Document:

Exhibit 10.9(q)

                                PLEDGE AGREEMENT

            This PLEDGE AGREEMENT (this "Agreement") is dated as of March 11,
2003 and is between Playboy TV International, LLC, a Delaware limited liability
company ("Company"), and Bank of America, N.A., as agent for "Lenders" (as
defined below).

                               W I T N E S S E T H

            WHEREAS, pursuant to a Credit Agreement of even date herewith (as
the same may be amended, modified or supplemented from time to time, the "Credit
Agreement") among PEI Holdings, Inc. ("Borrower"), the various financial
institutions as are, or may from time to time become, parties thereto
("Lenders"), and Bank of America, N.A., as a Lender and as agent for the Lenders
("Agent"), Lenders have extended commitments to make credit extensions to
Borrower;

            WHEREAS, pursuant to a Master Corporate Guaranty of even date
herewith (as the same may be amended, modified or supplemented from time to
time, the "Guaranty") among Company, various other affiliates of Borrower,
Lenders and Agent, Company has guaranteed the Borrower Obligations (as defined
in the Guaranty);

            WHEREAS, it is a condition precedent to the making of the initial
Credit Extension and extension of other financial accommodations under the
Credit Agreement that Company shall have granted the pledge and security
interests contemplated by this Agreement, and Company desires to grant such
pledge and security interests in order to induce Lenders to extend credit to
Borrower under the Credit Agreement;

            NOW, THEREFORE, in consideration of the premises and in order to
induce Lenders to make Loans and provide other financial accommodations under
the Credit Agreement, Company hereby agrees with Agent, for the benefit of Agent
and Lenders as follows:

            1. Reference to Credit Agreement. Terms defined in the Credit
Agreement and not otherwise defined herein shall have the respective meanings
provided for in the Credit Agreement. In addition, "Permitted Liens" means those
Liens permitted by Section 7.01 of the Credit Agreement.

            2. Pledge. To secure the payment and performance of the "Secured
Obligations" (as defined in Section 3 below), Company hereby pledges and
hypothecates to Agent, for the benefit of Agent and Lenders, and grants to
Agent, for the benefit of Agent and Lenders, a security interest in, the
following (the "Pledged Collateral"):

            (a) the lesser of 65% of the shares of stock outstanding of the
corporations (the "Issuers") and 65% of the total combined voting power of all
classes of stock of Issuers entitled to vote, which pledged shares of Company as
of the Closing Date are identified on Schedule I hereto (the "Pledged Shares")
and the certificates representing the Pledged Shares, and subject to Section
2(b) below, all stock dividends, cash dividends, cash, instruments,

<PAGE>

chattel paper and other rights, property or proceeds and products from time to
time received, receivable or otherwise distributed in respect of or in exchange
for any or all of the Pledged Shares;

            (b) 65% of all additional shares of stock of Issuers at any time
acquired by Company in any manner, and the certificates representing such
additional shares (and any such additional shares shall constitute part of the
Pledged Shares under this Agreement), and all stock dividends, cash dividends,
cash, instruments, chattel paper and other rights, property or proceeds and
products from time to time received, receivable or otherwise distributed in
respect of or in exchange for any or all of such shares; provided, however, any
additional shares, when combined with the shares already pledged, neither
exceeds 65% of the shares of stock of Issuers outstanding nor 65% of the total
combined voting power of all classes of stock of Issuers entitled to vote; and

            (c) all proceeds of any of the foregoing.

            3. Security for Obligations. This Agreement secures the payment and
performance of the Obligations (as defined in the Credit Agreement) and the
obligations of Company under this Agreement and the Guaranty (all such debts,
obligations and liabilities of Company being collectively called the "Secured
Obligations").

            4. Delivery of Pledged Collateral. All certificates representing or
evidencing the Pledged Collateral shall be delivered to and held by or on behalf
of Agent pursuant hereto and shall be in suitable form for transfer by delivery,
or shall be accompanied by duly executed undated instruments of transfer or
assignment in blank, all in form and substance reasonably satisfactory to Agent.
Agent shall have the right, at any time in its discretion and without notice to
Company if an Event of Default has occurred and is continuing to transfer to or
to register in the name of Agent or any of its nominees any or all of the
Pledged Collateral. In addition, in connection with the exercise of its remedies
pursuant to Section 12 below following the occurrence and during the continuance
of an Event of Default, Agent shall have the right to exchange certificates or
instruments representing or evidencing Pledged Collateral for certificates or
instruments of smaller or larger denominations.

            5. Representations and Warranties. Company represents and warrants
as follows:

            (a) Schedule I hereto completely and accurately sets forth the
number of shares of the issued and outstanding stock of Issuers being pledged
hereunder by Company as of the Closing Date. The Pledged Shares held by Company
constitute the percentage of the issued and outstanding shares of stock of
Issuers set forth on Schedule I hereto as of the Closing Date.

            (b) No consent of any other Person and no consent, authorization,
approval or other action by, and no notice to or filing with, any Governmental
Authority is required

                                      -2-
<PAGE>

either (i) for the pledge by Company of the Pledged Collateral pursuant to this
Agreement or for the execution, delivery or performance of this Agreement by
Company or (ii) for the exercise by Agent of the voting or other rights provided
for in this Agreement or the remedies in respect of the Pledged Collateral
pursuant to this Agreement (except (i) as has already been obtained or taken ,
(ii) as may be required in connection with any disposition of the Pledged
Collateral by laws affecting the offering and sale of securities generally and
(iii) as to which the failure of which to obtain would not be reasonably likely
to have a Material Adverse Effect).

            (c) None of the Pledged Shares constitutes margin stock, as defined
in Regulation U of the Board of Governors of the Federal Reserve System.

            6. Further Assurances.

            (a) Company will, from time to time, at Company's expense, and upon
Agent's reasonable request, promptly execute and deliver all further instruments
and documents and take all further action that may be reasonably necessary, in
order to perfect and protect any security interest granted or purported to be
granted hereby, to enable Agent to exercise and enforce the rights and remedies
of Agent hereunder with respect to any Pledged Collateral or to carry out the
provisions and purposes hereof. Without limiting the generality of the
foregoing, Company will: (i) upon Agent's reasonable request, appear in and
defend any action or proceeding that may affect Company's title to or Agent's
security interest in the Pledged Collateral; and (ii) promptly after the
purchase or other acquisition thereof, deliver to Agent all Pledged Shares
hereunder.

            (b) Company will, promptly upon request, provide to Agent all
information and evidence it may reasonably request concerning the Pledged
Collateral to enable Agent to enforce the provisions of this Agreement.

            (c) Company will, promptly upon the purchase or acquisition of any
additional shares of stock of Issuers, deliver to Agent such Pledged Shares as
required by Section 4 above, together with the other documents required under
Section 4 above.

            7. Voting Rights; Dividends; Etc.

            (a) So long as no Event of Default shall have occurred and is
continuing and Agent shall not have delivered to Company notice of its election
to exercise the rights set forth in subsection (b) below:

            (i) Company shall be entitled to exercise any and all voting and
      other consensual rights pertaining to the Pledged Collateral or any part
      thereof; provided, however, that Company shall not exercise or shall
      refrain from exercising any such right if, in Agent's reasonable judgment,
      such action or inaction would have a material adverse effect on the value
      of the Pledged Collateral taken as a whole or any material part thereof.

                                      -3-
<PAGE>

            (ii) To the extent permitted under the Credit Agreement, Company
      shall be entitled to receive (A) any cash dividends and other cash
      distributions paid or payable with respect to any of the Pledged
      Collateral, and (B) any and all instruments, chattel paper and other
      rights, property or proceeds and products (other than cash or checks)
      received, receivable or otherwise distributed in respect of any Pledged
      Collateral.

            (b) If an Event of Default has occurred and is continuing:

            (i) All rights of Company to exercise the voting and other
      consensual rights which Company would otherwise be entitled to exercise
      pursuant to subsection 7(a)(i), shall cease to be effective upon notice by
      Agent to Company of Agent's intent to exercise its rights hereunder, and
      upon delivery of such notice become vested in Agent who shall thereupon
      have the sole right to exercise such voting and other consensual rights.
      In order to effect the foregoing, Company hereby grants Agent an
      irrevocable proxy to vote the Pledged Collateral and Company agrees to
      execute such other proxies as Agent shall reasonably require.

            (ii) All rights of Company to receive and retain any cash dividends
      and other distributions shall cease upon notice by Agent to Company and
      any such dividends or other distributions paid or payable with respect to
      any of the Pledged Collateral shall be paid to Agent and held by Agent to
      secure the Secured Obligations until the earlier of (a) such time as such
      Event of Default is cured or waived and (b) such time as the Required
      Lenders elect to apply such dividends and other distributions to the
      Secured Obligations (any such application to be in such order and manner
      set forth in Section 8.03 of the Credit Agreement). All dividends and
      distributions which are received by Company contrary to the provisions of
      this subsection 7(b) shall be received in trust for the benefit of Agent,
      shall be segregated from other funds of Company and shall be forthwith
      paid over to Agent as Pledged Collateral in the same form as so received
      (with any necessary endorsement).

            8. Transfers and Other Liens; Additional Shares.

            (a) Except as permitted under the Credit Agreement and the other
Loan Documents, Company agrees that Company will not (i) encumber, sell, assign
(by operation of law or otherwise) or otherwise dispose of, or grant any option
with respect to, any of the Pledged Collateral or (ii) enter into any other
Contractual Obligations (including without limitation any voting or shareholders
agreement) which could reasonably be expected to restrict or inhibit Agent's
rights or ability to vote or sell or otherwise dispose of the Pledged Collateral
or any part thereof after the occurrence of an Event of Default.

            (b) Company agrees that it will not cause Issuers to issue any stock
or other securities (including any warrants, options, subscriptions or other
Contractual Obligations for

                                      -4-
<PAGE>

the purchase of stock or securities convertible into stock) in addition to or in
substitution for the Pledged Shares.

