a Registration Statement (as defined in the
Registration Rights Agreement) under the U.S. Securities Act of 1933, as
amended, with respect to any JCOM Shares, the Company, SC Member and LMI Member
will promptly and in good faith negotiate amendments to this Agreement to permit
SC Member to direct the Company to exercise its piggyback registration rights or
its rights to participate in any demand registration initiated by any Original
Shareholder (as defined in the Registration Rights Agreement) and/or up to four
of its demand registration rights under the Registration Rights Agreement in
connection with subsequent sales by the Company of JCOM Shares on SC Member's
behalf in accordance with the provisions of Article 13 so that such sales can be
made under any Registration Statement to the extent permitted under the
Registration Rights Agreement.

                                       51
<PAGE>

All of the MEMBERS have signed this AMENDED AND RESTATED OPERATING AGREEMENT of
LMI/SUMISHO SUPER MEDIA, LLC, to be effective from the Effective Date,
notwithstanding the actual date of signing.

                                   SUMITOMO CORPORATION

                                   By:
                                      -----------------------------------
                                   Name:  Shingo Yoshii
                                   Title: General Manager, Media Division

                                   LIBERTY JAPAN, INC.

                                   By:
                                      -----------------------------------
                                   Name:  Graham E. Hollis
                                   Title: Senior Vice President

                                   LIBERTY JAPAN II, INC.

                                   By:
                                      -----------------------------------
                                   Name:  Graham E. Hollis
                                   Title: Senior Vice President

                                   LMI HOLDINGS JAPAN, LLC

                                   By:
                                      -----------------------------------
                                   Name:  Graham E. Hollis
                                   Title: Senior Vice President

                                   LIBERTY KANTO, INC.

                                   By:
                                      -----------------------------------
                                   Name:  Graham E. Hollis
                                   Title: Senior Vice President

                                   LIBERTY JUPITER, INC.

                                   By:
                                      -----------------------------------
                                   Name:  Graham E. Hollis
                                   Title: Senior Vice President

                                       52
<PAGE>

                                   Solely with respect to Sections 3.1(c),
                                   3.1(d) and 16.22:

                                   LIBERTY MEDIA INTERNATIONAL, INC.

                                   By:
                                      -----------------------------------
                                   Name:  Graham E. Hollis
                                   Title: Senior Vice President

Acknowledged by:

LMI/SUMISHO SUPER MEDIA, LLC

By: ___________________________
Name:
Title:

                                       53
<PAGE>

<TABLE>
<CAPTION>
                               LIST OF EXHIBITS
                               ----------------
<S>               <C>
Exhibit A         Names and Addresses of the Company, the Members and
                  the Managers

Exhibit B         Capital Contributions and Units

Exhibit C         Transfer Agreement
</TABLE>

<PAGE>

                                   EXHIBIT A

        NAMES AND ADDRESSES OF THE COMPANY, THE MEMBERS AND THE MANAGERS

LMI/SUMISHO SUPER MEDIA, LLC:

c/o Liberty Media International, Inc.
12300 Liberty Boulevard
Englewood, Colorado 80112
USA
Attention:     Graham Hollis
Fax:           +1 720 875 4983
e-mail address:graham@libertymedia.com

with copies to:

Attention:     Elisa Erickson (at the same address)
Fax:           +1 720 875 5858
e-mail address:elisa@libertymedia.com

LIBERTY JAPAN, INC.
LIBERTY JAPAN II, INC.
LMI HOLDINGS JAPAN, LLC
LIBERTY KANTO, INC.
LIBERTY JUPITER, INC.
12300 Liberty Boulevard
Englewood, Colorado 80112
USA

Attention:     Graham Hollis
Fax:           +1 720 875 4983
e-mail address:graham@libertymedia.com

with copies to:

Attention:     Elisa Erickson (at the same address)
Fax:           +1 720 875 5858
e-mail address:elisa@libertymedia.com

and

Sherman & Howard L.L.C.
633 17th Street, Suite 3000
Denver, Colorado  80202
USA
Attention:        Joanne Norris
Fax:              +1 303 298 0940

