Document:

THIS NOTE HAS NOT BEEN  REGISTERED  UNDER THE SECURITIES
            ACT OF  1933,  AS  AMENDED.  THIS  NOTE MAY NOT BE SOLD,
            OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE
            OF AN EFFECTIVE  REGISTRATION  STATEMENT AS TO THIS NOTE
            UNDER  SAID  ACT OR AN  OPINION  OF  COUNSEL  REASONABLY
            SATISFACTORY TO CONSPIRACY  ENTERTAINMENT HOLDINGS, INC.
            THAT SUCH REGISTRATION IS NOT REQUIRED.

                                        NOTE

      FOR VALUE RECEIVED, CONSPIRACY ENTERTAINMENT HOLDINGS, INC., a Utah
corporation (hereinafter called "Borrower"), hereby promises to pay to
_________________________, ____________________, (the "Holder") or order,
without demand, the sum of One Hundred and Eleven Thousand Eight Hundred Dollars
($111,800.00), on February 1, 2006 (the "Maturity Date").

      This Note has been entered into pursuant to the terms of a Amendment,
Modification and Consent Agreement between the Borrower and the Holder and other
recipients of secured Notes similar to this Note, dated of even date herewith
(the "Amendment"), and shall be governed by the terms of such Amendment. Unless
otherwise separately defined herein, all capitalized terms used in this Note
shall have the same meaning as is set forth in the Amendment. The following
terms shall apply to this Note:

                                     ARTICLE I

                                 GENERAL PROVISIONS

      1.1 Payment Grace Period. The Borrower shall have a five (5) business day
grace period to pay any monetary amounts due under this Note, after which grace
period a default interest rate of fifteen percent (15%) per annum shall apply to
the amounts owed hereunder.

      1.2 Repayment. The Note and all sums due hereunder shall be payable in
full on the Maturity Date; provided, that if an Event of Default has occurred
(whether or not such Event of Default is continuing), the Borrower may not pay
this Note without the consent of the Holder until the later of the Maturity Date
or until one year after the Event of Default has been cured.

      1.3 Lender's Contribution. These funds are provided as the Lender's
contribution to a joint venture arrangement with the Borrower in connection with
the Borrower's development, production and commercialization of the videogame
originally released under the name `Kollon' in Japan by Cyberfront Corporation
on the Sony PSP platform ("Puzzle Game Venture").

      1.4 Borrower's Profits. In consideration of Lender's contribution to the
Puzzle Game Venture, Borrower shall pay the Lender in addition to the repayment
of the Principal, Lender's Proportionate Share of fifty percent (50%) of the
profit earned by Borrower on the Puzzle Game Venture, up to a maximum of Three
Hundred Thousand Dollars ($300,000) ("Borrower's Profits") for all Lenders who
receive Notes pursuant to the Amendment. Borrower's Profits is defined as
follows: Unit cost of $15.75 less manufacturing and license fee not to exceed in
the aggregate $8.00 per unit.

<PAGE>

                                     ARTICLE II

                                EVENT OF DEFAULT

            The occurrence of any of the following events of default ("Event of
Default") shall, at the option of the Holder hereof, make all sums of principal
and interest then remaining unpaid hereon and all other amounts payable
hereunder immediately due and payable, upon demand, without presentment, or
grace period, all of which hereby are expressly waived, except as set forth
below:

            2.1 Failure to Pay Principal or Interest. The Borrower fails to pay
any installment of principal, interest or other sum due under this Note when due
and such failure continues for a period of five (5) business days after the due
date. The five (5) business day period described in this Section 2.1 is the same
five (5) business day period described in Section 1.1 hereof.

            2.2 Breach of Covenant. The Borrower breaches any material covenant
or other term or condition of the Subscription Agreement or this Note in any
material respect and such breach, if subject to cure, continues for a period of
ten (10) business days after written notice to the Borrower from the Holder.

            2.3 Breach of Representations and Warranties. Any material
representation or warranty of the Borrower made herein, in the Subscription
Agreement, or in any agreement, statement or certificate given in writing
pursuant hereto or in connection therewith shall be false or misleading in any
material respect as of the date made and a Closing Date.

            2.4 Receiver or Trustee. The Borrower shall make an assignment for
the benefit of creditors, or apply for or consent to the appointment of a
receiver or trustee for it or for a substantial part of its property or
business; or such a receiver or trustee shall otherwise be appointed.

            2.5 Judgments. Any money judgment, writ or similar final process
shall be entered or filed against Borrower or any of its property or other
assets for more than $50,000, and shall remain unvacated, unbonded or unstayed
for a period of thirty (30) days.

