Document:

<PAGE>

                              INTERPARTY AGREEMENT

                                     BETWEEN

                                DREAMWORKS L.L.C.

                                       AND

                         DREAMWORKS ANIMATION SKG, INC.

                                       AND

                      VIVENDI UNIVERSAL ENTERTAINMENT LLLP

                          DATED AS OF ___________, 2004

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                                TABLE OF CONTENTS

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Section 1.        Definitions and Usage.....................................................................    2

                  1.1      Definitions......................................................................    2

                  1.2      Terms and Usage Generally........................................................    5

Section 2.        Confirmation of Universal's Rights to Prior Pictures......................................    6

                  2.1      Prior Picture Rights Acquired by DWA Subject to the Universal Agreement..........    6

                  2.2      Relation Between DWA, DW Studios and Universal as to Prior Pictures..............    6

                  2.3      Transfer of Benefits; Retransfer.................................................    7

Section 3.        Grant of Rights; Period of Distribution...................................................    7

                  3.1      Grant of Rights..................................................................    7

                  3.2      Period of Distribution...........................................................    7

                  3.3      Clarification....................................................................    7

Section 4.        Rights and Obligations With Respect to DW Distributed Pictures and Prior Pictures.........    8

                  4.1      DWA Approval of Universal Exploitation Agreements................................    8

                  4.2      Universal Not Bound by DW Distribution Agreement.................................    8

                  4.3      Universal's Rights of Collection, Deduction and Recoupment.......................    8

                  4.4      Laboratory and Storage Access Letters............................................    9

Section 5.        Animation Advance and Related Payment Obligations.........................................    9

                  5.1      Animation Advance................................................................    9

Section 6.        No Adverse Amendment of DW Distribution Agreement; No DW Studios Assignment...............    9

                  6.1      No Adverse Amendment of DW Distribution Agreement................................    9

                  6.2      No Assignment of DW Distribution Agreement by DW Studios.........................    9
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                                TABLE OF CONTENTS
                                   (CONTINUED)

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Section 7.        Representations, Warranties and Agreements................................................   10

                  7.1      DWA..............................................................................   10

                  7.2      Universal........................................................................   10

                  7.3      DW Studios.......................................................................   10

                  7.4      Amblin Projects..................................................................   10

                  7.5      Bank Consent and Non-Disturbance Agreement.......................................   10

Section 8.        Rights Under Universal Agreement..........................................................   10

                  8.1      DW Studios - Sole Claimant.......................................................   10

Section 9.         Termination; Disputes....................................................................   11

                  9.1      Termination Rights...............................................................   11

                  9.2      Disputes Under Universal Agreements..............................................   11

Section 10.       Grant of Rights (Theme Parks).............................................................   11

Section 11.       UIP Amendment.............................................................................   12

Section 12.       Ownership.................................................................................   12

Section 13.       Force Majeure.............................................................................   12

Section 14.       Assignment................................................................................   13

Section 15.       Distributor Distribution Credit...........................................................   13

Section 16.       Other Activities..........................................................................   13

Section 17.       No Partnership or Third Party Benefit.....................................................   14

Section 18.       Integration/Formalities...................................................................   14

Section 19.       Dispute Resolution........................................................................   14

Section 20.       Severability of Provisions................................................................   15

Section 21.       Waiver....................................................................................   16
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                                TABLE OF CONTENTS
                                   (CONTINUED)

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Section 22.       Governing Law.............................................................................   16

Section 23.       Confidentiality...........................................................................   16

Section 24.       Notice of Representatives.................................................................   17

Section 25.       Paragraph Headings........................................................................   17

Section 26.       Intellectual Property License.............................................................   17

Section 27.       Disclosure, Compliance and Reporting Obligations..........................................   17

Section 28.       Notices...................................................................................   17

Section 29.       Counterparts..............................................................................   18

Section 30.       Effect of Subsequent Event................................................................   18

Schedule 1.1      Table of Definitions

Schedule 5.1      Provisions Related to Advances
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                              INTERPARTY AGREEMENT

                                     BETWEEN

                                DREAMWORKS L.L.C.

                                       AND

                         DREAMWORKS ANIMATION SKG, INC.

                                       AND

                      VIVENDI UNIVERSAL ENTERTAINMENT LLLP

                          DATED AS OF ___________, 2004

      THIS INTERPARTY AGREEMENT dated as of ________, 2004 (this "Agreement"),
is entered into by and among DreamWorks Animation SKG, Inc. ("DWA"), DreamWorks
L.L.C. ("DW Studios") and Vivendi Universal Entertainment LLLP ("Universal").

      WHEREAS DW Studios and Universal (as assignee of Universal Studios, Inc.)
are parties to that certain Master Agreement (Amended and Restated as of October
31, 2003) (the "Master Agreement"), which includes certain other agreements as
Exhibits A, B, C and D thereto (collectively, the Master Agreement and the other
agreements attached as Exhibits A, B, C and D thereto are the "Universal
Agreement");

      WHEREAS pursuant to Exhibit A of the Universal Agreement (the "Theatrical
Distribution Agreement") Universal has certain exclusive international
theatrical distribution rights and obligations with respect to certain motion
pictures (as more fully described and set forth in the Theatrical Distribution
Agreement);

      WHEREAS, pursuant to Exhibit B of the Universal Agreement (the "Home Video
Fulfillment Services Agreement") Universal has certain exclusive domestic and
international home video fulfillment services rights and obligations with
respect to certain motion pictures (as more fully described and set forth in the
Home Video Fulfillment Services Agreement);

      WHEREAS, pursuant to Exhibit C of the Universal Agreement (the "Amblin
Agreement"), Universal and DW Studios agreed to certain procedures and
allocations of rights to certain projects developed at least in part by Amblin
Entertainment, Inc. and set forth on schedules to the Amblin Agreement
(collectively, all such projects listed in schedules to the Amblin Agreement,
the "Amblin Projects");

      WHEREAS, pursuant to Exhibit D of the Universal Agreement (the "Theme Park
Agreement") Universal has an exclusive option to acquire certain rights to
exploit certain motion pictures in theme parks (as more fully described and set
forth in the Theme Park Agreement);

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      WHEREAS, as part of the separation of DW Studios and DWA pursuant to the
Separation Agreement dated as of the date hereof ("Separation Agreement") by and
among DW Studios, DreamWorks Animation L.L.C. and DWA, DW Studios and DWA have
agreed to enter into a Distribution Agreement dated as of the date hereof (the
"DW Distribution Agreement");

      WHEREAS, the parties hereto have agreed to set forth herein the parties'
respective rights, privileges and obligations under the Universal Agreement and
DW Distribution Agreement, and to enter into certain other agreements;

      NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, DWA, DW Studios and Universal hereby agree as follows:

      SECTION 1. DEFINITIONS AND USAGE.