                                      A-1
<PAGE>

SUMITOMO CORPORATION:

1-8-11 Harumi
Chuo-ku, Tokyo 104-8610
Japan
Attention:     Seiichi Morimoto
Fax:           +81 3 5166 6301
e-mail address:seiichi.morimoto@sumitomocorp.co.jp

with copies to:

Attention:     Naoki Saito

               Deputy General Manager, Planning and Administration Dept., Media,
               Electronics and Network Business Unit
Fax:           +81 3 5166 6308
e-mail address:naoki.saito@sumitomocorp.co.jp

and

Paul, Weiss, Rifkind, Wharton & Garrison LLP
Fukoku Seimei Building 2F
2-2-2 Uchisaiwaicho
Chiyoda-ku, Tokyo 100-0011
Japan
Attention:     Lisa Yano
Fax:           +81 3 3597 8120

MANAGERS:

LMI Member
Mr. Bernie Dvorak
Liberty Media International, Inc.
12300 Liberty Boulevard
Englewood, CO  80112
Fax:           +1 720 875 5807
e-mail address:Bernie@libertymi.com

SC Member
Mr. Hiroyuki Yamazaki
1-8-11 Harumi
Chuo-ku, Tokyo 104-8610
Japan
Fax:           +81 3 5166 6308
e-mail address:h.yamazaki@ie.sumitomocorp.co.jp

                                      A-2
<PAGE>

                                                          B-1

                                   EXHIBIT B

                         CAPITAL CONTRIBUTIONS AND UNITS

<TABLE>
<CAPTION>
                           PERCENTAGE                  INITIAL CAPITAL
                            INTEREST        UNITS           ACCOUNT
                           ----------     ---------    ---------------
<S>                        <C>            <C>          <C>
SUMITOMO CORPORATION            30.32%    1,017,851    $   636,156,875

LIBERTY JAPAN, INC.             32.82%    1,101,600    $   688,500,000

LIBERTY JAPAN II, INC.           1.66%       55,586    $    34,741,250

LMI HOLDINGS JAPAN, LLC         17.62%      591,507    $   369,691,875

LIBERTY KANTO, INC.              9.38%      314,743    $   196,714,375

LIBERTY JUPITER, INC.             8.2%      275,400    $   172,125,000

TOTALS:                           100%    3,356,687    $ 2,097,929,375
</TABLE>

                                      B-1
<PAGE>

                                   EXHIBIT C

                               TRANSFER AGREEMENT

The undersigned TRANSFEROR hereby transfers and assigns Units in LMI/Sumisho
Super Media, LLC, a Delaware limited liability company, to , as TRANSFEREE. The
Capital Account of the TRANSFEROR that is attributable to the transferred Units
will carry over to the TRANSFEREE. The Units transferred are subject to all of
the terms and conditions of the Amended and Restated Operating Agreement of
LMI/Sumisho Super Media, LLC, dated November 26, 2004, as such Agreement may be
amended (the "Operating Agreement"). As a TRANSFEREE of such Units, the
undersigned agrees to be bound as a party to the Operating Agreement (which, as
it may be amended, is hereby incorporated by reference).

                                    TRANSFEROR:

___________________                 ____________________________________________
Date

                                    TRANSFEREE:

___________________                 ____________________________________________
Date
                                    Address: __________________________________
                                             ___________________________________
                                    Taxpayer ID Number:_________________________
                                    Telephone Number:___________________________
                                    Fax Number: ________________________________

                                      C-1<PAGE>

                                                                    EXHIBIT 10.1

                             FIFTH AMENDMENT TO THE
         JANUS 401(K), PROFIT SHARING AND EMPLOYEE STOCK OWNERSHIP PLAN

The Janus 401(k), Profit Sharing and Employee Stock Ownership Plan, as restated
effective November 1, 2001 (the "Plan"), is hereby amended to reflect and
memorialize amendments to the Plan approved by the Board of Directors on, with
respect to paragraphs 1 through 11 and 13, March 8, 2004, and with respect to
paragraph 12, August 12, 2004:

      1.    Section 4.02 is amended by deleting subsections (a), (b) and (h) and
            substituting the following:

            (a)   INVESTMENT DIRECTION

                  Subject to the provisions of this Section, each participant
                  shall have the right to direct the investment of all of his
                  Accounts - other than the ESOP Stock Bonus contribution
                  Account - among the investment funds that are available under
                  the Plan.