            2.6 Bankruptcy. Bankruptcy, insolvency, reorganization or
liquidation proceedings or other proceedings or relief under any bankruptcy law
or any law, or the issuance of any notice in relation to such event, for the
relief of debtors shall be instituted by or against the Borrower and if
instituted against Borrower are not dismissed within 45 days of initiation.

            2.7 Cross Default. A default by the Borrower of a material term,
covenant, warranty or undertaking of any other agreement to which the Borrower
and Holder are parties, including the Amendment and Transaction Documents, or
the occurrence of a material event of default under any such other agreement
which is not cured after any required notice and/or cure period.

                                   ARTICLE III

                                SECURITY INTEREST

            3. Security Interest/Waiver of Automatic Stay. This Note is secured
by a security interest granted to the Holder pursuant to Security Interest
Agreements, as delivered by Borrower to Holder as security for repayment of
principal Borrower's Profit and any sums due hereunder. The Borrower
acknowledges and agrees that should a proceeding under any bankruptcy or
insolvency law be commenced by or against the Borrower, or if any of the

<PAGE>

Collateral (as defined in the Security Agreement) should become the subject of
any bankruptcy or insolvency proceeding, then the Holder should be entitled to,
among other relief to which the Holder may be entitled under the Amendment and
any other agreement to which the Borrower and Holder are parties (collectively,
"Loan Documents") and/or applicable law, an order from the court granting
immediate relief from the automatic stay pursuant to 11 U.S.C. Section 362 to
permit the Holder to exercise all of its rights and remedies pursuant to the
Loan Documents and/or applicable law. THE BORROWER EXPRESSLY WAIVES THE BENEFIT
OF THE AUTOMATIC STAY IMPOSED BY 11 U.S.C. SECTION 362. FURTHERMORE, THE
BORROWER EXPRESSLY ACKNOWLEDGES AND AGREES THAT NEITHER 11 U.S.C. SECTION 362
NOR ANY OTHER SECTION OF THE BANKRUPTCY CODE OR OTHER STATUTE OR RULE
(INCLUDING, WITHOUT LIMITATION, 11 U.S.C. SECTION 105) SHALL STAY, INTERDICT,
CONDITION, REDUCE OR INHIBIT IN ANY WAY THE ABILITY OF THE HOLDER TO ENFORCE ANY
OF ITS RIGHTS AND REMEDIES UNDER THE LOAN DOCUMENTS AND/OR APPLICABLE LAW. The
Borrower hereby consents to any motion for relief from stay that may be filed by
the Holder in any bankruptcy or insolvency proceeding initiated by or against
the Borrower and, further, agrees not to file any opposition to any motion for
relief from stay filed by the Holder. The Borrower represents, acknowledges and
agrees that this provision is a specific and material aspect of the Loan
Documents, and that the Holder would not agree to the terms of the Loan
Documents if this waiver were not a part of this Note. The Borrower further
represents, acknowledges and agrees that this waiver is knowingly, intelligently
and voluntarily made, that neither the Holder nor any person acting on behalf of
the Holder has made any representations to induce this waiver, that the Borrower
has been represented (or has had the opportunity to he represented) in the
signing of this Note and the Loan Documents and in the making of this waiver by
independent legal counsel selected by the Borrower and that the Borrower has
discussed this waiver with counsel.

                                   ARTICLE IV

                                  MISCELLANEOUS

            4.1 Failure or Indulgence Not Waiver. No failure or delay on the
part of Holder hereof in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of
any such power, right or privilege preclude other or further exercise thereof or
of any other right, power or privilege. All rights and remedies existing
hereunder are cumulative to, and not exclusive of, any rights or remedies
otherwise available.

            4.2 Notices. All notices, demands, requests, consents, approvals,
and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii)
deposited in the mail, registered or certified, return receipt requested,
postage prepaid, (iii) delivered by reputable air courier service with charges
prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed
as set forth below or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or
permitted to be given hereunder shall be deemed effective (a) upon hand delivery
or delivery by facsimile, with accurate confirmation generated by the
transmitting facsimile machine, at the address or number designated below (if
delivered on a business day during normal business hours where such notice is to
be received), or the first business day following such delivery (if delivered
other than on a business day during normal business hours where such notice is
to be received) or (b) on the second business day following the date of mailing
by express courier service, fully prepaid, addressed to such address, or upon
actual receipt of such mailing, whichever shall first occur. The addresses for
such communications shall be: (i) if to the Borrower to: Conspiracy
Entertainment Holdings, Inc.,612 Santa Monica Blvd, Santa Monica, California
90401, Attn: Sirus Ahmadi, CEO, telecopier: (310) 260-6150, and (ii) if to the

<PAGE>

Holder, to the name, address and telecopy number set forth on the front page of
this Note, with a copy by telecopier only to Grushko & Mittman, P.C., 551 Fifth
Avenue, Suite 1601, New York, New York 10176, telecopier number: (212) 697-3575.