            1.1   Definitions:

            a.    The following terms shall have the same meaning as in the DW
Distribution Agreement:

            Accepted Additional Picture(s).
            Affiliate of Any Person; provided, however, that for purposes of
                  this Agreement, none of DWA, DW Studios and Universal are
                  Affiliates of any other party to this Agreement.
            Animated Motion Picture(s).
            Bankruptcy Code
            Business Day.
            Control.
            Delivery.
            Distribution Rights.
            Exhibit, Exhibition.
            Good Faith Dispute.
            Internet Rights.
            Person.
            Qualified Pictures.
            Retained Rights.
            Subdistributor; provided, however, that for purposes of this
                  Agreement a "Subdistributor" shall not include an Affiliate of
                  DW Studios or of Universal.
            Tangible Film Materials.
            Television Exhibition.

            b.    The following terms shall have the meanings set forth below:

            Animation Advance shall mean the $75 million amount advanced by
Universal to DW Studios under the Master Agreement with respect to Animated
Motion Pictures, which $75 million amount on the Effective Date shall be
contributed by DW Studios to DWA pursuant to the Separation Agreement, as such
$75 million amount may be adjusted pursuant to Section 5 of this Agreement.

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            Domestic Territory shall mean the territorial United States and its
possessions, territories and commonwealths, including the U.S. Virgin Islands,
Puerto Rico, Guam, and the U.S. Trust Territories of the Pacific Islands,
including the Carolina Islands, the Marshall Islands and the Mariana Islands,
Saipan and American Samoa; the Dominican Republic, the British Virgin Islands,
Nassau, Bahamas, Bermuda, Saba Island, St. Eustatius Island, St. Kitts Island,
St. Maarten Island, and Freeport; the Dominion of Canada and its possessions,
territories and commonwealths; and all Army, Navy, Air Force, Red Cross and
other national or governmental installations, diplomatic posts, camps, bases and
reservations of the above mentioned countries, as well as oil rigs (including
Aramco sites) and maritime facilities (and other commercial and/or industrial
installations of the above mentioned countries and territories), wherever any of
the aforementioned facilities or installations are located, to the extent that
sales are made and/or servicing thereof is performed within the geographical
areas set forth above, and all airlines and ships flying the flag of, or having
the registry of, or whose principal office is located in the United States,
Canada or Bermuda and other possessions, territories and commonwealths within
the Domestic Territory.

            DW Distributed Pictures shall mean Qualified Pictures and Accepted
Additional Pictures.

            Effective Date shall have the same meaning as the term "Separation
Date" in the Separation Agreement.

            Home  Video Exhibition shall mean the Exhibition of Videograms.

            Home Video Fulfillment Services Rights shall mean the right and
obligation to provide fulfillment services under the Home Video Fulfillment
Services Agreement.

            Home Video Territory shall mean the territory in which fulfillment
services are to be performed pursuant to the Home Video Fulfillment Services
Agreement, excluding only (i) South Korea and North Korea to the extent and for
the period licensed to DW Studios' "Korean Shareholder" (as defined in the Home
Video Fulfillment Services Agreement), and (ii) either (a) Japan or (b) The
Federal Republic of Germany, the Republic of Austria, and German - language
rights in Switzerland, Lichtenstein, Luxembourg and Alto Adige.

            LLC Agreement shall mean the Limited Liability Limited Partnership
Agreement of Holdco, dated as of October __, 2004, by and among M&J K Dream
Limited Partnership, M&J K B Limited Partnership, DG-DW, L.P., DW Lips, L.P., DW
Investment II, Inc., Lee Entertainment, L.L.C. and Vivendi Universal
Entertainment LLLP.

            Licensed Picture has the meaning set forth in the DW Distribution
Agreement as in effect on the Effective Date.

            Motion Picture(s) (a) with respect to Theatrical Distribution
Rights, shall mean all live-action and animated motion pictures (and
combinations thereof), and (b) with respect to Home Video Exhibition and Home
Video Fulfillment Services Rights shall mean a theatrical motion picture, one or
more television programs, television movies, television episodic series or
direct-to-video motion picture.

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            Non-Theatrical Exhibition shall mean, with respect to each Prior
Picture, DW Distributed Picture or Universal Licensed Picture, the right to
exhibit a Picture as set forth in paragraph 2.a of Schedule A-TC to the
Theatrical Distribution Agreement.

            Prior Picture(s) shall mean the following Animated Motion Pictures:
Antz; The Prince of Egypt; The Road to Eldorado; Chicken Run; Shrek; Spirit:
Stallion of the Cimarron; Sinbad: Legend of the Seven Seas; Shrek 2; and Shark
Tale.

            Term shall mean the period commencing on the Effective Date and
continuing until expiration or earlier termination of the Universal Term;
provided, however, if the Effective Date does not occur on or before December
31, 2005 this Agreement shall terminate without taking effect.

            Termination Amounts shall have the meaning set forth in the
definition of Universal Term.

            Theatrical Distribution Rights shall mean the right and obligation
to distribute Pictures pursuant to the Theatrical Distribution Agreement.
Theatrical Distribution Rights include Non-Theatrical Exhibition rights but do
not include any other rights including Television Exhibition, Internet Rights,
or any other form of distribution, exhibition or other method of exploitation of
Motion Pictures, now known or hereafter devised.

            Theatrical Exhibition shall mean all forms of Exhibition which are
subject to the Theatrical Distribution Agreement.

            Theatrical Territory shall mean the "Territory" as defined in the
Theatrical Distribution Agreement.

            Theme Park Rights shall have the same meaning as "Theme Park Rights"
in paragraph 3 of the Theme Park Agreement.

            Theme Park Supplemental Agreements shall mean, collectively, (i) the
letter agreement dated as of January 20, 2000 between DW Studios and Universal
Studios, Inc. relating to the exploitation of Chicken Run at the Universal
Studios theme parks, (ii) the letter agreement dated as of February 27, 2001
between DW Studios and Universal Studios, Inc. relating to the exploitation of
Shrek at the Universal Studios theme parks and adjacent Universal CityWalk
locations, (iii) the letter agreement dated as of January 15, 2002 between DW
Studios and Universal Studios, Inc. captioned "Universal-DreamWorks Theme Park
Issues", and (iv) the agreement dated as of March 12, 2002 between
PDI/Dreamworks L.L.C. and Universal City Studios LLLP entitled "Shrek 4D
Attraction at Universal Studios", as amended by letter agreement dated as of
March 13, 2002 and as assigned effective as of March 13, 2002 by PDI/Dreamworks
L.L.C. to DreamWorks Animation LLC.

            UIP shall mean United International Pictures, B.V. and its
successors and assigns.

            Universal Affiliate shall mean any Person that qualifies as an
Affiliate of Universal pursuant to the definition of Affiliate set forth above.

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            Universal Exploitation Agreements shall mean the Master Agreement,
the Theatrical Distribution Agreement and the Home Video Fulfillment Services
Agreement only.

            Universal Licensed Picture(s) shall mean any Motion Picture released
after the Effective Date and during the Universal Term (A) for which DWA has
acquired (i) Theatrical Distribution Rights in any portion of the Theatrical
Territory, or (ii) Home Video Exhibition rights in any portion of the Home Video
Territory (and Universal expressly acknowledges and agrees that all Home Video
Exhibition rights are not "licensed" to Universal, and instead Universal is
providing fulfillment services with respect thereto), or (iii) Theme Park Rights
in any territory(ies), and (B) where some or all of such Theatrical Distribution
Rights, Home Video Exhibition rights or Theme Park Rights have not been granted
by DWA to DW Studios or as to which DW Studios no longer holds such rights, in
each case for any reason including, without limitation, because DW Studios has
declined or surrendered such rights, DW Studios no longer performs the
distribution services in whole or in part as required under the DW Distribution
Agreement, or the DW Distribution Agreement has expired or been terminated, in
whole or in part.