            (b)   INVESTMENT FUND

                  An Investment Fund means any portion of the assets of the
                  Trust Fund that is either (1) required to be an Investment
                  Fund by the terms of the Plan or (2) is chosen by the Plan
                  Administrator, and is designated by the Plan Administrator in
                  a manner and form acceptable to the Trustee.

            (h)   ADDITION AND DELETION OF INVESTMENT FUNDS; MAINTENANCE AND
                  ADMINISTRATION OF ACCOUNTS

                  Investment Funds may be added from time to time by the Plan
                  Administrator. Investment funds other than the Janus Stock
                  Fund ("JNS Fund"), the KCSI Stock Fund and the Janus Mutual
                  Funds may be deleted from time to time at the direction of the
                  Plan Administrator, provided, that the Plan Administrator must
                  at all times maintain an array of mutual funds other than
                  Janus Mutual funds that constitute a "broad range of
                  investment alternatives" within the meaning of 29 C.F.R.
                  Section 2550.404c-1(b)(2)(iii)(C)(1). The JNS Fund, the KCSI
                  Fund and the Janus Mutual Funds may be removed as investment
                  options under the Plan only by amendment of the Plan by the
                  Company. For each Investment Fund required by the terms of the
                  Plan or chosen by the Plan Administrator, the Plan
                  Administrator will maintain a separate set of accounts, and
                  the Plan Administrator shall establish guidelines for the
                  proper administration of affected accounts when an investment
                  fund is added or deleted, whether at the direction of the Plan
                  Administrator or by amendment of the Plan.

      2.    The following subsections are hereby added to Article I
            "DEFINITIONS:"

<PAGE>

            (a)   Immediately after "Code" the following subsection is added:

                  1.05  COMPANY

                        Company means Janus Capital Group Inc.

            (b)   Immediately after "Issuer" the following subsection is added:

                  1.20  JANUS STOCK FUND

                        Janus Stock Fund ("JNS Fund") means an investment fund
                        consisting of common stock issued by the Company or by
                        an affiliate, and cash necessary for liquidity purposes.

            (c)   Immediately after "Janus Stock Fund" the following subsection
                  is added:

                  1.21  JANUS MUTUAL FUND

                        Janus Mutual Fund means a retail mutual fund advised by
                        the Company or subsidiary thereof and is listed in
                        Appendix II of this Plan.

            The subsections of Article I are hereby renumbered 1.01 through 1.38
            to reflect the three subsections added above.

      3.    Section 1.27 (as renumbered, Section 1.30) is amended and restated
            in its entirety to read and provide as follows:

                  1.29  Plan Administrator

                        Unless changed by the Company pursuant to Section 9.01,
                        the Plan Administrator is the Plan Advisory Committee.

      4.    A new Section 4.05 is hereby added, to read and provide as follows:

            4.05  LIMITATIONS ON DISCRETION OF PLAN ADMINISTRATOR

                  (a)   TRADING RESTRICTIONS

                  The Plan Administrator shall observe restrictions on the
                  trading activity of Plan participants and beneficiaries that
                  are substantially the same as those imposed by the Company on
                  its employees or required by law in order to prevent illegal
                  or abusive trading practices. Nothing in this Plan shall
                  confer on a Participant or Beneficiary the right to direct
                  assets credited to

                                       2

<PAGE>

                  his Plan Account or to obtain a distribution from the Plan in
                  violation of any such Plan restrictions. The observance of and
                  compliance with any such Plan restriction shall not give rise
                  to a blackout as that term is defined in Section 101(i)(7) of
                  ERISA and the Department of Labor Regulation codified in 29
                  U.S.C. Section 2520.101-3 (d)(1).