            4.3 Amendment Provision. The term "Note" and all reference thereto,
as used throughout this instrument, shall mean this instrument as originally
executed, or if later amended or supplemented, then as so amended or
supplemented.

            4.4 Assignability. This Note shall be binding upon the Borrower and
its successors and assigns, and shall inure to the benefit of the Holder and its
successors and assigns.

            4.5 Cost of Collection. If default is made in the payment of this
Note, Borrower shall pay the Holder hereof reasonable costs of collection,
including reasonable attorneys' fees.

            4.6 Governing Law. This Note shall be governed by and construed in
accordance with the laws of the State of New York. Any action brought by either
party against the other concerning the transactions contemplated by this
Agreement shall be brought only in the state courts of New York or in the
federal courts located in the state of New York. Both parties and the individual
signing this Agreement on behalf of the Borrower agree to submit to the
jurisdiction of such courts. The prevailing party shall be entitled to recover
from the other party its reasonable attorney's fees and costs.

            4.7 Maximum Payments. Nothing contained herein shall be deemed to
establish or require the payment of a rate of interest or other charges in
excess of the maximum permitted by applicable law. In the event that the rate of
interest required to be paid or other charges hereunder exceed the maximum
permitted by such law, any payments in excess of such maximum shall be credited
against amounts owed by the Borrower to the Holder and thus refunded to the
Borrower.

            4.8 Redemption. This Note may not be redeemed or called without the
consent of the Holder.

                    [THIS SPACE INTENTIONALLY LEFT BLANK]

<PAGE>

      IN WITNESS WHEREOF, Borrower has caused this Note to be signed in its
name by an authorized officer as of the ____ day of August, 2005.

                                    Conspiracy Entertainment Holdings, Inc.

                                    By:
                                       --------------------------------

WITNESS:

--------------------------------------AMENDMENT, MODIFICATION AND CONSENT TO TRANSACTION DOCUMENTS AGREEMENT

      Agreement made this ____ day of August, 2005 ("Amendment") among
Conspiracy Entertainment Holdings, Inc., a Utah corporation (the "Company"), and
the signators hereto who are Lenders under certain Securities Purchase
Agreements with the Company dated as of August 31, 2004 ("First Closing Date")
and January 31 2005 ("Second Closing Date") (each a "Lender" and collectively
"Lenders").

      For good and valuable mutual consideration, receipt of which is hereby
acknowledged, the parties hereto agree as follows:

      1. All capitalized terms herein shall have the meanings ascribed to them
in the Securities Purchase Agreements and related documents ("Transaction
Documents").

      2. The Company and the Lenders hereby agree to deem the Transaction
Documents amended to reflect the additional Purchase Price ("Additional Purchase
Price") as set forth on Schedule A hereto. Purchase Price shall mean the
aggregate of the Purchase Price in connection with the First Closing Date and
Second Closing Date and the Additional Purchase Price.

      3. An additional Closing (the "Subsequent Closing") shall take place on or
before August___, 2005 (the "Subsequent Closing Date") in connection with the
Additional Purchase Price and the Notes to be issued in connection therewith
(the "Notes") (a form of which has been approved by the Company and Lenders),
upon satisfaction of all conditions to Closing set forth in this Amendment. The
Notes to be delivered on the Subsequent Closing Date are included in the
definition of "Securities" in the Transaction Documents.

      4. All the representations, warranties and undertakings made by the
Company in the Transaction Documents as of the First Closing Date and Second
Closing Date are hereby made by the Company as of the Subsequent Closing Date,
as if such representations, warranties and undertakings were also made and given
on the Subsequent Closing Date.

      5. All of the covenants and conditions set forth in the Transaction
Documents are hereby adopted and renewed by the Company as of and for the
Subsequent Closing Date.

      6. On or before the Subsequent Closing Date, the Company will deliver to
the Lenders the Notes issued as of the Subsequent Closing Date in the amounts
set forth on Schedule A hereto in connection with the Additional Purchase Price.
Thereafter each Lender will deliver its Additional Purchase Price to the Company
pursuant to wire instructions delivered by the Company to lenders. The
Subsequent Closing Date will be the date the Lenders give instructions for the
Additional Purchase Price to be transmitted to Company.