            9. Agent Appointed Attorney-in-Fact. Company hereby irrevocably
appoints Agent as Company's attorney-in-fact effective during the continuance of
an Event of Default, with full authority in the place and stead of Company and
in the name of Company, Agent or otherwise, from time to time in Agent's
discretion to take any action (including completion and presentation of any
proxy) and to execute any instrument that Agent may deem necessary or advisable
to accomplish the purposes of this Agreement, including, without limitation (but
subject to the other provisions hereof), to (i) receive, endorse and collect all
instruments made payable to Company representing any dividend or other
distribution in respect of the Pledged Collateral or any part thereof to the
extent it is Pledged Collateral; (ii) exercise the voting and other consensual
rights pertaining to the Pledged Collateral; and (iii) sell, transfer, pledge,
make any agreement with respect to or otherwise deal with any of the Pledged
Collateral as fully and completely as though Agent was the absolute owner
thereof for all purposes, and to do, at Agent's option and Company's expense, at
any time or from time to time, all acts and things that Agent deems necessary to
protect, preserve or realize upon the Pledged Collateral. Company hereby
ratifies and approves all acts of Agent made or taken pursuant to this Section
9. Except as specifically set forth in Section 11 hereof, neither Agent nor any
Person designated by Agent shall be liable for any acts or omissions or for any
error of judgment or mistake of fact or law. This power of attorney, being
coupled with an interest, shall be irrevocable until all Secured Obligations
shall have been paid in full and the Credit Agreement shall have been
terminated.

            10. Agent May Perform. If Company fails to perform any agreement
contained herein, Agent may itself perform, or cause performance of, such
agreement, and the expenses of Agent incurred in connection therewith shall be
payable by Company under Section 15 hereof, and be a part of the Secured
Obligations.

            11. Limitation on Duty of Agent with Respect to the Pledged
Collateral. The powers conferred on Agent hereunder are solely to protect its
interest in the Pledged Collateral and shall not impose any duty on it to
exercise any such powers. Except for the safe custody of any Pledged Collateral
in its possession and the accounting for monies actually received by it
hereunder, Agent shall have no duty with respect to any Pledged Collateral in
its possession (or in the possession of any agent or bailee). Agent shall be
deemed to have exercised reasonable care in the custody and preservation of the
Collateral in its possession if it takes such action for that purpose as Company
reasonably requests in writing, but failure of Agent to comply with any such
request at any time shall not of itself be deemed a failure to exercise
reasonable care. It is expressly agreed that Agent shall have no responsibility
for (i) ascertaining or taking action with respect to calls, conversions,
exchanges, maturities, tenders or other matters relative to any Pledged
Collateral, whether or not Agent has or is deemed to have knowledge of such
matters, or (ii) taking any necessary steps to preserve rights against any
parties with respect to any Pledged Collateral, but Agent may do so and, subject
to Section 15, all expenses incurred in connection therewith shall be payable by
and for the sole account of Company.

                                      -5-
<PAGE>

            12. Remedies upon Event of Default. If any Event of Default shall
have occurred and is continuing:

            (a) Agent may exercise in respect of the Pledged Collateral, in
addition to other rights and remedies provided for herein or otherwise available
to it, all the rights and remedies of a secured party under the Uniform
Commercial Code (the "UCC") in effect in the State of Illinois at that time,
whether or not the UCC applies to the affected Pledged Collateral, and Agent may
also, without notice except as specified below, sell the Pledged Collateral or
any part thereof in one or more parcels at public or private sale, at any
exchange, broker's board or at any of Agent's offices or elsewhere, for cash, on
credit, or for future delivery, at such price or prices and upon such other
terms as Agent deems commercially reasonable. Company agrees that, to the extent
notice of sale shall be required by law, at least ten (10) days' prior written
notice to Company of the time and place of any public sale or the time after
which any private sale is to be made shall constitute reasonable notification.
At any sale of the Pledged Collateral, if permitted by law, Agent may bid (which
bid may be, in whole or in part, in the form of cancellation of indebtedness)
for the purchase of the Pledged Collateral or any portion thereof. Agent shall
not be obligated to make any sale of Pledged Collateral regardless of notice of
sale having been given. Agent may adjourn any public or private sale from time
to time by announcement at the time and place fixed therefor, and such sale may,
without further notice, be made at the time and place to which it was so
adjourned.

            (b) Company recognizes that Agent may be unable to effect a public
sale of all or part of the Pledged Collateral and may be compelled to resort to
one or more private sales to a restricted group of purchasers who will be
obligated to agree, among other things, to acquire such Pledged Collateral for
their own account, for investment and not with a view to the distribution or
resale thereof. Company acknowledges that any such private sales may be at
prices and on terms less favorable to the seller than if sold at public sales
and agrees that such private sales shall be deemed to have been made in a
commercially reasonable manner, and that Agent shall be under no obligation to
delay a sale of any of the Pledged Collateral for the period of time necessary
to permit the issuing corporation of such securities to register such securities
for public sale under the Securities Act of 1933, as from time to time amended
(the "Securities Act"), or under any other requirement of law, even if the
issuing corporation would agree to do so. To the extent permitted by law,
Company hereby specifically waives all rights of redemption, stay or appraisal
which Company has or may have under any law now existing or hereafter enacted.

            13. Remedies Cumulative. No failure on the part of Agent to
exercise, and no delay in exercising and no course of dealing with respect to,
any power, privilege or right under the other Loan Documents or this Agreement
shall operate as a waiver thereof; nor shall any single or partial exercise by
Agent of any power, privilege or right under any of the other Loan Documents or
this Agreement preclude any other or further exercise thereof or the exercise of
any other such power, privilege or right. The powers, privileges and rights in
this Agreement and the Loan Documents are cumulative and are not exclusive of
any other remedies provided by law.

                                      -6-
<PAGE>

            14. Application of Proceeds. If an Event of Default has occurred and
is continuing, the proceeds of any sale of, or other realization upon, all or
any part of the Pledged Collateral shall be applied as provided in Section 8.03
of the Credit Agreement.

            15. Expenses. Subject to the provisions of Section 10.04 of the
Credit Agreement, Company shall promptly pay to Agent all reasonable costs and
expenses of Agent (including reasonable Attorney Costs) in connection with
protecting or perfecting Agent's security interest in the Pledged Collateral or
in connection with any matters contemplated by or arising out of this Agreement
(including without limitation the enforcement of this Agreement), the Credit
Agreement or any of the other Loan Documents.

            16. Termination of Security Interests; Release of Collateral. Upon
payment and performance in full of all Secured Obligations and termination of
the Credit Agreement, the security interests granted herein shall automatically
terminate and all rights to the Pledged Collateral shall revert to Company. Upon
such termination of the security interests or release of any Pledged Collateral,
Agent will, at the expense of Company, return to Company all Pledged Collateral
then in Agent's possession and execute and deliver to Company such documents as
Company shall reasonably request to evidence the termination of the security
interests or the release of such Pledged Collateral which has not yet
theretofore been sold or otherwise applied or released. Such release shall be
without recourse or warranty to Agent.

            17. Amendments, Waivers and Consents. No amendment, modification,
termination or waiver of any provision of this Agreement, or consent to any
departure by Company therefrom, shall in any event be effective without the
written concurrence of Agent and Company.

            18. Notices. All notices, requests and other communications
hereunder shall be given to Company at the facsimile number and address set
forth on the signature page hereof and to Agent in accordance with Schedule
10.02 of the Credit Agreement.

            19. Successors and Assigns. The provisions of this Agreement shall
be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns, except that Company may not assign or
transfer any of its rights or obligations under this Agreement without the prior
written consent of Agent and each Lender.

            20. Waiver. In addition to any other waivers herein, Company waives
to the greatest extent it may lawfully do so, and agrees that it shall not at
any time insist upon, plead or in any manner whatever claim or take the benefit
or advantage of, any appraisal, valuation, stay, extension, marshalling of
assets, redemption or similar law, or exemption, whether now or at any time
hereafter in force, which may delay, prevent or otherwise affect the performance
by Company of its obligations under, or the enforcement by Agent of, this
Agreement. Company hereby waives diligence, presentment and demand (whether for
nonpayment or protest or of acceptance, maturity, extension of time, change in
nature or form of the Secured Obligations, acceptance of further security,
release of further security, composition or agreement arrived at as to the
amount of, or the terms of the Secured

                                      -7-
<PAGE>

Obligations, notice of adverse change in Company's or any other Person's
financial condition or any other fact which might materially increase the risk
to Company) with respect to any of the Secured Obligations or all other demands
whatsoever. Company hereby waives, to the extent it may lawfully do so, any
requirement on the part of any holder of any Note to mitigate the damages
resulting from any default under any Note.

            21. Applicable Law.

            (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF ILLINOIS APPLICABLE TO AGREEMENTS MADE AND TO BE
PERFORMED ENTIRELY WITHIN SUCH STATE; PROVIDED, THAT COMPANY AND AGENT SHALL
RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW.

            (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF ILLINOIS
SITTING IN COOK COUNTY, ILLINOIS OR OF THE UNITED STATES FOR THE NORTHERN
DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, COMPANY
AND Agent CONSENT, FOR THEMSELVES AND IN RESPECT OF THEIR PROPERTY, TO THE
NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. COMPANY AND Agent IRREVOCABLY WAIVE
ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE
GROUNDS OF FORUM NON CONVENIENS, WHICH THEY MAY NOW OR HEREAFTER HAVE TO THE
BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN
DOCUMENT OR OTHER DOCUMENT RELATED THERETO. COMPANY AND Agent WAIVE PERSONAL
SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY
OTHER MEANS PERMITTED BY THE LAW OF SUCH STATE.