            Universal Term shall mean the period commencing on the Effective
Date and terminating on the first date in which all of the following has
occurred: (i) termination of the Theatrical Distribution Agreement, (ii)
termination of the Home Video Fulfillment Services Agreement and (iii) the
Advance Amounts, Animation Advance Amounts, Additional Amounts, Animation
Additional Amounts, DW Adjustment amounts, DWA Animation Adjustment amounts and
Special Termination Fee (as defined in the Master Agreement) (if applicable)
have been paid in full; the Class U Preferred Stock together with all accrued
and unpaid cash and non-cash distributions thereon, is redeemed and the
redemption price paid in full in cash; and the Satisfaction Event with respect
to Universal (as defined in the LLC Agreement) has occurred (the aggregate of
the payments required pursuant to this clause (iii), the "Termination Amounts").

            Videogram(s) shall mean videocassettes, laserdiscs, Digital
Versatile Discs ("DVD") or video CDs intended for in-home use by members of the
public and physically transported to the home for such use that is sold or
rented and physically embodies (without need for further transfer of data or
further activation or other authorization from outside the home) a Motion
Picture for exhibition by a playback device which causes a visual image of the
Motion Picture to be seen, in a linear fashion, as such Motion Picture is made
available by the producer of such Motion Picture for video distribution, and
which Motion Picture appears on the screen of a television receiver or other
monitor in the home. CD-ROM, CD-I products, video games, and interactive
products (including, but not limited to, DVD interactive products containing a
Motion Picture[s]) or interactive pictures of any type, are not Videograms.

Certain other terms are defined elsewhere in this Agreement, as noted on
Schedule 1.1.

            1.2   Terms and Usage Generally.

      The definitions in Section 1.1. and Schedule 1.1. as used herein shall
apply equally to both the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. All references

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herein to Sections and Schedules shall be deemed to be references to Sections
of, and Schedules to, this Agreement unless the context shall otherwise require.
All Schedules attached hereto shall be deemed incorporated herein as if set
forth in full herein. The words "include", "includes" and "including" herein and
in any Exhibit and Schedule hereto shall be deemed to be followed by the phrase
"without limitation". All accounting terms not defined in this Agreement shall
have the meanings determined by United States generally accepted accounting
principles as in effect from time to time. The words "hereof", "herein" and
"hereunder" and words of similar import when used in this Agreement shall refer
to this Agreement as a whole and not to any particular provision of this
Agreement. References to a Person are also to its permitted successors and
permitted assigns. Unless otherwise expressly provided herein, any agreement,
instrument or statute defined or referred to herein or in any agreement or
instrument that is referred to herein means such agreement, instrument or
statute as from time to time amended, modified or supplemented, including (in
the case of agreements or instruments) by waiver or consent and (in the case of
statutes) by succession of comparable successor statutes and references to all
attachments thereto and instruments incorporated therein.

      SECTION 2. CONFIRMATION OF UNIVERSAL'S RIGHTS TO PRIOR PICTURES.

            2.1 Prior Picture Rights Acquired by DWA Subject to the Universal
Agreement. The Prior Pictures conveyed by DW Studios to DWA pursuant to the
Separation Agreement have been conveyed subject to the Universal Agreement. DWA
and DW Studios acknowledge and agree that certain exclusive distribution or
other exploitation rights to each Prior Picture have been licensed or granted to
Universal by DW Studios prior to the Effective Date under the Universal
Exploitation Agreements, Theme Park Agreement and the Theme Park Supplemental
Agreements and that such rights are unaffected by the Separation Agreement, the
DW Distribution Agreement, or the transactions contemplated thereby. With
respect to each Prior Picture, Universal shall have the rights and obligations
to exploit the applicable Theatrical Distribution Rights and Home Video
Fulfillment Services Rights as set forth in the Universal Exploitation
Agreements during the Universal Term. Any sale, transfer, assignment, license,
pledge or other encumbrance of a Prior Picture during the Universal Term shall
be expressly subject to the Universal Agreement as and to the extent required by
the Universal Agreement, and to the consent of Universal to such sale, transfer,
assignment, license, pledge or other encumbrance if such consent is required
pursuant to the Universal Agreement.

            2.2 Relation Between DWA, DW Studios and Universal as to Prior
Pictures. Notwithstanding anything to the contrary set forth in the DW
Distribution Agreement, and subject to the further provisions of this Agreement,
as to all Prior Pictures, DWA, DW Studios and Universal agree: (i) as between
DWA and DW Studios, each Prior Picture shall be deemed to be a Licensed Picture
under the DW Distribution Agreement, (ii) as between DW Studios and Universal,
Universal retains all the rights to each Prior Picture granted under (including
pursuant to Section 10 below), and is obligated to exploit such Prior Picture
subject to the terms and conditions of, the Universal Exploitation Agreements;
and (iii) as between DWA and Universal, Universal shall have no duty or
obligations to DWA with respect to the Prior Pictures or their distribution or
other exploitation, and DWA shall not be a third party beneficiary of the
Universal Exploitation Agreements, provided that to the extent any Prior Picture
is not licensed by DWA to DW Studios under the DW Distribution Agreement,
Universal shall distribute such

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Prior Picture directly for DWA, as if Sections 3.1 and 3.2 of this Agreement
applied to such Prior Picture.

            2.3 Transfer of Benefits; Retransfer. Subject to the other terms and
conditions of this Agreement, Universal hereby approves the transfer from DW
Studios to DWA of all of DW Studios' benefits under the Universal Agreement with
respect to the Prior Pictures, subject to the following: (a) DW Studios and DWA
hereby agree that such transfer has no effect on Universal's rights in the Prior
Pictures pursuant to the Universal Agreement (as more fully set forth in Section
2.2.(ii), above); and (b) DWA hereby acknowledges and agrees that all such
benefits are being retransferred from DWA to DW Studios pursuant to the
Distribution Agreement (and accordingly, Section 2.2.(iii), above, applies as
between DW Studios, DWA and Universal).

      SECTION 3. GRANT OF RIGHTS; PERIOD OF DISTRIBUTION. The following shall
apply only as and to the extent that a given Motion Picture constitutes a
Universal Licensed Picture hereunder:

            3.1 Grant of Rights: Subject to the terms and conditions hereof, DWA
grants, licenses, and/or assigns (as applicable) to Universal, to the extent of
the rights owned or controlled by DWA or any Affiliate Controlled by DWA thereof
in and to each Universal Licensed Picture, the following rights: (i) throughout
the Theatrical Territory, to exploit the Theatrical Distribution Rights on its
initial theatrical release (as referenced in paragraph 1.a. of the Theatrical
Distribution Agreement); and (ii) throughout the Home Video Territory, to
exploit the Home Video Fulfillment Services Rights if DWA designates such Motion
Picture for release as a Videogram. As between Universal and DWA, all rights to
Universal Licensed Pictures not expressly granted or licensed (as applicable) to
Universal pursuant to this Agreement, including the Retained Rights, shall
remain vested in DWA. If and to the extent that DWA has licensed or granted (as
applicable) rights to a Universal Licensed Picture to Universal pursuant to the
first sentence of this Section 3.1., Universal and DWA shall each have the
rights and obligations with respect to such Universal Licensed Picture set forth
in the Theatrical Distribution Agreement and the Home Video Fulfillment Services
Agreement, with DWA having all the rights and obligations of DW Studios to
Universal under such agreements with respect to the Universal Licensed Picture,
and Universal having all the rights and obligations to DWA as Universal would
have to DW Studios under such agreements with respect to the Universal Licensed
Pictures.