      7. The Conversion Price of the Debentures issued on or about the First
Closing Date and Second Closing Date for each of the Lenders, Stonestreet
Limited Partnership, Whalehaven Fund Limited and Whalehaven Capital LP, is
hereby amended to be the lesser of $0.05 or seventy percent (70%) of the average
of the five lowest closing bid prices for the Company's Common Stock as reported
by Bloomberg, L.P. for the thirty (30) trading days prior to a Conversion Date.

      8. The Maturity Date of the Notes to be issued on the Subsequent Closing
Date will be February 1, 2006.

      9. In connection with the Additional Purchase Price, Palladium Capital
Advisors, LLC, will receive $5,000 and 200,000 restricted Shares of Common Stock
within five days after the next meeting of the Company's shareholders. The cash
fee will be payable on the Subsequent Closing Date by the Company.

                                       1
<PAGE>

      10. The attorney for the Lenders will receive legal fees from the Company
of $_____ which will be payable on the Subsequent Closing Date and held back by
Lenders from the Additional Purchase Price.

      11. The parties hereto acknowledge and agree that the Security Interest
Agreements executed by the Company and Lenders on or about the First Closing
Date and Second Closing Date shall relate to the Additional Purchase Price as if
such Additional Purchase Price had been paid and released to the Company on the
First Closing Date. The obligations arising under the Transaction Documents
entered into in connection with the Notes and the Additional Purchase Price are
included as a component of the Obligations as defined in the Security Interest
Agreements. The Lenders or their agent or a representative are authorized by the
Company to file an additional filing or amendment to any and all UCC-1 or UCC-3
Financing Statements filed on behalf of the Lenders. Annexed hereto as Exhibit B
is additional information deemed and made a part of Exhibit B to the Security
Interest Agreements.

      12. As further security for the portion of the Obligations relating to the
Note, the Company agrees to irrevocably instruct all of the payors identified on
Schedule B hereto to deliver and make all payments payable to the Company by
such payors by wire transfer to Alpha Capital Aktiengesellschaft ("Disbursing
Agent") at 160 Central Park South, Suite 2701, New York, New York 10019 to :

Bank of Nova Scotia
Yonge and Bloor Branch
19 Bloor Street West
Transit: 91132
Toronto, Ontario, Canada M4W 1A3

Account Name: Alpha Capital 2
Account No.: 476960040614
Swift Code: NOSCCATT

            The Disbursing Agent will immediately upon the clearance and
availability of such funds disburse 65% of all such funds to each Lender in the
proportion that each such Lender's Note bears to aggregate Notes of $223,600
("Proportionate Share") and the balance will be wired to the Company less wire
fees, as follows:

BANK OF AMERICA
Century City Main
2049 Century Park East
Los Angeles, CA  90067

ABA:          122000661
SWIFT:        BOFAUS 6S

Account Name: Conspiracy Entertainment
Acct. Number: 07472-06906

Upon receipt of wire, Disbursing Agent will notify Conspiracy of the amount and
source. Conspiracy will then submit a request to Disbursing Agent for 35% . If
Conspiracy requires more than 35%, Conspiracy will provide a request and
explanation in writing, which increase will be subject to Lenders' unanimous
reasonable approval.Portions of disbursements to Lenders that derive from each
Lender's Proportionate Share of Borrower's Profits (as defined in the Note) will
be allocated to Lender's Proportionate Share of Borrower's Profits and the
balance to repayment of interest accrued on this Note, if any, and then to
reduction of principal of the Note. The Company will notify the Disbursing Agent
not later than three days after a disbursement to the Company as to the amount
of the payment received by the Disbursing Agent which represents Borrower's
Profits and the amount which represents repayment of principal ("Profit
Notice"). The Profit Notice must contain calculations supporting the Company's
allocations. In the event the Disbursing Agent does not timely receive a Profit
Notice, the entire amount delivered to Lenders will be allocated to Lenders
Proportionate Share of Borrower's Profits and none to amounts due under the
Note.

                                       2
<PAGE>

      13. The company will instruct every payor of an obligation to the Company
including the payors identified on Exhibit C hereto, outstanding on the date
hereof and arising after the date of this Amendment to pay any such obligation
to the Disbursing Agent to be disbursed in accordance with the terms of this
Amendment. A copy of each such instruction letter will be delivered to Grushko &
Mittman, P.C., attn: Edward M. Grushko, Esq., to telecopier: (212) 697-3575 not
later than three (3) business days after the obligation is incurred.