            22. Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY
EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR
CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR
RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH
RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE
WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR
TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT
A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR
A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE

                                      -8-
<PAGE>

CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

            23. Failure or Indulgence Not Waiver; Remedies Cumulative;
Severability.

            (a) No failure or delay on the part of Agent or any Lender in the
exercise of, and no course of dealing with respect to, any power, right or
privilege under the Credit Agreement or this Agreement or any other Loan
Document shall impair such power, right or privilege or be construed to be a
waiver of any Default or Event of Default or acquiescence therein, nor shall any
single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or any other right, power or privilege. All rights
and remedies existing under the Credit Agreement, this Agreement, the other Loan
Documents or by law afforded are cumulative to, and not exclusive of, any rights
or remedies otherwise available and shall be available to Agent until the
Secured Obligations have been indefeasibly paid in full and the termination of
all Commitments.

            (b) The invalidity, illegality or unenforceability of any provision
in or obligation under this Agreement shall not affect or impair the validity,
legality or enforceability of the remaining provisions or obligations under this
Agreement.

            24. Survival of Representations. All representations and warranties
of Company contained in this Agreement shall survive the execution and delivery
of this Agreement.

            25. Counterparts. This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same
instrument and any of the parties hereto may execute this Agreement by signing
any such counterpart.

                                      -9-
<PAGE>

            Witness the due execution hereof by the duly authorized officer of
the undersigned as of the day first above written.

                                        PLAYBOY TV INTERNATIONAL, LLC

                                        By: Playboy Entertainment Group, Inc.,
                                            its Sole Member

                                        By  /s/ Robert Campbell
                                            -----------------------------
                                        Its Treasurer
                                            -----------------------------

                                        Address for notices:

                                        Playboy TV International, LLC
                                        c/o PEI Holdings, Inc.
                                        680 North Lake Shore Drive
                                        Chicago, Illinois 60611
                                        Attn: Executive Vice President,
                                              Finance and Operations and
                                              Chief Financial Officer
                                        Facsimile: (312) 649-1395

                                      -10-
<PAGE>

                                   SCHEDULE I
                               TO PLEDGE AGREEMENT

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
                                                                                        Share             Percentage of
            Name of                                        Number of                 Certificate        Outstanding Shares
            Company                   Class of Stock        Shares                     Number            of Capital Stock
---------------------------------------------------------------------------------------------------------------------------
<S>                                       <C>                 <C>                  <C>                          <C>
Playboy TV-GmbH Germany                   Common              N/A                  Uncertificated               65%
---------------------------------------------------------------------------------------------------------------------------
STV International, B.V.                   Common              N/A                  Uncertificated               65%
---------------------------------------------------------------------------------------------------------------------------
Playboy TV International B.V.             Common              N/A                  Uncertificated               65%
---------------------------------------------------------------------------------------------------------------------------
Playboy TV UK Limited                     Common              N/A                  Uncertificated               65%
---------------------------------------------------------------------------------------------------------------------------
</TABLE>Exhibit 10.9(r)

                          TRADEMARK SECURITY AGREEMENT

            This TRADEMARK SECURITY AGREEMENT (the "Agreement") made as of this
11th day of March, 2003, by the parties set forth on the signature page hereto
(each, a "Grantor" and collectively, "Grantors") in favor of Bank of America,
N.A., in its capacity as Agent for the Lenders party to the Credit Agreement
(defined below) ("Grantee"):

                               W I T N E S S E T H

            WHEREAS, PEI Holdings, Inc. ("PEI"), Grantee and Lenders are parties
to a certain Credit Agreement of even date herewith (as the same may be amended
or otherwise modified from time to time, the "Credit Agreement"), providing for
extensions of credit to be made to or for the benefit of PEI by Lenders;

            WHEREAS, pursuant to a Master Corporate Guaranty of even date
herewith (as the same may be amended, modified or supplemented from time to
time, the "Guaranty") among each Grantor, various affiliates of PEI and Grantee,
each Grantor has guaranteed the payment of all obligations of and amounts owing
by PEI under the Credit Agreement; and

            WHEREAS, pursuant to the terms of a certain Security Agreement of
even date herewith among each Grantor, various affiliates of PEI and Grantee (as
the same may be amended or otherwise modified from time to time, the "Security
Agreement"), each Grantor has granted to Grantee, for the benefit of Lenders, a
lien on, and security interest in, any and all right, title and interest in, and
to the Trademarks (as defined in the Security Agreement), whether now owned or
hereafter created, acquired or arising, to secure the payment of all obligations
of and amounts owing by PEI under the Credit Agreement and each Grantor's
obligations under the Guaranty;

            NOW, THEREFORE, in consideration of the premises set forth herein
and for other good and valuable consideration, receipt and sufficiency of which
are hereby acknowledged, each Grantor agrees as follows:

            1. Incorporation of Credit Agreement and Security Agreement. The
Credit Agreement and Security Agreement and the terms and provisions thereof are
hereby incorporated herein in their entirety by this reference thereto. All
terms capitalized but not otherwise defined herein shall have the same meanings
herein as in the Security Agreement.

            2. Grant and Reaffirmation of Grant of Security Interests. To secure
the payment and performance of the Obligations and each Grantor's obligations
under the Guaranty, Grantor hereby grants to Grantee, for its benefit and the
benefit of Lenders, and hereby affirms its grant pursuant to the Security
Agreement (which grant shall be deemed to have been made simultaneously
herewith) of, a lien on, and security interest in, any and all right, title and
interest in and to the following (all of the following items or types of
property being herein collectively referred to as the "Trademark Collateral";
provided that Trademark Collateral will not include "intent to use" trademark
applications unless Grantor has used such trademarks and has filed a statement
of use or amendment to allege use with respect to such application), whether now
owned or hereafter created, acquired or arising:

<PAGE>

            (i) any trademarks, trademark registrations, and trademark
      applications, trade names and trade styles, service marks, service
      registrations and service mark applications, including without limitation,
      the United States federal trademark registrations and applications set
      forth on Schedule A hereto, all renewals and extensions of any of the
      foregoing and all goodwill symbolized by any of the foregoing;

            (ii) all income, damages and payments now and hereafter due or
      payable with respect thereto, including without limitation, damages and
      payments for past or future infringements, unfair competition, dilution,
      or for injury to the goodwill associated with any of the Trademarks;

            (iii) licenses of any of the foregoing to or from third parties and
      the royalties and other payments, if any, receivable thereunder;

            (iv) the right to sue for past, present and future infringements
      thereof;

            (v) all rights corresponding thereto throughout the world; and

            (vi) Proceeds and products of the foregoing and all insurance
      payments pertaining to the foregoing and proceeds thereof.

            Notwithstanding the foregoing, the Trademark Collateral shall not
include any General Intangibles or other rights arising under any contracts,
instruments, licenses or other documents to the extent that the grant of a Lien
or security interest therein would (a) result in a breach of the terms of, or
constitute a default under, such contract, instrument, license, agreement or
other document (other than to the extent that any such term would be rendered
ineffective pursuant to Sections 9-406, 9-407 or 9-408 of the Uniform Commercial
Code or any successor provision of the Uniform Commercial Code of any relevant
jurisdiction or other applicable law) or (b) give any other party to such
contract, instrument, license or other document the right to terminate its
obligations thereunder pursuant to a valid and enforceable provision (including
without limitation in connection with the operation of Section 9-406, 9-407 or
9-408 of the Uniform Commercial Code or any other applicable law).

                                      -2-
<PAGE>

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

                                        ADULTVISION COMMUNICATIONS, INC.
                                        ALTA LOMA ENTERTAINMENT, INC.
                                        LIFESTYLE BRANDS, LTD.
                                        PLAYBOY ENTERTAINMENT GROUP, INC.

                                        By     /s/ Robert Campbell
                                               ---------------------------------
                                        Name:  Robert Campbell
                                        Title  Treasurer

                                        SPICE ENTERTAINMENT, INC.

                                        By     /s/ Robert Campbell
                                               ---------------------------------
                                        Name:  Robert Campbell
                                        Title: Treasurer

                                        PLAYBOY ENTERPRISES INTERNATIONAL, INC.

                                        By     /s/ Robert Campbell
                                               ---------------------------------
                                        Name:  Robert Campbell
                                        Title: Senior Vice President,
                                               Treasurer and Strategic Planning

                                        SPICE HOT ENTERTAINMENT, INC.

                                        By     /s/ James L. English
                                               ---------------------------------
                                        Name:  James L. English
                                        Title: President

Agreed and Accepted
As of the Date First Written Above

BANK OF AMERICA, N.A.
as Agent

By  /s/ David A. Johanson
    -------------------------------
Its David A. Johanson
     Vice President

                                      -3-
<PAGE>

                                 ACKNOWLEDGMENT

STATE OF  Illinois )
                   )  SS
COUNTY OF Cook     )

            I, Ivana Del Real, a Notary Public in and for and residing in said
County and State, DO HEREBY CERTIFY THAT Robert Campbell, personally known to me
to be the same persons whose names are subscribed to the foregoing instrument
appeared before me this day in person and acknowledged that they signed and
delivered said instrument as their own free and voluntary act and as the free
and voluntary act of the corporations set forth on the signature page of the
foregoing instrument for the uses and purposes therein set forth.

            GIVEN under my hand and notarial seal this 11th day of March, 2003.

                                        /s/ Ivana Del Real
                                        ----------------------------------------
                                        Notary Public

                                        My Commission Expires:

                                        9-27-05

                                        [SEAL]

                                      -4-
<PAGE>

                                 ACKNOWLEDGMENT

STATE OF  Illinois )
                   )  SS
COUNTY OF Cook     )

            I, Ivana Del Real, a Notary Public in and for and residing in said
County and State, DO HEREBY CERTIFY THAT David A. Johanson of Bank of America,
N.A., a Vice President, personally known to me to be the same person whose name
is subscribed to the foregoing instrument appeared before me this day in person
and acknowledged that he signed and delivered said instrument as his own free
and voluntary act and as the free and voluntary act of said Bank of America,
N.A. for the uses and purposes therein set forth.

            GIVEN under my hand and notarial seal this 11th day of March, 2003.