            3.2 Period of Distribution: With respect to each Universal Licensed
Picture, Universal shall have the rights and obligations to exploit the
applicable Theatrical Distribution Rights and Home Video Fulfillment Services
Rights granted pursuant to Section 3.1 above during the Universal Term (subject
to the terms of the Universal Exploitation Agreements).

            3.3 Clarification: For avoidance of doubt, in no event shall
Universal have any right to exercise any rights with respect to any given Motion
Picture pursuant to this Section 3, nor shall there be any executory obligations
from DWA to Universal or from Universal to DWA hereunder with respect to such
Motion Picture, so long as such Motion Picture constitutes a DW Distributed
Picture pursuant to Section 4, below.

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      SECTION 4. RIGHTS AND OBLIGATIONS WITH RESPECT TO DW DISTRIBUTED PICTURES
AND PRIOR PICTURES.

            4.1 DWA Approval of Universal Exploitation Agreements. DWA hereby
irrevocably approves the terms and conditions of the Universal Exploitation
Agreements, which approval may not hereafter be withdrawn, terminated, qualified
or conditioned.

            4.2 Universal Not Bound by DW Distribution Agreement. The parties
hereto acknowledge and agree that as to all DW Distributed Pictures and Prior
Pictures, Universal shall have the rights to distribute and provide such
fulfillment services therefor as set forth in the Universal Exploitation
Agreements; that Universal's sole obligations as to such DW Distributed Pictures
and Prior Pictures are those it is required to render to DW Studios as set forth
in the Theatrical Distribution Agreement and the Home Video Fulfillment Services
Agreement; and that neither Universal nor any of its Affiliates, nor UIP, is
bound by the provisions of the DW Distribution Agreement. Without limitation of
the foregoing, and regardless of the provisions of the DW Distribution
Agreement, Universal shall not be required to render services, or provide
information, approval, consultation, access, audit or other rights to DWA with
respect to DW Distributed Pictures or Prior Pictures. DWA and DW Studios
acknowledge and agree that Universal is required to take instructions
exclusively from, and is entitled to rely exclusively on all instructions of DW
Studios with respect to such DW Distributed Pictures and Prior Pictures,
regardless of any instructions by DWA, and that DW Studios may not delegate,
transfer or assign any of its rights or obligations under the Universal
Exploitation Agreements to DWA with respect to DW Distributed Pictures or such
Prior Pictures. Universal's (i) rights under the Theatrical Distribution
Agreement apply to DW Distributed Pictures on the commencement of their
theatrical distribution in the Domestic Territory, and (ii) rights under the
Home Video Fulfillment Services Agreement apply to DW Distributed Pictures DW
Studios distributes for DWA as Videograms during the Universal Term or within
*** following the Motion Picture's initial general U.S. theatrical release,
which release occurs during the Universal Term.

            4.3 Universal's Rights of Collection, Deduction and Recoupment. DWA
acknowledges that Universal has the right to collect receipts, deduct fees, and
recoup expenses and other amounts (if any) with respect to the DW Distributed
Pictures and Prior Pictures all as set forth in the Universal Exploitation
Agreements. For so long as the DW Distribution Agreement is in effect, Universal
shall pay over all amounts required to be remitted by it in respect of DW
Distributed Pictures and Prior Pictures solely to DW Studios, and shall have no
liability to DWA in respect of such payments. Notwithstanding the foregoing,
Universal agrees that it shall make payments to DW Studios in respect of DW
Distributed Pictures and Prior Pictures without setoff, counterclaim or defense
except (a) for setoffs, counterclaims or defenses related to DW Distributed
Pictures and Prior Pictures, (b) if any Motion Pictures later become Universal
Licensed Pictures hereunder, for setoffs, counterclaims or defenses related to
such Universal Licensed Pictures or (c) for the obligations of DWA to Universal
under Section 5 of this Agreement. DWA, DW Studios and Universal agree that if
any and all fees or expenses related to DW Distributed Pictures and Prior
Pictures and owed to Universal under the Universal Exploitation Agreements for
any reason are not paid when due, Universal shall be entitled to recoup such
amounts from all amounts collected by it related to the DW Distributed Pictures
and Prior Pictures, together with interest on amounts due and owing as provided
in the applicable Universal Exploitation Agreements.

*** Certain information on this page has been omitted and filed separately with
the Commission. Confidential treatment has been requested with respect to the
omitted portions.

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            4.4 Laboratory and Storage Access Letters. To the extent required
for the exercise of Universal's Theatrical Distribution Rights and Home Video
Fulfillment Services Rights with respect to Licensed Pictures, Universal
Licensed Pictures or Prior Pictures, DWA shall provide Universal with
fully-executed access letters in reasonable and customary form for each
laboratory or storage facility in which Tangible Film Materials for such Motion
Pictures are held upon Universal's request therefor from time to time. To the
extent that DWA or DW Studios maintains possession of any Tangible Film
Materials required for the exercise of Universal's Theatrical Distribution
Rights and Home Video Fulfillment Services Rights with respect to Licensed
Pictures, Universal Licensed Pictures or Prior Pictures, Universal shall have
the same right of access thereto as it would have under the above-referenced
laboratory or storage-facility access letter had such Tangible Film Materials
been held at a laboratory or storage facility.

      SECTION 5. ANIMATION ADVANCE AND RELATED PAYMENT OBLIGATIONS.

            5.1 Animation Advance:

                  a. Article VIII of the Master Agreement is hereby deleted and
amended to read as set forth in Schedule 5.1 to this Agreement, and incorporated
herein as if fully set forth.

                  b. Universal, DW Studios and DWA agree that DWA shall be
solely responsible for the payment of the Animation Advance Amount and all
Animation Additional Amounts as and when due under the Universal Agreement. DWA
acknowledges and agrees that such amounts may become due and payable in full due
to the action or inaction of DW Studios, and that Universal is entitled to
exercise against DWA any and all of its remedies under Section 5.1.a if and when
such Animation Advance Amount or Animation Additional Amounts are due and
payable, including rights of offset and recoupment and is entitled to Theatrical
Distribution and Home Video Fulfillment Services Rights to all Licensed Pictures
and Universal Licensed Pictures unless and until all amounts required to be paid
to Universal by DW Studios or DWA pursuant to the Master Agreement have been
repaid.

      SECTION 6. NO ADVERSE AMENDMENT OF DW DISTRIBUTION AGREEMENT; NO DW
STUDIOS ASSIGNMENT.