            (b)   JANUS MUTUAL FUNDS; JNS AND KCSI FUNDS

                  The Plan Administrator is not empowered under this Plan to
                  evaluate the performance of the JNS fund, the KCSI Fund, and
                  the Janus Mutual Funds.

      5.    Article 6 (Currently, "Reserved") should be amended, as follows:

                                    Article 6

                                INVESTMENT FUNDS

            Investment funds under the Plan shall include the JNS Fund, the KCSI
            Fund, the Janus Mutual Funds and such other investment options,
            including mutual funds advised and managed by investment companies
            other than the Company and any affiliate of the Company, as may be
            selected from time to time by the Plan Administrator or its
            delegate.

      6.    Section 9.16, lead-in clause, should be amended as follows:

            The Advisory Committee, or the Plan Administrator if the Advisory
            Committee is the Plan Administrator, shall have all powers necessary
            to discharge its duties under this Plan, including, without
            limitation, the following:

      7.    Section 9.16 should be further amended to delete all text after the
            conclusion of Paragraph (i) and insert in lieu thereof:

            Provided, However, that neither the Advisory Committee nor the Plan
            Administrator is empowered under this Plan to evaluate the Janus
            Mutual Funds or to alter the list in Appendix II.

            The Advisory Committee and the Plan Administrator must exercise
            their powers, duties and discretion under the Plan in a uniform and
            non-discriminatory manner.

      8.    Section 9.16(e) should be amended to read as follows:

                                       3

<PAGE>

            To direct the Trustee as respects the crediting and distribution of
            the Trust and as respects Trust investments for which the Plan
            Administrator has responsibility under the Plan.

      9.    Section 13.02 is amended by deleting subsections (c) and (d) and
            substituting the following:

            (c)   INVESTMENTS

                  The Plan Administrator shall from time to time provide to the
                  Trustee written investment policies that, consistent with the
                  terms of the Plan, set forth the Plan's investment objectives
                  and guidelines, including trading restrictions to prevent
                  illegal or abusive practices.

                  If such policies are not provided to the Trustee, the Trustee
                  in consultation with the Plan Administrator shall develop and
                  implement investment objectives and guidelines consistent with
                  the immediately preceding paragraph.

                  The Trustee will invest the Trust Fund in accordance with the
                  investment objectives and guidelines, considering the
                  liquidity needs of the Plan and consistent with applicable
                  rules of fiduciary responsibility.

            (d)   PLAN ADMINISTRATOR DIRECTION OF INVESTMENTS

                  Subject to Sections 4.02(h), 4.05 and 13.02(c), the Plan
                  Administrator shall direct the Trustee with respect to the
                  investment and reinvestment of Trust Fund assets. The Trustee
                  and Plan Administrator shall execute a letter agreement (which
                  shall be deemed a document governing the Plan) containing
                  conditions, limitations and other provisions pursuant to which
                  the Trustee will follow the Plan Administrator's directions.
                  The letter agreement may provide for Participant direction
                  with respect to investment and reinvestment of a Participant's
                  Account in accordance with Article 4.

                  Except as provided in the letter agreement or by this Section
                  13 or as may be required by ERISA, the Trustee shall have no
                  duty or responsibility to review, initiate action with respect
                  to, or make recommendations regarding Trust Fund assets and
                  will retain such assets until directed by the Plan
                  Administrator to dispose of them.