                                        /s/ Ivana Del Real
                                        ----------------------------------------
                                        Notary Public

                                        My Commission Expires:

                                        9-27-05

                                        [SEAL]

                                      -5-
<PAGE>

                                   SCHEDULE A

                             Trademark List by Owner

                                                                         Page: 1

      Owner: ADULTVISION COMMUNICATIONS, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
ADULTVISION (STYLIZED)     9600047/                   Registered        74/687549          2072439
                           United States of America   38 41             12-Jun-1995        17-Jun-1997

ATV                        9600046/                   Registered        74/688248          2079844
                           United States of America   38,41             12-Jun-1995        15-Jul-1997

ATV (STYLIZED)             9500223/                   Registered        74/691892          2,079,849
                           United States of America   38,41             13-Jun-1995        15-Jul-1997
</TABLE>

                                      -6-
<PAGE>

                             Trademark List by Owner

                                                                         Page: 2

      Owner: LIFESTYLE BRANDS, LTD.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
COVENTRY                   SC95000327/                Published         78/094019
                           United States of America   9                 19-Nov-2001

COVENTRY                   SC95000329/                Published         78/098103
                           United States of America   18                13-Dec-2001

COVENTRY                   SC8800187/                 Registered        72-190342          777377
                           United States of America   14                06-Apr-1964        22-Sep-1964

COVENTRY AND EAGLE         SC95000341/                Pending           76/402158
                           United States of America   14                01-May-2002

COVENTRY AND EAGLE         SC95000339/                Pending           76/402534
                           United States of America   18                01-May-2002

COVENTRY U.S.A.            SC95000334/                Published         76/402482
                           United States of America   25                01-May-2002

COVENTRY U.S.A.            SC95000345/                Pending           76/402014
                           United States of America   14                01-May-2002

COVENTRY U.S.A.            SC95000342/                Pending           76/402017
                           United States of America   18                01-May-2002

COVENTRY U.S.A.            SC95000338/                Published         76/402533
                           United States of America   9                 01-May-2002

COVENTRY WITH EAGLE        SC95000330/                Published         76/360590
LOGO                       United States of America   9                 18-Jan-2002

COVENTRY WITH EAGLE        SC95000335/                Published         76/402179
LOGO                       United States of America   25                01-May-2002

SARAH (TYPED)              SC8900003/                 Registered        72-190, 343        777.378
                           United States of America   14                06-Apr-1964        22-Sep-1964

SARAH COVENTRY             SC9500023/                 Registered        76/241971          2647004
                           United States of America   25                17-Apr-2001        11-May-2002

SARAH COVENTRY             SC95000332/                Published         76/401371
                           United States of America   3                 26-Apr-2002

SARAH COVENTRY             SC95000333/                Published         76/401030
                           United States of America   25                26-Apr-2002

SARAH COVENTRY             SC95000331/                Published         76/384771
                           United States of America   9                 20-Mar-2002
</TABLE>

                                      -7-
<PAGE>

                             Trademark List by Owner

                                                                         Page: 3

      Owner: LIFESTYLE BRANDS, LTD.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
SARAH COVENTRY             SC95000328/                Published         78/098100
                           United States of America   18                13-Dec-2001

SARAH COVENTRY (TYPED)     SC8800212/                 Registered        72-001851          636452
                           United States of America   14                01-Feb-1956        30-Oct-1956

SARAH COVENTRY AMERICA     9600154/                   Registered        74/732032          2054164
                           United States of America   9                 13-Sep-1995        22-Apr-1997

SARAH COVENTRY with        SC95000343/                Published         76/402047
BUTTERFLY DESIGN           United States of America   25                01-May-2002

SARAH COVENTRY with        SC95000344/                Pending           76/402013
Butterfly Design           United States of America   18                01-May-2002

SARAH COVENTRY with        SC95000340/                Pending           76/402472
BUTTERFLY DESIGN           United States of America   14                01-May-2002

SARAH COVENTRY with        SC95000346/                Published         76/402471
BUTTERFLY DESIGN           United States of America   9                 01-May-2002

SC & BUTTERFLY DESIGN      SC8800242/                 Registered        73692363           1491870
(OLD)                      United States of America   3                 29-Oct-1987        14-Jun-1988

SC & BUTTERFLY DESIGN      SC8800241/                 Registered        73693101           1503021
(OLD)                      United States of America   18                02-Nov-1987        06-Sep-1988

SC & BUTTERFLY DESIGN      SC8800243/                 Registered        73692464           1492152
(OLD)                      United States of America   14                29-Oct-1987        14-Jun-1988

SC & BUTTERFLY DESIGN      SC8800244/                 Registered        73692437           1492548
(OLD)                      United States of America   35                29-Oct-1987        14-Jun-1988

SC (TYPED)                 SC8800240/                 Registered        72193707           788735
                           United States of America   14                                   27-Apr-1965
</TABLE>

                                      -8-
<PAGE>

                             Trademark List by Owner

                                                                         Page: 4

      Owner: PLAYBOY ENTERTAINMENT GROUP, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
THE REALLY NAKED TRUTH     97000575/                  Registered        74/538407          1987539
& DESIGN                   United States of America   41                16-Jun-1994        16-Jul-1996
</TABLE>

                                      -9-
<PAGE>

                             Trademark List by Owner

                                                                         Page: 5

      Owner: PLAYBOY ENTERPRISES, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
HMH                        96011649/                  Registered        75/602790          2360843
                           United States of America   6                 10-Dec-1998        20-Jun-2000

INSIDE OUT                 9200087/                   Registered        74158816           1707314
                           United States of America   41                19-Apr-1991        11-Aug-1992

PLAYBOY CENTERFOLD         9600874/                   Registered        75/233654          2279723
                           United States of America   42                24-Jan-1997        21-Sep-1999

POP                        96011695/                  Registered        75611086           2311644
                           United States of America   42                22-Dec-1998        25-Jan-2000

RABBIT HEAD DESIGN         96011499/                  Registered        75/568736          2384047
                           United States of America   8                 02-Oct-1998        05-Sep-2000

RABBIT HEAD DESIGN         96011569/                  Registered        75583680           2304130
                           United States of America   9                 03-Nov-1998        28-Dec-1999

SEXCETERA                  96011696/                  Registered        75/611057          2316371
                           United States of America   42                22-Dec-1998        08-Feb-2000

STRIP SEARCH               96011811/                  Registered        75/657284          2380834
                           United States of America   9                 10-Mar-1999        29-Aug-2000

THE SEXIEST PHONE CARDS    96011698/                  Registered        75/611489          2323763
ON THE PLANET!             United States of America   36                23-Dec-1998        29-Feb-2000
</TABLE>

                                      -10-
<PAGE>

                             Trademark List by Owner

                                                                         Page: 6

      Owner: PLAYBOY ENTERPRISES INTERNATIONAL, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
(RABBIT HEAD DESIGN).COM   97000102/                  Registered        76/125004          2638318
                           United States of America   41, 42            10-Apr-2001        22-Oct-2002

(RHD).COM SPORTSBOOK       97000332/                  Published         76/244265
                           United States of America   36, 41            20-Apr-2001

7 LIVES XPOSED             97000466/                  Registered        76/330155          2615152
                           United States of America   41                26-Oct-2001        03-Sep-2002

A DAY OF SEX IN AMERICA    97000330/                  Published         76/244136
                           United States of America   16                20-Apr-2001

ADULTVISION                97000525/                  Pending           76/391112
                           United States of America   41                03-Apr-2002

AFTER DARK VIDEO           9600914/                   Registered        75/256252          2177599
                           United States of America   35                12-Mar-1997        28-Jul-1998

AFTER DARK VIDEO           9600631/                   Registered        75/182291          2107075
                           United States of America   9                 16-Oct-1996        21-Oct-1997

ALTA LOMA                  96011910/                  Published         75/703085
                           United States of America   41                11-May-1999

ANDRITA STUDIOS            97000633/                  Pending           78/163100
                           United States of America   41                11-Sep-2002

BETTING BUNNY              97000215/                  Published         76/189206
                           United States of America   9, 36, 41         03-Jan-2001

BUNNY                      9600646/                   Registered        72233496           810,555
                           United States of America   42                29-Nov-1965        28-Jun-1966

BUNNY COSTUME              9600645/                   Registered        72/171655          0762884
                           United States of America   42                24-Jun-1963        07-Jan-1964

BUNNYPASS                  97000852/                  Pending           76/485195
                           United States of America   41                27-Jan-2003

CELEBRITY CENTERFOLD       96011448/                  Registered        75/536194          2356709
                           United States of America   9                 13-Aug-1998        13-Jun-2000

CENTERFOLD                 96011551/                  Suspended         75/576544
                           United States of America   42                26-Oct-1998

CENTERFOLD                 9600693/                   Registered        75/250900          2275173
                           United States of America   9, 16             03-Mar-1997        07-Sep-1999
</TABLE>

                                      -11-
<PAGE>

                             Trademark List by Owner

                                                                         Page: 7

      Owner: PLAYBOY ENTERPRISES INTERNATIONAL, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
CENTERFOLD COLLECTOR       9600647/                   Registered        75/200931          2114146
CARDS                      United States of America   16                20-Nov-1996        18-Nov-1997

CLASSIC CENTERFOLDS        96011550/                  Registered        75/577252          2351406
                           United States of America   16                26-Oct-1998        23-May-2000

COMPETE                    96011340/                  Registered        75/444459          2376488
                           United States of America   41                04-Mar-1998        15-Aug-2000

CYBER(RHD)CLUB             97000603/                  Pending           76/440143
                           United States of America   42                08-Aug-2002

CYBER(RHD)CLUB             97000593/                  Pending           78/150725
                           United States of America   9                 05-Aug-2002

CYBER(RHD)GIRL             97000604/                  Pending           76/440144
                           United States of America   42                08-Aug-2002

CYBER(RHD)GIRL             97000849/                  Pending           76/484102
                           United States of America   14                23-Jan-2003