            6.1 No Adverse Amendment of DW Distribution Agreement. DW Studios
and DWA shall not at any time during the Universal Term, without the consent of
Universal (not to be unreasonably withheld), amend or modify the license granted
to DW Studios under the DW Distribution Agreement or the transfer of "Animated
Film Assets" as defined in and pursuant to the Separation Agreement in any
manner that would have an adverse effect on Universal under the Universal
Agreement and this Agreement.

            6.2 No Assignment of DW Distribution Agreement by DW Studios. DW
Studios may not at any time during the Universal Term assign any of its
Theatrical Exhibition, Home Video Exhibition or Theme Park Rights under the DW
Distribution Agreement if such assignment would result in a loss of any or all
of Universal's Home Video Fulfillment Services Rights, Theatrical Distribution
Rights or Theme Park Rights.

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      SECTION 7. REPRESENTATIONS, WARRANTIES AND AGREEMENTS. Each of the
parties, severally and as of the Effective Date, represents and warrants as
follows:

            7.1 DWA. DWA makes the same representations and warranties with
respect to this Agreement as made by DW Studios in Section XII.4 of the Master
Agreement. If and when DWA licenses and/or grants rights to Universal Licensed
Pictures to Universal, it will make the representations and warranties, and
provide such indemnities to Universal with respect to such Universal Licensed
Pictures as are set forth in the Universal Exploitation Agreements for DW
Studios.

            7.2 Universal. Universal makes the same representations and
warranties with respect to this Agreement that it (or its predecessors in
interest) made in Section XII.4 of the Master Agreement. If and when Universal
is granted a license and/or rights to Universal Licensed Pictures, it will make
the representations and warranties, and provide such indemnities to DWA with
respect to such Universal Licensed Pictures as are set forth in the Universal
Exploitation Agreements for Universal.

            7.3 DW Studios. DW Studios makes the same representations and
warranties with respect to this Agreement that it made in Section XII.4 of the
Master Agreement. For purposes of clarity, DW Studios makes the same
representations and warranties as to, and provides the same indemnities to
Universal with respect to Prior Pictures and DW Distributed Pictures as DW
Studios makes as to "Pictures" in the Theatrical Distribution Agreement and "DW
Videograms" in the Home Video Fulfillment Services Agreement.

            7.4 Amblin Projects. No Amblin Projects or any of DW Studios' rights
under the Amblin Agreement have been conveyed to DWA.

            7.5 Bank Consent and Non-Disturbance Agreement. Neither DW Studios
nor DWA shall convey, pledge or otherwise encumber Prior Pictures, DW
Distributed Pictures or the Universal Licensed Pictures unless (i) all rights
sufficient to grant Universal's Theatrical Distribution Rights, Home Video
Fulfillment Services Rights and Theme Park Rights are retained by DWA and DW
Studios, or (ii) such conveyance or encumbrance is expressly subject to the
rights and obligations of Universal under this Agreement and (to the extent
applicable) the Universal Exploitation Agreements. In the event of a conveyance
or encumbrance subject to clause (ii), effective no later than such transfer or
encumbrance, the applicable transferee or encumbrance holder shall provide
Universal with an acknowledgement of Universal's rights under this Agreement and
(to the extent applicable) the Universal Exploitation Agreements and an
agreement not to disturb, interfere or seek to terminate Universal's rights
under this Agreement or (to the extent applicable) the Universal Exploitation
Agreements, such acknowledgement and agreement not to disturb to be in a form
reasonably satisfactory to Universal.

      SECTION 8. RIGHTS UNDER UNIVERSAL AGREEMENT.

            8.1 DW Studios - Sole Claimant. Except with respect to Universal
Licensed Pictures (if any) and any Prior Pictures to which the last clause of
Section 2.2 above applies, only DW Studios shall, as between DW Studios and DWA,
have the right to bring any claim, action,

                                      -10-

<PAGE>

or proceeding against Universal by reason of any actual or alleged breach of the
Universal Agreement. (The foregoing is not intended to limit the scope of
remedies available to DW Studios or Universal for any such breach.)

      SECTION 9. TERMINATION; DISPUTES.

            9.1 Termination Rights. Except as set forth in Section 11, nothing
in this Agreement shall limit or expand DW Studios' or Universal's rights to
terminate the Theatrical Distribution Agreement or the Home Video Fulfillment
Services Agreement, or (except as expressly set forth in this Section 9.1) their
respective rights or obligations with respect to and following such termination,
in each case in accordance with such agreements' terms. DWA shall not have any
right to terminate any of the Universal Exploitation Agreements unless DW
Studios would have such right and has exercised it (or is no longer a party to
the Universal Exploitation Agreements). DW Studios, DWA and Universal each
acknowledge and agree that no termination of this Agreement, the Theatrical
Distribution Agreement or the Home Video Fulfillment Services Agreement shall be
effective against either or both of DW Studios or DWA unless and until the
Termination Amounts are paid in full. Universal, DW Studios and DWA agree that
notwithstanding the foregoing, (i) DWA shall not be liable for the payment of
the Advance, Additional Amounts, DW Adjustment amounts, Special Termination Fee,
or the redemption of the Class U Preferred Stock of DW Studios or distributions
or other payments thereof, and (ii) DW Studios shall not be liable for the
payment of the Animation Advance, Animation Additional Amounts, DWA Animation
Adjustment amounts or Satisfaction Event as to Universal.

            9.2 Disputes Under Universal Agreements. Notwithstanding anything to
the contrary in the Universal Agreement, any dispute arising out of or relating
to the Universal Agreement, or hereunder, shall be resolved as set forth in
Section 19, below. With respect to any claim arising out of or relating to this
Agreement, a party asserting such claim shall give the applicable other party
written notice of such claim and a reasonable opportunity (not less than ***,
nor more than ***) to cure prior to commencing proceedings in accordance with
Section 19 below.

      SECTION 10. GRANT OF RIGHTS (THEME PARKS). By its execution and delivery
of this Agreement, DWA and Universal acknowledge and agree that Sections 1
(other than 1.D.), 3, 4.B, 5, 6, 7, and 9 of the Theme Park Agreement, and the
first sentence of paragraph C of that certain Theme Park Supplemental Agreement
dated as of January 15, 2002 between DW Studios and Universal Studios, Inc.
captioned "Universal-DreamWorks Theme Park Issues", shall apply to all "Eligible
DWA Properties," which are: (i) all Prior Pictures, and (ii) Motion Pictures
initially released or initially broadcast by DWA during the Universal Term, or
any other product which is released by DWA to the general public (e.g.,
interactive games or devices distributed to the public) during the Universal
Term. Sections 1 (other than 1.D), 3, 4.B, 5, 6, 7 and 9 of the Theme Park
Agreement and the first sentence of paragraph C of that certain Theme Park
Supplemental Agreement dated as of January 15, 2002 between DW Studios and
Universal Studios, Inc. captioned "Universal-DreamWorks Theme Park Issues", are
incorporated herein as if fully set forth, with the following changes: (i) each
use of the phrase "Eligible DW Property" or "Eligible DW Properties" shall be
deemed amended to read "Eligible DWA Property" or "Eligible DWA Properties," as
applicable, and (ii) each use of the word "DW" (alone or when

***Certain information on this page has been omitted and filed separately with
the Commission. Confidential treatment has been requested with respect to the
omitted portions.