      10.   Sections 3.03(c), 3.04(c) and 3.05(c), each titled "Application of
            Forfeitures," should each be deleted and substituted with the
            following:

                                       4

<PAGE>

            (c)   APPLICATION OF FORFEITURES

            Forfeitures under the Plan shall be applied as follows:

                  (1)   Forfeitures shall first be applied to pay Plan expenses
                        described in Section 9.11 (pertaining to Expenses of
                        Administration). Any Plan expenses remaining after the
                        application of Forfeitures under this Paragraph shall be
                        paid in accordance with Section 9.11 of the Plan;

                  (2)   any Forfeitures remaining after the application of
                        Paragraph (1) of this Subsection shall be applied to
                        reduce the Employer's contribution obligation under
                        Section 7.06(c) (pertaining to restoration of
                        Participant Employer Contribution Accounts);

                  (3)   any Forfeitures remaining after the application of
                        Paragraphs (1) and (2) of this Subsection shall be
                        applied to reduce the Employer's Employer Matching
                        Contribution obligation under Section 3.03(b);

                  (4)   any Forfeitures remaining after the application of
                        Paragraphs (1), (2) and (3) of this Subsection shall
                        applied to reduce the Employer's contribution
                        obligation, if any, to maintain the Plan's qualified
                        status and/or satisfy the Nondiscrimination requirements
                        provided in Article 11 of the Plan; and

                  (5)   any Forfeitures remaining after the application of
                        Paragraphs (1), (2), (3), and (4) of this Subsection
                        shall be treated as an Employer Discretionary Profit
                        Sharing Contribution and allocated in accordance with
                        Section 3.04 (b).

            Section 9.11, titled "Expenses of Administration" should be amended
            to read as follows:

                  9.11  Expenses of Administration

                  The Plan Sponsor does not and will not guarantee the Plan
                  assets against loss. All Expenses of Administration identified
                  in Subsection (a) of this Section shall first be charged
                  against Forfeitures arising under Sections 3.03(c), 3.04(c)
                  and 3.05(c) of the Plan. If any Forfeitures remain after the
                  payment of Expenses of Administration identified in Subsection
                  (a), such Forfeitures shall be allocated in accordance with
                  Section 4.02(d) and used to pay Expenses of Administration
                  identified in Subsection (b) of this Section. The Plan
                  Sponsor, in its sole discretion, may pay any portion of the
                  Expenses of Administration remaining after the application of
                  the Forfeitures.

                                       5

<PAGE>

                  The Plan is ultimately responsible for all Expenses of
                  Administration remaining after the application of Forfeitures
                  and payment, if any, by the Plan Sponsor. All such remaining
                  Expenses of Administration shall be allocated in accordance
                  with Section 4.02(d) of the Plan, charged against Plan assets
                  as deducted by the Trustee.

                  (a).  Expenses of Administration shall include ordinary and
                        necessary expenses associated with maintaining and
                        administering the Plan, including, without limitation,
                        the fees or expenses of administrators, record keepers,
                        consultants, advisers, accountants and attorneys in
                        connection therewith; expenses incurred for maintaining
                        the tax qualified status of the Plan; and taxes, if any,
                        imposed upon the Plan.

                  (b).  Except with respect to Participant-directed Account
                        transactions, which may be assessed against and paid
                        directly from the Participant's Account, and except with
                        respect to the purchase of shares to be held by the JNS
                        Fund, which may be assessed against and paid out of the
                        Discretionary ESOP Contribution giving rise to the
                        purchase, Expenses of Administration shall also include
                        fees, charges or commissions with respect to the
                        purchase and sale of Plan assets (subject to the
                        investment policies of the Plan).

      11.   The first paragraph of the Plan Preamble should be amended and
            restated in its entirety to read as follows:

            The general purpose of this Plan and Trust is to provide, in
            accordance with its provisions, a tax qualified, defined
            contribution plan providing retirement and related benefits for
            eligible employees of the Company, Janus Capital Group, Inc. Among
            others, it is a purpose of this Plan to align the economic interests
            of the Company and its employees by making available to those who
            are eligible to participate in the Plan a tax advantaged opportunity
            to acquire equity in the Company through investment in the JNS Fund
            and to acquire shares of any or all of the retail mutual funds to
            which the Company is an advisor.