CYBER(RHD)GIRLS            97000594/                  Pending           78/150719
                           United States of America   9                 05-Aug-2002

DARK JUSTICE               97000139/                  Registered        76/172627          2536128
                           United States of America   41                29-Nov-2000        05-Feb-2002

DREAM SCREEN               9600846/                   Registered        75/244736          2170432
                           United States of America   9                 18-Jul-1996        30-Jun-1998

EDEN                       96011431/                  Registered        75/520926          2274327
                           United States of America   41                17-Jul-1998        31-Aug-1999

ENTERTAINMENT FOR MEN      96012064/                  Registered        75/829000          2423102
                           United States of America   16                21-Oct-1999        23-Jan-2001

EROS COLLECTION            9600672/                   Registered        75/135074          2177319
                           United States of America   9                 16-Jul-1996        28-Jul-1998

EROS COLLECTION            9600673/                   Registered        75/118354          2204763
                           United States of America   41                13-Jun-1996        24-Nov-1998

EROS COLLECTION and Design 96011914/                  Registered        75706352           2608448
                           United States of America   9                 14-May-1999        20-Aug-2002

FEMLIN                     97000632/                  Pending           76/442355
                           United States of America   9                 22-Aug-2002
</TABLE>

                                      -12-
<PAGE>

                             Trademark List by Owner

                                                                         Page: 8

      Owner: PLAYBOY ENTERPRISES INTERNATIONAL, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
FEMLIN (DESIGN)            9000337/                   Registered        72/141296          740025
                           United States of America   21                02-Apr-1962        30-Oct-1962

FEMLIN (DESIGN)            9000341/                   Registered        72122698           738387
                           United States of America   42                23-Jun-1961        25-Sep-1962

FEMLIN (WORD)              9000342/                   Registered        72140944           740024
                           United States of America   21                28-Mar-1962        30-Oct-1962

FOR COUPLES ONLY           96011686/                  Registered        75/606363          2378730
                           United States of America   9                 16-Dec-1998        22-Aug-2000

GIRLS OF SUMMER            9100531/                   Registered        74/149675          1.678.521
                           United States of America   16                20-Mar-1991        10-Mar-1992

GIRLS OF THE INTERNET      96011627/                  Registered        75/600214          2309194
                           United States of America   9                 07-Dec-1998        18-Jan-2000

GIRLS OF THE INTERNET      9600026/                   Registered        75/010382          2,148,516
                           United States of America   41                25-Oct-1995        07-Apr-1998

HMH                        96011622/                  Registered        75/599718          2333886
                           United States of America   21                04-Dec-1998        21-Mar-2000

HMH                        96011621/                  Registered        75/599719          2322504
                           United States of America   25                04-Dec-1998        22-Feb-2000

HMH                        97000357/                  Published         76/276033
                           United States of America   30                25-Jun-2001

HMH (STYLIZED LETTERS)     9600681/                   Registered        75/195961          2107306
                           United States of America   34                08-Nov-1996        21-Oct-1997

HMH (Stylized letters)     9100493/                   Registered        75/226147          2175681
                           United States of America   14                15-Jan-1997        21-Jul-1998

HMH MANSION GATE DESIGN    96011630/                  Registered        75/602063          2386434
                           United States of America   25                09-Dec-1998        12-Sep-2000

HOT NET AND DESIGN         97000580/                  Published         76/424494
                           United States of America   41                24-Jun-2002

HTTP://WWW.PLAYBOY.COM     9500200/                   Registered        74/701251          2011646
                           United States of America   42                14-Jul-1995        29-Oct-1996

HUGH M. HEFNER             9600682/                   Registered        75/195963          2107308
(SIGNATURE)                United States of America   34                08-Nov-1996        21-Oct-1997
</TABLE>

                                      -13-
<PAGE>

                             Trademark List by Owner

                                                                         Page: 9

      Owner: PLAYBOY ENTERPRISES INTERNATIONAL, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
INSIDE OUT AND DESIGN      9100514/                   Registered        74246397           1720057
                           United States of America   9                 14-Feb-1992        29-Sep-1992

INSTANT ACCESS             97000329/                  Registered        76/242093          2569859
                           United States of America   38, 41            17-Apr-2001        14-May-2002

KEY W/RABBIT HEAD DESIGN   9000345/                   Registered        72122697           738386
                           United States of America   42                23-Jun-1961        25-Sep-1962

MAN TRACK                  9300370/                   Registered        74/250034          1751242
                           United States of America   16                26-Feb-1992        09-Feb-1993

MAXIMUM EXPOSURE           97000521/                  Pending           76/384772
                           United States of America   41                20-Mar-2002

MISS APRIL                 96011825/                  Registered        75/669169          2382636
                           United States of America   16                26-Mar-1999        05-Sep-2000

MISS AUGUST                96011829/                  Registered        75/669185          2382642
                           United States of America   16                26-Mar-1999        05-Sep-2000

MISS DECEMBER              96011833/                  Registered        75/669173          2382638
                           United States of America   16                26-Mar-1999        05-Sep-2000

MISS FEBRUARY              96011823/                  Registered        75/669170          2382637
                           United States of America   16                26-Mar-1999        05-Sep-2000

MISS JANUARY               96011822/                  Registered        75/668607          2382630
                           United States of America   16                26-Mar-1999        05-Sep-2000

MISS JULY                  96011828/                  Registered        75/669178          2382641
                           United States of America   16                26-Mar-1999        05-Sep-2000

MISS JUNE                  96011827/                  Registered        75/669177          2382640
                           United States of America   16                26-Mar-1999        05-Sep-2000

MISS MARCH                 96011824/                  Registered        75/669174          2382639
                           United States of America   16                26-Mar-1999        05-Sep-2000

MISS MAY                   96011826/                  Registered        75/669104          2382633
                           United States of America   16                26-Mar-1999        05-Sep-2000

MISS NOVEMBER              96011832/                  Registered        75/669106          2382634
                           United States of America   16                26-Mar-1999        05-Sep-2000

MISS OCTOBER               96011831/                  Registered        75/673096          2391141
                           United States of America   16                26-Mar-1999        03-Oct-2000
</TABLE>

                                      -14-
<PAGE>

                             Trademark List by Owner

                                                                        Page: 10

      Owner: PLAYBOY ENTERPRISES INTERNATIONAL, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
MISS SEPTEMBER             96011830/                  Registered        75/669101          2382632
                           United States of America   16                26-Mar-1999        05-Sep-2000

MS. PLAYBOY                97000560/                  Published         76/417677
                           United States of America   21                07-Jun-2002

NIGHT CALLS                9600684/                   Registered        75/125974          2,052,853
                           United States of America   41                26-Jun-1996        15-Apr-1997

NIGHT CALLS 411            97000606/                  Published         76/440578
                           United States of America   41                15-Aug-2002

NIGHT CALLS RADIO          97000582/                  Published         76/434181
                           United States of America   41                25-Jul-2002

PASSION COVE               96012101/                  Registered        75/915954          2426892
                           United States of America   41                10-Oct-2000        06-Feb-2001

PASSION COVE               96011958/                  Published         75/734430
                           United States of America   9                 23-Jun-1999

PLAY BOY                   9000269/                   Registered        72034559           689431
                           United States of America   28                29-Jul-1957        08-Dec-1959

PLAY4FUN                   97000639/                  Published         75/673336
                           United States of America   42                02-Apr-1999

PLAYBOY                    9000270/                   Registered        72160485           755301
                           United States of America   34                10-Jan-1963        27-Aug-1963

PLAYBOY                    9000271/                   Registered        72166996           764.820
                           United States of America   3                 18-Apr-1963        11-Feb-1964

PLAYBOY                    9000286/                   Registered        73563849           1393914
                           United States of America   9                 18-Oct-1985        20-May-1986

PLAYBOY                    9000273/                   Registered        72193952           791734
                           United States of America   16                21-May-1964        29-Jun-1965

PLAYBOY                    9000268/                   Registered        72/051788          676726
                           United States of America   16                16-May-1958        07-Apr-1959

PLAYBOY                    9000267/                   Registered        72016694           645386
                           United States of America   14                01-Oct-1956        14-May-1957

PLAYBOY                    8900797/                   Registered        286,817            871.552
                           United States of America   18                13-Dec-1967        24-Jun-1969
</TABLE>

                                      -15-
<PAGE>

                             Trademark List by Owner

                                                                        Page: 11

      Owner: PLAYBOY ENTERPRISES INTERNATIONAL, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
PLAYBOY                    9000285/                   Registered        73341544           1328611
                           United States of America   25                14-Dec-1981        02-Apr-1985

PLAYBOY                    9000284/                   Registered        73464290           1308905
                           United States of America   14                06-Feb-1984        11-Dec-1984

PLAYBOY                    9000278/                   Registered        73/065847          1040491
                           United States of America   9                 14-Oct-1975        01-Jun-1976

PLAYBOY                    97000566/                  Published         76/428727
                           United States of America   14                09-Jul-2002

PLAYBOY                    9500198/                   Registered        74/702656          2020389
                           United States of America   42                13-Jul-1995        03-Dec-1996

PLAYBOY                    9000435/                   Registered        71664940           600018
                           United States of America   16                21-Apr-1954        28-Dec-1954

PLAYBOY                    9600713/                   Registered        75/194996          2107294
                           United States of America   34                08-Nov-1996        21-Oct-1997

PLAYBOY                    9100605/                   Registered        73264124           1320822
                           United States of America   25                30-May-1980        19-Feb-1985

PLAYBOY                    9400493/                   Registered        73400744           1886578
                           United States of America   9                 10-Jun-1993        28-Mar-1995

PLAYBOY                    9000275/                   Registered        72/292374          874451
                           United States of America   35                04-Mar-1968        05-Aug-1969

PLAYBOY                    96012209/                  Registered        76/020905          2469441
                           United States of America   21                07-Apr-2000        17-Jul-2001