                                      -11-

<PAGE>

used in another definition or phrase) shall be deemed amended to read "DWA".
Other than as set forth in Sections 4.B and 5 of the Theme Park Agreement,
Universal shall have no payment obligations to DWA under the Theme Park
Agreement; for avoidance of doubt, the "Exclusivity Fee" shall be payable to DW
Studios as provided in the Universal Agreement (and the "Term" of the Theme Park
Agreement is extended) until the earlier of (i) December 31, 2010 and (ii) the
date on which the Theatrical Distribution Agreement terminates. The provisions
of the first sentence of paragraph C of that certain Theme Park Supplemental
Agreement dated as of January 15, 2002 between DW Studios and Universal Studios,
Inc. captioned "Universal-DreamWorks Theme Park Issues" shall be applicable to,
and credited against, any fees payable by Universal to DWA under the Theme Park
Agreement notwithstanding the fact that the annual exclusivity fee payable by
Universal pursuant to Section 4A. of the Theme Park Agreement is payable to DW
Studios, not DWA.

      SECTION 11. UIP AMENDMENT. Notwithstanding anything in the Universal
Exploitation Agreements to the contrary, on a UIP "restructure" (as defined in
Section 10.a.(ii) of the Theatrical Distribution Agreement), DW Studios shall
have the right (but not the obligation) to terminate (i) the Theatrical
Distribution Agreement and (ii) (if the Theatrical Distribution Agreement is
terminated pursuant to the immediately preceding clause (i)) Universal's home
video fulfillment services under the Home Video Fulfillment Services Agreement
but only with respect to the "Foreign Territory" as defined in Schedule B-TC the
Home Video Fulfillment Services Agreement. Such termination(s) shall be
effective only if and when the Termination Amounts are paid in full, provided
that nothing herein shall affect the rights and obligations of the parties
thereto which survive termination under the Universal Exploitation Agreements.

      SECTION 12. OWNERSHIP. Except for the rights expressly licensed and/or
granted to Universal herein or under the Universal Agreements, as between DWA
and Universal, DWA shall be the sole and exclusive owner of all rights, title
and interest in and to the Licensed Pictures, Universal Licensed Pictures and
Prior Pictures at all times. DWA's ownership includes all copyrights,
trademarks, patents, titles, designs, artwork, characters, stills, drawings,
literary material, film materials, computer models, logos, stories, plots and
any other intellectual properties and rights in, to, or arising out of the
Licensed Pictures, Universal Licensed Pictures and Prior Pictures or any element
thereof regardless of whether created by DWA or by any other person on DWA's
behalf. Universal shall not have any ownership or security interest in, lien on,
or other creditor's rights with respect to the Licensed Pictures, Universal
Licensed Pictures or Prior Pictures, or any elements or components thereof, the
Retained Rights and any revenue derived from exploitation of the Retained
Rights, any of the literary, dramatic, musical or other materials upon which the
Licensed Pictures Universal Licensed Pictures, Prior Pictures are based or which
are contained in the Licensed Pictures, Universal Licensed Pictures, Prior
Pictures or any of the copyrights, trademarks, computer models, design patents,
technology or similar or analogous rights in or to the Licensed Pictures
Universal Licensed Pictures, Prior Pictures or any of the foregoing.

      SECTION 13. FORCE MAJEURE. No party shall be liable to any other because
of any failure to perform hereunder caused by any cause beyond its control,
including fire, earthquake, flood, epidemic, accident, explosion, casualty,
strike, lockout, labor controversy, riot, civil disturbance, act of a public
enemy, embargo, war, act of God or law, except as expressly provided herein to
the contrary; provided, that Universal shall in no event be required to accede

                                      -12-

<PAGE>

to or to cause any Universal Affiliate to accede to the demands of any guild,
union or similar organization in order to bring to an end a strike, lockout or
labor controversy, or to accede to the demands of any suppliers or others not a
party hereto which Universal considers unreasonable. This Section 13. shall not
diminish or impair the payment obligations of any party hereunder.

      SECTION 14. ASSIGNMENT. This Agreement may not be assigned by any party
without the prior written consent of each of the other parties, including in the
event of a merger, reorganization, or transaction in which another party
succeeds to all or substantially all of the assigning party's assets, except
that (a) without securing the prior written consent of DWA or DW Studios except
as required under the Universal Exploitation Agreements, Universal may from time
to time assign or delegate any or all of its rights and obligations hereunder to
one or more Universal Affiliates or to subdistributors, and (b) if DW Studios
ceases to operate its theatrical distribution business in the Domestic
Territory, then, with respect to all DW Distributed Pictures, DW Studios may
assign or sublicense to Universal (and Universal shall accept such assignment or
sublicense of) Theatrical Exhibition in the Domestic Territory on the same terms
and conditions as set forth in the DW Distribution Agreement, and such
additional Distribution Rights then subject to the Universal Agreement,
including certain Non-Theatrical Exhibition in the International Territory and
Home Video Fulfillment Services Rights throughout the Territory. Nothing
contained in this Section 14 shall prohibit or limit DWA's, DW Studios' or
Universal's sale or transfer of its assets (other than its rights under this
Agreement) in the ordinary course of business.

      SECTION 15. DISTRIBUTOR DISTRIBUTION CREDIT. Universal shall have such
right to accord itself its customary distribution credit (with integrated logo)
for each Prior Picture, DW Distributed Picture and Universal Licensed Picture as
and to the extent (if any) provided in the applicable Universal Exploitation
Agreement. Each agreement with a Subdistributor or licensee shall provide that
such Subdistributor or licensee is contractually bound to abide by all such
credit obligations.

      SECTION 16. OTHER ACTIVITIES. Subject to the provisions hereof nothing
herein shall limit in any way the right of DWA, DW Studios, Universal or their
respective Affiliates to engage in business activities or endeavors of any kind
or nature, including:

                        (i) Motion Picture production, distribution and related

businesses;

                        (ii) Television production and merchandising (including

video games and computer games) exploiting the Licensed Pictures by DWA;

                        (iii) Advertising;

                        (iv) Publishing;

                        (v) Interactive Media;

                        (vi) The sale or license of designs, stories,

characters, trademarks, trade names or other rights or properties;

                                      -13-

<PAGE>

                        (vii) Ancillary market activities;

                        (viii) The co-financing or co-production or acquisition

of any other interest of any nature in any Motion Picture or other property; and

                        (ix) The exercise of any right not expressly granted

hereunder.

      SECTION 17. NO PARTNERSHIP OR THIRD PARTY BENEFIT. This Agreement does not
constitute DWA, DW Studios or Universal as partners, joint venturers, or as each
other's agents or representatives (except as may be herein otherwise expressly
provided). This Agreement is not for the benefit of any third party and shall
not give any right or remedy to any such third party whether or not referred to
hereunder.