      12.   A new Article 15, entitled "Participant Loans" shall be added to the
            Plan as follows:

                                       6

<PAGE>

                                   ARTICLE 15

                                PARTICIPANT LOANS

            15.01 PARTICIPANT LOANS PERMITTED

            Loans to Participants are permitted pursuant to the terms and
            conditions set forth in this Article, except that a loan shall not
            be permitted to a Participant who is no longer an Employee or to a
            Beneficiary. A Participant's request for a loan shall be granted or
            denied based on uniform and nondiscriminatory standards established
            by the Committee. The Committee reserves the right to cease making
            loans at any time without prior notice to Participants.

            15.02 LOAN APPLICATION, NOTICE AND SECURITY

            A Participant may apply for a loan at such times, in such manner and
            with the advance notice prescribed by the Committee. The Committee
            may impose a loan application fee and/or loan maintenance fee
            provided such fees are imposed on a uniform and nondiscriminatory
            basis. Each loan shall be evidenced by a promissory note, secured
            only by the portion of the Participant's Account from which the loan
            is made, and the Plan shall have a lien on such portion of his or
            her Account.

            15.03 MAXIMUM NUMBER OF LOANS

            A Participant may have up to two loans outstanding at any time.

            15.04 LOAN FUNDING LIMITS AND ACCOUNT SOURCES

            The loan amount must meet all of the following limits as determined
            as of the Valuation Date the loan is processed and shall be funded
            from the Participant's Accounts as follows:

                  (a)   MINIMUM LOAN AMOUNT

                        The minimum amount for any loan is $1,000.

                  (b)   MAXIMUM LOAN AMOUNT

                        The maximum a Participant may borrow, including the
                        aggregate outstanding balances of existing Plan loans,
                        is 50% of his or her vested Account balance, not to
                        exceed $50,000. However, the $50,000 maximum is reduced
                        by the excess of:

                        (1) The Participant's highest aggregate outstanding Plan
                        loan balance during the twelve-month period ending on
                        the Valuation Date the loan is processed; over

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                        (2) The Participant's aggregate outstanding Plan loan
                        balance on the Valuation Date the loan is processed.

                  (c)   ACCOUNT SOURCES

                        A Participant may borrow from his or her Accounts;
                        provided, however, that a Participant may not borrow
                        from his or her Discretionary ESOP Stock Bonus
                        Contributions Account to the extent that such account is
                        invested in Janus Capital Group Inc. stock.

            15.05 SOURCE AND TIMING OF LOAN FUNDING

            A loan to a Participant shall be made solely from the assets of his
            or her own Account. The loan shall be funded immediately following
            the Valuation Date the loan is processed. Payment shall be made to
            the Participant as soon thereafter as administratively feasible.

            15.06 LOAN TERM

            The maximum loan period is five years; provided, however, that if
            the loan is a primary residence loan the maximum loan period is
            fifteen years.

            15.07 LOAN PAYMENTS

            The loan shall be subject to a substantially level amortization
            schedule requiring periodic payments of interest and principal made
            no less frequently than quarterly. The Committee may require a
            minimum payment amount. Loan payments shall be made through
            mandatory payroll deduction. A Participant on an unpaid leave of
            absence of up to one year may elect to suspend loan payments during
            the leave of absence. Notwithstanding the preceding sentence, if the
            Company so determines, loan payments will be suspended under the
            Plan in connection with qualifying military service as permitted
            under Code section 414(u).

            A Participant may repay with a cashiers check or money order, at any
            time and without penalty, the entire principal balance then
            outstanding on his or her loan and the interest due to date on the
            prepaid portion. Partial prepayment is not permitted.

            Loan principal payments shall be credited to the Participant's
            Accounts in the inverse of the order used to fund the loan. Loan
            interest shall be credited to the Participant's Accounts in direct
            proportion to the principal payment. Loan payments are credited to
            the Investment Funds based upon the Participant's investment
            election currently in effect for new deposits to his or her
            Accounts.