PLAYBOY                    97000586/                  Published         78/149184
                           United States of America   28                31-Jul-2002

PLAYBOY                    96011498/                  Registered        75/562928          2605118
                           United States of America   28                02-Oct-1998        06-Aug-2002

PLAYBOY                    97000083/                  Registered        76/088316          2626072
                           United States of America   28                11-Jul-2000        24-Sep-2002

PLAYBOY                    97000029/                  Published         76/083560
                           United States of America   28                06-Jul-2000

PLAYBOY                    96011580/                  Registered        75/584965          2412958
                           United States of America   18                09-Nov-1998        12-Dec-2000
</TABLE>

                                      -16-
<PAGE>

                             Trademark List by Owner

                                                                        Page: 12

      Owner: PLAYBOY ENTERPRISES INTERNATIONAL, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
PLAYBOY                    96011400/                  Registered        75/500930          2485583
                           United States of America   25                12-Jun-1998        04-Sep-2001

PLAYBOY                    96011893/                  Registered        75/694654          2420042
                           United States of America   3                 29-Apr-1999        09-Jan-2001

PLAYBOY                    9000272/                   Registered        72173452           769702
                           United States of America   41                22-Jul-1963        12-May-1964

PLAYBOY                    96011954/                  Registered        75/735764          2447001
                           United States of America   12                23-Jun-1999        24-Apr-2001

PLAYBOY                    96011990/                  Registered        75/754882          2445179
                           United States of America   15                20-Jul-1999        17-Apr-2001

PLAYBOY                    97000630/                  Pending           76/442353
                           United States of America   9                 22-Aug-2002

PLAYBOY                    96011497/                  Registered        75/562929          2446799
                           United States of America   8                 02-Oct-1998        24-Apr-2001

PLAYBOY                    97000026/                  Registered        76/108684          2482255
                           United States of America   41                10-Apr-2001        28-Aug-2001

PLAYBOY                    96012097/                  Registered        76/005003          2632523
                           United States of America   16                20-Mar-2000        08-Oct-2002

PLAYBOY                    96011885/                  Registered        75/689731          2635849
                           United States of America   9                 22-Apr-1999        15-Oct-2002

PLAYBOY                    97000504/                  Registered        76/366684          2631654
                           United States of America   41                01-Feb-2002        08-Oct-2002

PLAYBOY                    97000592/                  Pending           76/435180
                           United States of America   11                29-Jul-2002

PLAYBOY                    97000369/                  Published         76/280424
                           United States of America   5                 03-Jul-2001

PLAYBOY                    97000363/                  Published         78/070069
                           United States of America   9                 20-Jun-2001

PLAYBOY                    9600778/                   Registered        75/226140          2181438
                           United States of America   14                15-Jan-1997        11-Aug-1998

PLAYBOY                    97000347/                  Published         76/263882
                           United States of America   6                 29-May-2001
</TABLE>

                                      -17-
<PAGE>

                             Trademark List by Owner

                                                                        Page: 13

      Owner: PLAYBOY ENTERPRISES INTERNATIONAL, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
PLAYBOY                    97000352/                  Registered        78/067867          2644619
                           United States of America   30                07-Jun-2001        29-Oct-2002

PLAYBOY AFTER DARK         97000481/                  Pending           78/098634
                           United States of America   41                17-Dec-2001

PLAYBOY AND RABBIT HEAD    9000439/                   Registered        72238954           984548
DESIGN                     United States of America   25                16-Feb-1966        21-May-1974

PLAYBOY AUDIO AND DESIGN   9600686/                   Registered        75/188096          2107167
                           United States of America   9                 23-Oct-1996        21-Oct-1997

PLAYBOY BACHELOR PARTY     97000031/                  Registered        76/116787          2537924
                           United States of America   41                10-Apr-2001        12-Feb-2002

PLAYBOY BET EXCHANGE       97000334/                  Published         76/244264
                           United States of America   41                20-Apr-2001

PLAYBOY CASINO             97000331/                  Published         76/244034
                           United States of America   36, 41            20-Apr-2001

PLAYBOY CENTERFOLD         9600694/                   Registered        75/250901          2260234
                           United States of America   9, 16             03-Mar-1997        13-Jul-1999

PLAYBOY CENTERFOLDS        96011047/                  Registered        75/368956          2322825
                           United States of America   42                06-Oct-1997        29-Feb-2000

PLAYBOY CYBER CLUB         96011004/                  Registered        75/347353          2322800
                           United States of America   42                26-Aug-1997        29-Feb-2000

PLAYBOY EXPOSED            97000480/                  Registered        76/349401          2631495
                           United States of America   9                 17-Dec-2001        08-Oct-2002

PLAYBOY FUNNIES            97000271/                  Registered        76/193861          2644097
                           United States of America   16                12-Jan-2001        29-Oct-2002

PLAYBOY JAZZ               97000403/                  Published         78/051619
                           United States of America   9                 06-Mar-2001

PLAYBOY JAZZ DESIGN        97000313/                  Registered        76/244263          2602728
                           United States of America   9                 20-Apr-2001        30-Jul-2002

PLAYBOY JAZZ FESTIVAL      8900489/                   Registered        73/415751          1.279.832
                           United States of America   16,25,41          04-Mar-1983        29-May-1984

PLAYBOY LOUNGE             97000197/                  Registered        76/198036          2567100
                           United States of America   41                23-Jan-2001        07-May-2002
</TABLE>

                                      -18-
<PAGE>

                             Trademark List by Owner

                                                                        Page: 14

      Owner: PLAYBOY ENTERPRISES INTERNATIONAL, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
PLAYBOY ONLINE and Design  96011913/                  Registered        75/706247          2361962
                           United States of America   42                14-May-1999        27-Jun-2000

PLAYBOY PLAYMATE ALUMNI    96011341/                  Registered        75/444470          2221735
 ASSOCIATION               United States of America   16                04-Mar-1998        02-Feb-1999

PLAYBOY RADIO              97000581/                  Published         76/434097
                           United States of America   41                25-Jul-2002

PLAYBOY SELECT             96011310/                  Registered        75/394490          2193907
                           United States of America   36                21-Nov-1997        06-Oct-1998

PLAYBOY SPA                97000141/                  Registered        76/145547          2490761
                           United States of America   3                 10-Oct-2000        18-Sep-2001

PLAYBOY SPECIAL EDITIONS   97000088/                  Registered        76/095361          2593763
                           United States of America   16, 41            19-Jul-2000        16-Jul-2002

PLAYBOY SPORT              9000249/                   Registered        73391489           1328616
                           United States of America   25                28-Sep-1982        02-Apr-1985

PLAYBOY SPORTSBOOK.COM     97000333/                  Published         76/244033
                           United States of America   36, 41            20-Apr-2001

PLAYBOY STORE              97000173/                  Registered        76/158756          2661622
                           United States of America   35                02-Nov-2000        17-Dec-2002

PLAYBOY TV                 96010981/                  Registered        75/344894          2190905
                           United States of America   41                21-Aug-1997        22-Sep-1998

PLAYBOY TV AND DESIGN      9600742/                   Registered        75117215           2077341
                           United States of America   41                11-Jun-1996        08-Jul-1997

PLAYBOY TV NETWORKS and    96011915/                  Registered        75/706373          2319609
Design                     United States of America   41                14-May-1999        15-Feb-2000

PLAYBOY W/ RABBIT HEAD     9400593/                   Registered        74/522307          1908471
DESIGN                     United States of America   18                06-May-1994        01-Aug-1995

PLAYBOY W/RABBIT HEAD      9000587/                   Registered        73424324           1318244
DESIGN                     United States of America   25                03-May-1983        05-Feb-1985

PLAYBOY X-TREME TEAM       96012088/                  Registered        75/928939          2535629
                           United States of America   41                25-Feb-2000        05-Feb-2002

PLAYBOY.COMVERSATION       97000233/                  Registered        76/191127          2538068
                           United States of America   41                08-Jan-2001        12-Feb-2002
</TABLE>

                                      -19-
<PAGE>

                             Trademark List by Owner

                                                                        Page: 15

      Owner: PLAYBOY ENTERPRISES INTERNATIONAL, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
PLAYBOYNET                 97000850/                  Pending           76/485197
                           United States of America   41                27-Jan-2003

PLAYBOYPLUS                97000851/                  Pending           76/485196
                           United States of America   41                27-Jan-2003

PLAYBOYRACINGUSA           97000337/                  Published         78/061267
                           United States of America   36, 41            01-May-2001

PLAYBOY'S                  9100417/                   Registered        74/132604          1733661
                           United States of America   41                23-Jan-1991        17-Nov-1992

PLAYBOY'S BATHING          9100423/                   Registered        74/146497          1697592
BEAUTIES                   United States of America   16                05-Mar-1991        30-Jun-1992

PLAYBOY'S BLONDES          9100424/                   Registered        74/146495          1753861
BRUNETTES REDHEADS         United States of America   16                05-Mar-1991        23-Feb-1993

PLAYBOY'S BOOK OF          9000905/                   Registered        74/116048          1666709
LINGERIE                   United States of America   16                16-Nov-1990        03-Dec-1991

PLAYBOY'S CASTING CALLS    97000261/                  Registered        78/037726          2637350
                           United States of America   9, 16             04-Dec-2000        15-Oct-2002

PLAYBOY'S COLLEGE GIRLS    9100422/                   Registered        74/146492          1706665
                           United States of America   16                05-Mar-1991        11-Aug-1992

PLAYBOY'S CYBER GIRLS      97000219/                  Registered        76/197191          2504457
                           United States of America   42                19-Jan-2001        06-Nov-2001

PLAYBOY'S DIRECTOR'S CUT   97000138/                  Published         78/028587
                           United States of America   41                02-Oct-2000

PLAYBOY'S GIRLS OF         9100425/                   Registered        74/146494          1744466
WINTER                     United States of America   16                05-Mar-1991        05-Jan-1993