      SECTION 18. INTEGRATION/FORMALITIES. This Agreement contains the entire
agreement and understanding between the parties relating to the subject matter
hereof and supersedes, cancels and replaces any prior understanding, writing or
agreement between the parties relating to such subject matter. This Agreement
may not be amended, modified or altered except by an instrument in writing duly
executed by the parties. The parties acknowledge that each was represented by
counsel in the negotiation and execution of this Agreement. No provision herein
shall be construed against any party by virtue of the activity of that party,
through its counsel or otherwise, in negotiating and drafting this Agreement.
Notwithstanding the foregoing or anything to the contrary in this Agreement,
except as expressly set forth herein, nothing in this Agreement amends, modifies
or terminates the DW Distribution Agreement, the Universal Agreement or the
Theme Park Supplemental Agreements, which shall continue in full force and
effect in accordance with their respective terms as between DW Studios,
Universal and DWA (as applicable).

      SECTION 19. DISPUTE RESOLUTION.

                  a. The parties agree that any dispute to interpret or enforce,
or otherwise arising out of or relating to, this Agreement shall be determined
by binding arbitration according to the Commercial Arbitration Rules of the
American Arbitration Association ("AAA"), provided always that: (a) the
arbitration shall be conducted before a single neutral arbitrator with at least
ten (10) years experience in the theatrical Motion Picture industry, appointed
by mutual agreement of the parties within five (5) business days from the date
the notice of arbitration is delivered by the petitioning party; (b) the parties
shall be entitled to discovery as provided in California Code of Civil Procedure
sections 1283.05 and 1283.1; (c) in deciding any such matter, the arbitrator
shall follow the substantive law of the State of California as it would be
applied by California courts; (d) either party may, without waiving its right to
arbitration, seek preliminary or interlocutory relief from a court of competent
jurisdiction; (e) all arbitration proceedings (including any discovery and other
evidence in connection therewith) shall be closed to the public and shall remain
confidential; and (f) arbitration awards hereunder may be entered and enforced
as provided in California Code of Civil Procedure sections 1285 et seq. If the
arbitrator is not selected by mutual consent within five (5) business days from
the date the notice of arbitration is delivered by the petitioning party, the
rules of the AAA with respect to the selection of an arbitrator shall apply.
Notwithstanding the foregoing, before proceedings are initiated hereunder, the
Chief Executive Officer or Chief Operating Officer of DWA, DW

                                      -14-

<PAGE>

Studios and Universal, or their designated representatives shall meet and in
good faith attempt to resolve the dispute.

                  b. Notwithstanding the foregoing:

                        (i) Any payment disputes submitted to binding

arbitration pursuant to Section 19.a above shall commence within ten (10)
business days from the date the notice is delivered by the petitioning party and
the arbitrator shall rule not later than thirty (30) days after the date the
notice is delivered. The hearing shall be conducted by the arbitrator for as
many days as the arbitrator determines to allow; provided, that the hearing
shall conclude, and the arbitrator shall rule, not later than thirty (30) days
after the date the notice is delivered. The arbitrator shall rule as to whether
or not amounts are owed to the petitioning party, and if so, the exact amount
owed to the petitioning party (taking into account the default interest and
other provisions contained in the Agreement). In such event, the non-petitioning
party shall have five (5) Business Days from the date of the arbitrator's ruling
to make such payment. In the event such payment is not made within the
aforementioned period, such failure shall constitute a breach of this Agreement
and the petitioning party may exercise all rights and remedies available under
Section 9 above.

                        (ii) Any disputes submitted to binding arbitration
pursuant to Section 19.a. above that affect the timely release of a Licensed
Picture, Universal Licensed Picture or Prior Picture for initial Theatrical
Exhibition or initial Home Video Exhibition shall commence within seven (7)
Business Days from the date the notice is delivered by the petitioning party and
the arbitrator shall rule not later than ten (10) Business Days after the date
the notice is delivered. The hearing shall be conducted by the arbitrator for as
many days as the arbitrator determines to allow; provided, that the hearing
shall conclude, and the arbitrator shall rule, not later than ten (10) Business
Days after the date the notice is delivered.

                  c. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT TO
THE CONTRARY, AND EXCEPT AS PROVIDED BELOW, IN NO EVENT WILL ANY PARTY BE LIABLE
FOR SPECIAL, INCIDENTAL, INDIRECT, COLLATERAL, CONSEQUENTIAL OR PUNITIVE DAMAGES
OR LOST PROFITS SUFFERED BY AN INDEMNITEE, HOWEVER CAUSED AND ON ANY THEORY OF
LIABILITY, IN CONNECTION WITH ANY DAMAGES ARISING HEREUNDER; PROVIDED, HOWEVER,
THAT TO THE EXTENT EITHER PARTY IS REQUIRED TO PAY (A) ANY AMOUNT ARISING OUT OF
THE INDEMNITY SET FORTH IN SECTION 7 AND/OR (B) ANY SPECIAL, INCIDENTAL,
INDIRECT, COLLATERAL, CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS, IN EACH
CASE, TO A THIRD PARTY IN CONNECTION WITH A THIRD PARTY CLAIM, SUCH DAMAGES WILL
CONSTITUTE DIRECT DAMAGES AND WILL NOT BE SUBJECT TO THE LIMITATION SET FORTH IN
THIS SECTION 19.c.

      Section 20. Severability of Provisions. If any provision in this Agreement
shall be held by any court of competent jurisdiction to be illegal, invalid or
unenforceable, such provision shall be of no force or effect while such
infirmity shall exist, but such infirmity shall have no effect whatsoever upon
the binding force or effectiveness of any other provisions hereof unless the
parties otherwise agree. The parties shall endeavor in good faith negotiations
to replace the illegal, invalid or unenforceable provision with a valid
provision the economic effect of which comes as close as possible to that of the
illegal, invalid or unenforceable provision.

                                      -15-

<PAGE>

      SECTION 21. WAIVER. No delay or failure to exercise any right hereunder
shall constitute a waiver of such right except in those instances where this
Agreement provides for specific notice and a period of time thereafter within
which to exercise a right, in which case failure to exercise such right within
the specified time period shall constitute a waiver thereof.

      SECTION 22. GOVERNING LAW. This Agreement shall be construed and enforced
in accordance with the laws of the state of California, applicable to contracts
entered into and to be fully performed in said state by residents thereof. For
purposes of enforcing, confirming or vacating an award under Section 19 above,
or in the event the provisions of Section 19 shall be held invalid or
unenforceable, only the California courts (state and federal) shall have
jurisdiction over controversies regarding or arising under this Agreement, and
if there is any matter which might be subject either to state or federal
jurisdiction, the parties agree that the matter shall be submitted to federal
jurisdiction. The parties specifically agree that the Superior Court of the
State of California, County of Los Angeles and the United States District Court
for the Central District of California shall have the personal jurisdiction over
them, and each of them, notwithstanding the fact that they may be citizens of
other states or countries. In this regard the parties agree that Los Angeles
County is a convenient forum.