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            15.08 LOAN INTEREST RATE

            The interest rate charged on Participant loans shall be a fixed
            reasonable rate of interest, determined from time to time by the
            Committee, which provides the Plan with a return commensurate with
            the prevailing interest rate charged by persons in the business of
            lending money for loans which would be made under similar
            circumstances.

            15.09 LOAN DEFAULT AND FORECLOSURE

            A loan shall be in default and become due and payable in full if any
            payment is not made within 90 days of the date it is due or if full
            payment is not made within 90 days of the Participant's death. The
            Committee shall use reasonable effort to attempt to give the
            Participant (or his or her Beneficiary) written notice of default in
            advance of the end of the 90-day grace period. If an event of
            default is not cured within the grace period, the Committee shall
            declare a default in the amount of the unpaid principal balance of
            the loan and interest thereon to the date of the default. The
            default shall be declared whether or not the Participant has
            received advanced notice of the default from the Committee. If at
            the time of a default the Participant no longer is an Employee or
            has attained age 59 1/2, the Committee shall direct the Trustee to
            satisfy the default through a loan offset distribution that treats
            the defaulted amount as an actual distribution from the Plan. The
            Participant's Account shall be reduced by the amount of the
            defaulted amount, and any subsequent distribution from the Account
            shall be net of this prior distribution.

            If at the time of a default the Participant remains an Employee and
            has not attained age 59 1/2, the Committee shall direct the Trustee
            to satisfy the default by declaring a deemed distribution, which
            shall be a form of lien against the Account of the borrowing
            Participant. In addition, the portion of the Participant's Account
            treated as a deemed distribution no longer shall accrue interest (or
            incur a loss). Following the deemed distribution, when an event
            occurs pursuant to which the Participant or his or her Beneficiary
            will receive a distribution from the Account of such Participant
            under the provisions of the Plan, then the Account of such
            Participant shall be reduced by the amount of the deemed
            distribution. The distribution now to be made to the Participant or
            his or her Beneficiary from the Account shall be net of the amount
            of the deemed distribution.

            A Participant who has defaulted on a loan shall be prohibited from
            initiating another loan.

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            15.10 LOAN CALL

            The Committee shall have the right to call a Participant's loan once
            the Participant's employment with the Company has terminated or if
            the Plan is terminated.

      13.   Appendix - The existing appendix (dealing with prior service credit)
            should be re-titled "Appendix I" and a new "Appendix II" should be
            added, to read as follows:

                                   Appendix II

                               JANUS MUTUAL FUNDS

Janus Adviser International Equity Fund
Janus Adviser Risk Managed Growth Fund
Janus Adviser U.S. Value Fund
Janus Adviser Small Company Value Fund
Janus Balanced Fund
Janus Core Equity Fund
Janus Enterprise Fund
Janus Flexible Income Fund
Janus Fund
Janus Global Life Sciences Fund
Janus Global Opportunities Fund
Janus Global Technology Fund
Janus Government Money Market Fund
Janus Growth & Income Fund
Janus High-Yield Fund
Janus Mercury Fund
Janus Mid-Cap Value Fund - Investor
Janus Money Market Fund
Janus Olympus Fund
Janus Orion Fund
Janus Overseas Fund
Janus Risk Managed Stock Fund
Janus Short-Term Bond Fund
Janus Small-Cap Value Fund - Investor
Janus Special Equity Fund
Janus Twenty Fund
Janus Venture Fund
Janus Worldwide Fund

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      14.   Any conforming changes that are necessary as a result of the above
            amendments are hereby made.

      15.   Except as amended above, the Plan shall remain in full force and
            effect.

IN WITNESS WHEREOF, the Employer, has caused this instrument to be executed as
of the date specified below.

                                            JANUS CAPITAL GROUP INC.

Dated: December 31, 2004                    By: /s/ Douglas N. Beck
                                                --------------------

                                            Its: Assistant Secretary

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