PLAYBOY'S NUDES            9100484/                   Registered        74/153753          1694327
                           United States of America   16                02-Apr-1991        16-Jun-1992

PLAYBOY'S PLAYMATE OF      9000328/                   Registered        72/020267          661391
THE MONTH                  United States of America   16                03-Dec-1956        06-May-1958

PLAYBOY'S PLAYMATE         9100420/                   Registered        74/146496          1691469
REVIEW                     United States of America   16                05-Mar-1991        09-Jun-1992

PLAYBOYSTORE.COM           97000174/                  Registered        76/158758          2584757
                           United States of America   35                02-Nov-2000        25-Jun-2002
</TABLE>

                                      -20-
<PAGE>

                             Trademark List by Owner

                                                                        Page: 16

      Owner: PLAYBOY ENTERPRISES INTERNATIONAL, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
PLAYBOYTV CLUB             97000564/                  Pending           76/419768
                           United States of America   41                12-Jun-2002

PLAYMAT                    96011332/                  Registered        75/450860          2253285
                           United States of America   9                 16-Mar-1998        15-Jun-1999

PLAYMATE                   97000353/                  Published         78/067868
                           United States of America   30                07-Jun-2001

PLAYMATE                   97000631/                  Pending           76/442357
                           United States of America   9                 22-Aug-2002

PLAYMATE                   96012206/                  Pending           76/038047
                           United States of America   9                 01-May-2000

PLAYMATE                   97000346/                  Published         76/263883
                           United States of America   6                 29-May-2001

PLAYMATE                   97000082/                  Published         76/088310
                           United States of America   28                11-Jul-2000

PLAYMATE                   96011046/                  Registered        75/368959          2191054
                           United States of America   42                06-Oct-1997        22-Sep-1998

PLAYMATE                   97000089/                  Registered        76/005403          2663899
                           United States of America   16                20-Mar-2000        17-Dec-2002

PLAYMATE                   9100602/                   Registered        73558616           1399564
                           United States of America   25                16-Sep-1985        01-Jul-1986

PLAYMATE                   96011570/                  Registered        75/582250          2298170
                           United States of America   9                 03-Nov-1998        07-Dec-1999

PLAYMATE                   96011838/                  Published         75/673335
                           United States of America   28                02-Apr-1999

PLAYMATE                   96011873/                  Published         75/678317
                           United States of America   9                 09-Apr-1999

PLAYMATE                   97000170/                  Published         76/157181
                           United States of America   9                 31-Oct-2000

PLAYMATE                   9000318/                   Registered        73563856           1393915
                           United States of America   9                 18-Oct-1985        20-May-1986

PLAYMATE                   9000324/                   Registered        72450541           990061
                           United States of America   28                05-Mar-1973        06-Aug-1974
</TABLE>

                                      -21-
<PAGE>

                             Trademark List by Owner

                                                                        Page: 17

      Owner: PLAYBOY ENTERPRISES INTERNATIONAL, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
PLAYMATE                   9000317/                   Registered        73464145           1308903
                           United States of America   14                06-Feb-1984        11-Dec-1984

PLAYMATE                   9000322/                   Registered        72187491           777867
                           United States of America   14                26-Feb-1964        29-Sep-1964

PLAYMATE                   9000316/                   Registered        72040119           721987
                           United States of America   16                05-Nov-1957        26-Sep-1961

PLAYMATE OF THE MONTH      97000589/                  Pending           76/437856
                           United States of America   28                05-Aug-2002

PLAYMATE OF THE YEAR       9000327/                   Registered        73619058           1462762
                           United States of America   16                10-Sep-1981        27-Oct-1987

PLAYMATE OF THE YEAR       9000326/                   Registered        73/619062          1.462.569
                           United States of America   9                 10-Sep-1986        27-Oct-1987

PLAYMATE OF THE YEAR       97000097/                  Published         76/005504
                           United States of America   16                20-Mar-2000

PLAYMATE OF THE YEAR       97000270/                  Published         76/088306
                           United States of America   28                11-Jul-2000

PLAYMATE OF THE YEAR       97000492/                  Published         76/354264
                           United States of America   34                02-Jan-2002

PLAYMATE OF THE YEAR       97000628/                  Pending           76/442354
                           United States of America   9                 22-Aug-2002

PLAYMATE PROFILE           96011055/                  Registered        75/363935          2191045
                           United States of America   9                 26-Sep-1997        22-Sep-1998

PLAYMATE W/RABBIT HEAD     9000333/                   Registered        73558617           1404136
DESIGN                     United States of America   25                16-Sep-1985        05-Aug-1986

PMOY                       96011404/                  Registered        75/467337          2301586
                           United States of America   16                13-Apr-1998        21-Dec-1999

PMOY                       97000130/                  Published         76/005495
                           United States of America   16                20-Mar-2000

RABBIT HEAD DESIGN         97000103/                  Registered        76/005004          2666917
                           United States of America   16                20-Mar-2000        24-Dec-2002

RABBIT HEAD DESIGN         96011819/                  Registered        75/664960          2407227
                           United States of America   12                22-Mar-1999        21-Nov-2000
</TABLE>

                                      -22-
<PAGE>

                             Trademark List by Owner

                                                                        Page: 18

      Owner: PLAYBOY ENTERPRISES INTERNATIONAL, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
RABBIT HEAD DESIGN         9000305/                   Registered        73464146           1308904
                           United States of America   14                06-Feb-1984        11-Dec-1984

RABBIT HEAD DESIGN         97000629/                  Pending           76/442356
                           United States of America   9                 22-Aug-2002

RABBIT HEAD DESIGN         8900798/                   Registered        286,818            871.553
                           United States of America   18                13-Dec-1967        24-Jun-1969

RABBIT HEAD DESIGN         8900799/                   Registered        72302074           873370
                           United States of America   28                05-Jul-1968        22-Jul-1969

RABBIT HEAD DESIGN         97000842/                  Pending           76/482822
                           United States of America   14                16-Jan-2003

RABBIT HEAD DESIGN         9000311/                   Registered        72162258           759207
                           United States of America   14                07-Feb-1963        29-Oct-1963

RABBIT HEAD DESIGN         8900490/                   Registered        73391484           1276276
                           United States of America   25                28-Sep-1982        01-May-1984

RABBIT HEAD DESIGN         97000868/                  Pending           76/489973
                           United States of America   28                13-Feb-2003

RABBIT HEAD DESIGN         9600800/                   Registered        75195962           2107307
                           United States of America   34                08-Nov-1996        21-Oct-1997

RABBIT HEAD DESIGN         9000308/                   Registered        72/052490          679997
                           United States of America   21                28-May-1958        09-Jun-1959

RABBIT HEAD DESIGN         96011845/                  Registered        75/674184          2618521
                           United States of America   6                 05-Apr-1999        10-Sep-2002

RABBIT HEAD DESIGN         96011912/                  Published         75/706354
                           United States of America   42                14-May-1999

RABBIT HEAD DESIGN         96011911/                  Published         75/706356
                           United States of America   41                14-May-1999

RABBIT HEAD DESIGN         96011894/                  Registered        75/694662          2443328
                           United States of America   3                 29-Apr-1999        10-Apr-2001

RABBIT HEAD DESIGN         96011953/                  Registered        75/735763          2449959
                           United States of America   12                23-Jun-1999        08-May-2001

RABBIT HEAD DESIGN         96011886/                  Published         75/689730
                           United States of America   9                 22-Apr-1999
</TABLE>

                                      -23-
<PAGE>

                             Trademark List by Owner

                                                                        Page: 19

      Owner: PLAYBOY ENTERPRISES INTERNATIONAL, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
RABBIT HEAD DESIGN         9000307/                   Registered        71686448           643926
                           United States of America   16                28-Apr-1955        09-Apr-1957

RABBIT HEAD DESIGN         9000306/                   Registered        73563848           1393913
                           United States of America   9                 18-Oct-1985        06-May-1986

RABBIT HEAD DESIGN         96011991/                  Registered        75/756329          2434256
                           United States of America   15                20-Jul-1999        06-Mar-2001

RABBIT HEAD DESIGN         97000064/                  Registered        76/118862          2626133
                           United States of America   28                10-Apr-2001        24-Sep-2002

RABBIT HEAD DESIGN         96011993/                  Registered        75/756327          2483351
                           United States of America   20                20-Jul-1999        28-Aug-2001

RABBIT HEAD DESIGN         9000309/                   Registered        72117864           728889
                           United States of America   25                14-Apr-1961        20-Mar-1962

RABBIT HEAD DESIGN         9000288/                   Registered        72162259           761793
                           United States of America   34                07-Feb-1963        24-Dec-1963

RABBIT HEAD DESIGN         9600741/                   Registered        75/226139          2177521
                           United States of America   14                15-Jan-1997        28-Jul-1998

RABBIT HEAD DESIGN         96011434/                  Registered        75/512633          2356096
                           United States of America   12                02-Jul-1998        06-Jun-2000

RABBIT HEAD DESIGN         9400492/                   Registered        74/456176          1918754
                           United States of America   9                 29-Oct-1993        12-Sep-1995

RABBIT HEAD DESIGN         97000237/                  Registered        76/183153          2586538
                           United States of America   28                19-Dec-2000        25-Jun-2002

RABBIT HEAD DESIGN         9000289/                   Registered        72166995           764819
                           United States of America   3                 18-Apr-1963        11-Feb-1964

RABBIT HEAD DESIGN         97000366/                  Published         76/274834
                           United States of America   9                 21-Jun-2001

RABBIT HEAD DESIGN         9600634/                   Registered        75/188860          2.109.005
                           United States of America   10                10-Oct-1996        28-Oct-1997

RABBIT HEAD DESIGN         96011500/                  Registered        75/562927          2556438
                           United States of America   28                02-Oct-1998        02-Apr-2002

RABBIT HEAD DESIGN         9000291/                   Registered        72192592           784504
                           United States of America   24                04-May-1964        02-Feb-1965
</TABLE>