      14. The Company will provide an accounting on the 3rd and 18th day of each
month (or the first business day thereafter if such 3rd or 18th day is not a
business day) detailing all orders or any other matter which would generate a
payment of money to the Company and a copy of the instruction to such new payor
(countersigned by the new payor) to pay such obligation to the Disbursing Agent.

      15. The Payments to the Disbursing Agent will continue until the Lender's
have received all sums due under the Note and their aggregate Proportionate
Shares of Borrower's Profits.

      16. Any payment received by the Company from any source after the date of
this Amendment will be immediately delivered by the company to the Disbursing
Agent to be disbursed according to the terms of this Amendment. All such sums
will be deemed received and held in trust by the Company on behalf of the
Lenders.

      17. The Additional Purchase Price will be used by the Company exclusively
as follows: $125,000 for further commercialization of the Puzzle Game Venture
(as defined in the Note) and up to no more than $40,000 per month for
operations.

      18. Any failure by the Company to comply with any term of this Amendment
shall be an Event of Default under the Transaction Documents and Notes and a
material breach of the Company's obligations.

      19. The undersigned consent to the amendment of all Schedules, Exhibits
and documents including but not limited to the Security Interest Agreements to
include the Additional Purchase Price.

      20. This Agreement may be signed in one or more counterparts, each of
which shall be deemed an original.

      21. A facsimile transmission of this signed Agreement shall be legal and
binding on all parties hereto.

      22. The parties hereto agree to expeditiously proceed with the Subsequent
Closing.

      23. Except as amended hereby all other terms of the Transaction Documents
shall remain in full force and effect including but not limited to those terms
governing venue, jurisdiction and governing law.

                      [THIS SPACE INTENTIONALLY LEFT BLANK]

                                       3
<PAGE>

      IN WITNESS WHEREOF, the undersigned have executed and delivered this
Amendment as of the date first written above.

"COMPANY"
CONSPIRACY ENTERTAINMENT
HOLDINGS, INC.,
a Utah corporation

By:
    --------------------------------

Its:
     -------------------------------

                                   "LENDERS":

--------------------------------               ---------------------------------
ALPHA CAPITAL AKTIENGSELLESCHAFT               WHALEHAVEN CAPITAL FUND, LTD

                                   "APPROVED"

--------------------------------               ---------------------------------
STONESTREET LIMITED PARTNERSHIP                WHALEHAVEN FUND LIMITED

--------------------------------               ---------------------------------
WHALEHAVEN CAPITAL LP

Acknowledged and Agreed:

ALPHA CAPITAL AKTIENGESELLSCHAFT

--------------------------------
Disbursing Agent

                                       4
<PAGE>

                             SCHEDULE A TO AMENDMENT

--------------------------------------------------------------------------------
SUBSCRIBER                                       ADDITIONAL PURCHASE
                                                 PRICE
--------------------------------------------------------------------------------
ALPHA CAPITAL AKTIENGSELLESCHAFT                 $111,800.00
Pradafant 7,
Furstentums 9490
Vaduz, Liechtenstein
Fax: 011-42-32323196
--------------------------------------------------------------------------------
WHALEHAVEN CAPITAL FUND LIMITED                  $111,800.00
3rd Floor, 14 Par-La-Ville Road
Hamilton HM08, Bermuda
Fax: 441 292-1373
--------------------------------------------------------------------------------
TOTAL                                            $223,600.00
--------------------------------------------------------------------------------

                                       5
<PAGE>

                                    Exhibit C

              This Exhibit is intended to update Exhibit B to the
                         Security Interest Agreements.

                   [Describe all receivables included in the
                  Security Interest Agreements as Collateral.]

                   ADDITIONAL INFORMATION RE COLLATERAL, ETC.

1.    Bravado International Merchandising Services, Inc. Three (3) payments of
      $125,000 each, the first payment due now shall be paid to the law firm of
      Russ, August and Kabat after which legal fees shall be deducted from the
      payment with the balance wired to the Disbursing Agent.

2.    SVG Distribution, Inc. Payments shall consist of profits from re-orders of
      previously released products. Receivables to date include $10,008 for Seek
      and Destroy (PS2), $3,780 for American Tail (GBA), and $3,780 Land Before
      Time (GBA). Products were ordered late July 2005 and payment estimated to
      be received in September 2005.

                                       6

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