                                      -24-
<PAGE>

                             Trademark List by Owner

                                                                        Page: 20

      Owner: PLAYBOY ENTERPRISES INTERNATIONAL, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
RABBIT HEAD DESIGN         97000370/                  Published         76/283213
                           United States of America   5                 03-Jul-2001

RABBIT HEAD DESIGN         9000295/                   Registered        72193953           791333
                           United States of America   16                21-May-1964        22-Jun-1965

RABBIT HEAD DESIGN         9000302/                   Registered        73067124           1058294
                           United States of America   9                 28-Oct-1975        08-Feb-1977

RABBIT HEAD DESIGN         9000303/                   Registered        264.329            1192561
                           United States of America   25                02-Jun-1980        23-Mar-1982

RABBIT HEAD DESIGN         97000345/                  Published         76/263879
                           United States of America   6                 29-May-2001

RABBIT HEAD DESIGN         97000591/                  Pending           76/435178
                           United States of America   11                29-Jul-2002

RABBIT HEAD DESIGN         97000583/                  Pending           76/435177
                           United States of America   21                29-Jul-2002

RABBIT HEAD DESIGN         97000590/                  Pending           76/437855
                           United States of America   28                05-Aug-2002

RABBIT HEAD DESIGN         96011398/                  Registered        75/501593          2297011
                           United States of America   25                12-Jun-1998        30-Nov-1999

RABBIT HEAD DESIGN         97000358/                  Published         76/276579
                           United States of America   30                25-Jun-2001

ROMANTICS BY PLAYBOY       9600231/                   Registered        75/065493          2,021,099
                           United States of America   25                26-Feb-1996        03-Dec-1996

SEX COURT                  97000092/                  Registered        76/096698          2548594
                           United States of America   41                26-Jul-2000        12-Mar-2002

SEXCETERA                  96012015/                  Registered        75/772270          2462631
                           United States of America   9                 10-Aug-1999        19-Jun-2001

SEXCETERA                  96011987/                  Registered        75/770657          2412149
                           United States of America   41                06-Aug-1999        12-Dec-2000

SPRING BREAK               9000256/                   Registered        73531813           1366636
                           United States of America   16                12-Apr-1985        22-Oct-1985

SUNSUAL                    96012092/                  Published         75/920876
                           United States of America   3                 16-Feb-2000
</TABLE>

                                      -25-
<PAGE>

                             Trademark List by Owner

                                                                        Page: 21

      Owner: PLAYBOY ENTERPRISES INTERNATIONAL, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
THE PLAYBOY CLUB           9000347/                   Registered        72122528           746367
                           United States of America   42                21-Jun-1961        05-Mar-1963

THE PLAYBOY EDGE           97000529/                  Published         78/119396
                           United States of America   5                 03-Apr-2002

THE PLAYBOY FOUNDATION     9300369/                   Registered        74/246398          1743106
AND DESIGN                 United States of America   42                14-Feb-1992        29-Dec-1992

THE WEEKEND FLASH          97000782/                  Pending           76/466765
                           United States of America   41                14-Nov-2002

TV CLUB AND RABBIT HEAD    97000563/                  Published         76/419773
DESIGN                     United States of America   41                12-Jun-2002

UNIQUELY PLAYMATES         97000338/                  Published         78/061268
                           United States of America   16                01-May-2001

VIDEO CENTERFOLD           9000255/                   Registered        73/584269          1442822
                           United States of America   9                 24-Feb-1986        16-Jun-1987

VIP W/RABBIT HEAD DESIGN   9000441/                   Registered        72182481           792715
                           United States of America   42                06-Dec-1963        13-Jul-1965

WET & WILD                 9300288/                   Registered        74/334405          1826170
                           United States of America   9                 25-Nov-1992        15-Mar-1994

WET AND WILD               96011510/                  Registered        75/566654          2301995
                           United States of America   16                07-Oct-1998        21-Dec-1999

X-TREME TEAM AND LOGO      96012211/                  Published         76/079322
                           United States of America   25                28-Jun-2000
</TABLE>

                                      -26-
<PAGE>

                             Trademark List by Owner

                                                                        Page: 22

      Owner: SPICE ENTERTAINMENT, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
CABLE VIDEO STORE          SEI7700000/                Registered        73/593453          1433268
                           United States of America   38                14-Apr-1986        17-Mar-1987

CYBERSPICE                 S2107/                     Published         76/154436
                           United States of America   41                26-Oct-2000

EROTIC SHOPPING FOR        96012039/                  Registered        75/025852          2015516
GROWN-UPS                  United States of America   42                30-Nov-1995        12-Nov-1996

E-VIBE                     97000131/                  Published         76/160029
                           United States of America   3, 5, 10          06-Nov-2000

FRENCH SILK                97000133/                  Published         76/159916
                           United States of America   3, 5, 10          06-Nov-2000

INTERACTIVE SPICE WITH     S2027/                     Registered        74/636883          2100636
LIPS LOGO                  United States of America   9                 21-Feb-1995        30-Sep-1997

LOVE TRINKETS              97000802/                  Pending           76/475630
                           United States of America   10                16-Dec-2002

MALE ATTITUDES             S2170/                     Pending           76/414094
                           United States of America   10                03-Jun-2002

PRIVATE MEMBERS            S2168/                     Published         76/414765
                           United States of America   10                03-Jun-2002

PRIVATE SHOPPING FOR       S2064/                     Registered        75/025851          2015515
PRIVATE MOMENTS            United States of America   42                30-Nov-1995        12-Nov-1996

SENSUAL SWIRL              97000132/                  Published         76/160028
                           United States of America   3, 5, 10          06-Nov-2000

SPICE                      S2028/                     Published         75/832225
                           United States of America   9                 26-Oct-1999

SPICE                      S1095/                     Registered        74/039455          1690906
                           United States of America   41                19-Mar-1990        02-Jun-1992

SPICE                      S2112/                     Registered        76/154389          2616867
                           United States of America   41                26-Oct-2000        10-Sep-2002

SPICE                      S2023/                     Suspended         75/832382
                           United States of America   25                26-Oct-1999

SPICE                      S2000/                     Registered        75/832302          2659999
                           United States of America   10                26-Oct-1999        10-Dec-2002
</TABLE>

                                      -27-
<PAGE>

                             Trademark List by Owner

                                                                        Page: 23

      Owner: SPICE ENTERTAINMENT, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
SPICE CLUB                 S2148/                     Published         76/234183
                           United States of America   41                30-Mar-2001

SPICE HOT                  S2151/                     Published         78/071287
                           United States of America   38, 41            27-Jun-2001

SPICE NETWORKS & LIPS      96012054/                  Registered        75/167197          2063530
LOGO                       United States of America   25                17-Sep-1996        20-May-1997

SPICE PLATINUM             S2113/                     Registered        76/187076          2571163
                           United States of America   41                28-Dec-2000        21-May-2002

SPICE PLATINUM 2           S2117/                     Published         78/037696
                           United States of America   41                04-Dec-2000

SPICE PLATINUM LIVE        S2114/                     Published         76/185321
                           United States of America   41                22-Dec-2000

SPICE STIX                 97000135/                  Published         76/172628
                           United States of America   10                29-Nov-2000

SPICE STORE                S2109/                     Registered        76/158011          2531780
                           United States of America   35                01-Nov-2000        22-Jan-2002

SPICE TV CLUB              S2193/                     Published         76/437857
                           United States of America   41                05-Aug-2002

SPICE WITH LIPS LOGO       S2086/                     Published         76/149153
                           United States of America   14                18-Oct-2000

SPICE WITH LIPS LOGO       S1138/                     Registered        76/038002          2602128
                           United States of America   10                01-May-2000        30-Jul-2002

SPICE WITH LIPS LOGO       S1136/                     Pending           76/038001
                           United States of America   3                 01-May-2000

SPICE WITH LIPS LOGO       S1137/                     Registered        76/183151          2660449
                           United States of America   9                 19-Dec-2000        10-Dec-2002

SPICE WITH LIPS LOGO       S1140/                     Published         76/038000
                           United States of America   28                01-May-2000

SPICE WITH LIPS LOGO       S2055/                     Suspended         76/070331
                           United States of America   25                14-Jun-2000

SPICE WITH LIPS LOGO       S2036/                     Registered        75/167196          2091263
                           United States of America   41                17-Sep-1996        26-Aug-1997
</TABLE>

                                      -28-
<PAGE>

                             Trademark List by Owner

                                                                        Page: 24

      Owner: SPICE ENTERTAINMENT, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
---------                  ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
SPICETV                    S2194/                     Published         76/437349
                           United States of America   35                05-Aug-2002

SPICETV                    S2150/                     Registered        76/233552          2573387
                           United States of America   41                30-Mar-2001        28-May-2002

SPICETV WITH LIPS LOGO     S2169/                     Published         76/417265
                           United States of America   3, 10, 25         30-Jun-2002

SPICETV.COM                S2149/                     Registered        76/233569          2573388
                           United States of America   41                30-Mar-2001        28-May-2002

SUGAR-N-SPICE              97000136/                  Published         76/159915
                           United States of America   3, 5, 10          06-Nov-2000

VIBRATING LIPSTICK         97000134/                  Published         76/183150
                           United States of America   10                19-Dec-2000
</TABLE>

                                      -29-
<PAGE>

                             Trademark List by Owner

                                                                        Page: 25

      Owner: SPICE HOT ENTERTAINMENT, INC.

<TABLE>
<CAPTION>
                           Case Number/Subcase        Status            Application        Registration
Trademark                  Country Name               Class(es)         Number/Date        Number/Date
------------------------   ------------------------   ----------        -----------        ------------
<S>                        <C>                        <C>               <C>                <C>
THE HOT NETWORK            S2154/                     Registered        75727710           2585832
                           United States of America   41                14-Jun-1999        25-Jun-2002
</TABLE>

                                      -30-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}]]