      SECTION 23. CONFIDENTIALITY. Except as may be required by law or NASD or
stock exchange rules, each party shall keep confidential all terms and
conditions contained herein. DWA, DW Studios and Universal acknowledge that they
will, during the Term hereof, have access to, and acquire knowledge from,
materials, data and other information which is not accessible or known to the
general public ("Confidential Information"). Except as required by law or NASD
or stock exchange rules, or as may be required for the preparation of tax
returns or other government or legally required documents, or as reasonable
necessary to employees, agents, lawyers, accountants, auditors, bankers,
consultants, representative or investors of DWA, DW Studios and Universal or
their Affiliates for a bona fide business purpose (who shall be similarly bound
by these confidentiality provisions), neither the Confidential Information nor
any knowledge acquired by DWA, DW Studios and Universal, as the case may be,
from such Confidential Information or otherwise through its engagement hereunder
shall be used, publicized or divulged by the other to any other Person without
the prior written consent of the applicable party obtained in advance and in
each instance. Nothing herein shall prevent a party, or any employees, agents,
lawyers, accountants, auditors, bankers, consultants, representatives or
investors of such party or its Affiliates (the "Receiving Party") from using,
disclosing, or authorizing the disclosure of any information it receives in the
course of performance of the Agreement which:

                  a. was known to the Receiving Party prior to its disclosure by
the other party;

                  b. is or becomes publicly available without default hereunder
by the Receiving Party;

                  c. is lawfully acquired by the Receiving Party from a source
which is not an agent or representative of the Receiving Party and is not under
any obligation to the other party regarding disclosure of such information;

                                      -16-

<PAGE>

                  d. is independently developed by the Receiving Party without
use of any of the other party's confidential information; or

                  e. is disclosed by the applicable party hereto to unaffiliated
third parties without confidential undertakings.

For the avoidance of doubt, Confidential Information as defined in this Section
23. shall not include any Information that the applicable party is obligated to
make available to any third party(ies) in the course of fulfilling its
obligations under this Agreement (e.g., contingent compensation statements).

      SECTION 24. NOTICE OF REPRESENTATIVES. Each party will give the other
parties reasonable notice of its appropriate contact person(s).

      SECTION 25. PARAGRAPH HEADINGS. Paragraph headings and titles are
solely for convenience of reference and are not a part of this Agreement, nor
are they intended to aid or govern the interpretation of this Agreement.

      SECTION 26. INTELLECTUAL PROPERTY LICENSE. DWA and DW Studios acknowledge
and agree that the Theatrical Distribution Rights licensed to Universal
constitute "intellectual property" as such term is defined in the Bankruptcy
Code and that Universal is entitled to all of the rights of a licensee of
intellectual property under Section 365(n) of the Bankruptcy Code with respect
to all of such licensed rights.

      SECTION 27. DISCLOSURE, COMPLIANCE AND REPORTING OBLIGATIONS. Universal
agrees to supply information and reports to DWA (at DWA's expense) in the form
and manner requested by DWA and access to Universal's books and records and
internal controls, with respect to DWA's public disclosure, compliance or
reporting obligations, including those under Section 404 and the other
provisions under the Sarbanes-Oxley Act of 2002 and the rules and regulations of
the Securities and Exchange Commission and the Public Company Accounting
Oversight Board, and to modify (at DWA's expense) any such internal controls as
are reasonably requested by DWA to comply with such obligations, provided
however, such information, reports, access and controls apply only to
Universal's direct obligations to DWA hereunder.

      SECTION 28. NOTICES. All notices hereunder shall be in writing and shall
be served by private delivery services, and shall be deemed given on the date
delivered to the following addresses (or such other addresses as such party may
hereafter designate in writing):

            (i) If to DWA:

                  DreamWorks Animation SKG, Inc.
                  1000 Flower Street
                  Glendale, California 91201
                  Attention: General Counsel

                                      -17-

<PAGE>

            With copy to:

                  Cravath, Swaine & Moore LLP
                  Worldwide Plaza
                  825 Eighth Avenue
                  New York, New York 10019
                  Telecopy: (212) 474-3700
                  Attention: Faiza J. Saeed, Esq.

            (ii) If to DW Studios:

                  DreamWorks L.L.C.
                  1000 Flower Street
                  Glendale, California 91201
                  Attention: General Counsel

            (iii) If to Universal:

                  Vivendi Universal Entertainment LLLP
                  100 Universal City Plaza
                  Universal City, CA  91067
                  Attention: General Counsel

            With a copy to:

                  Gibson, Dunn & Crutcher LLP
                  333 S. Grand Avenue
                  Los Angeles, CA 90071-3197
                  Telecopy: (213) 229-7520
                  Attention: Ruth E. Fisher

      SECTION 29. COUNTERPARTS. This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original and all of which, taken
together, shall constitute one and the same instrument, which may be
sufficiently evidenced by one counterpart.

         SECTION 30. EFFECT OF SUBSEQUENT EVENT. If the Effective Date occurs,
but the closing of the IPO does not occur within *** of the Effective Date, then
the parties to this Agreement agree that this Agreement and the DW Distribution
Agreement shall terminate and be of no further force or effect, and DWA shall
become a signatory to each of the Universal Agreements other than the Amblin
Agreement, as a result of which (but subject to the further provisions of this
Section 30): (i) Universal shall have the same rights and obligations under the
Universal Agreements vis-a-vis each of DW Studios and DWA and their respective
pictures, as it currently has with respect to DW Studios, (ii) DW Studios and
DWA shall collectively have the rights and obligations provided for DW Studios
under the Universal Agreements (other than, as to DWA, the Amblin Agreement) as
DW Studios currently holds except that each of DW Studios and DWA shall have
such rights only as to its own Motion Pictures, and this provision shall not be
deemed to require duplicative payments, (iii) each of DW Studios and DWA shall
be jointly and severally liable for all obligations of DW Studios or DWA to
Universal under such Universal

***Certain information on this page has been omitted and filed separately with
the Commission. Confidential treatment has been requested with respect to the
omitted portions.

                                      -18-

<PAGE>

Agreements (other than, as to DWA, the Amblin Agreement), and (iv) DWA shall be
entitled to the benefits accorded DW Studios under Section 8.q. of the Amblin
Agreement.

                                      -19-

<PAGE>

      IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the date first written above.

                                           DREAMWORKS L.L.C.

                                           By___________________________________

                                           Its__________________________________

                                           DREAMWORKS ANIMATION SKG, INC.

                                           By___________________________________

                                           Its__________________________________

                                           VIVENDI UNIVERSAL ENTERTAINMENT LLLP

                                           By___________________________________

                                           Its__________________________________

                                      -20-
<PAGE>

                                  SCHEDULE 1.1.

                              TABLE OF DEFINITIONS

<TABLE>
<CAPTION>
                  Term                                      Defined
-----------------------------------------                ------------
<S>                                                      <C>
Advance Amounts                                          Schedule 5.1
Additional Amounts                                       Schedule 5.1
Agreement                                                Preamble
Amblin Agreement                                         Whereas
Amblin Projects                                          Whereas
Animation Advance Amount                                 Schedule 5.1
Animation Additional Amounts                             Schedule 5.1
Confidential Information                                 23
DW Distribution Agreement                                Whereas
DW Studios                                               Preamble
DWA                                                      Preamble
Eligible DWA Properties                                  Section 3.2
Home Video Fulfillment Services Agreement                Whereas
Master Agreement                                         Whereas
Receiving Party                                          23
Theatrical Distribution Agreement                        Whereas
Theme Park Agreement                                     Whereas
Universal                                                Preamble
Universal Agreement                                      Whereas
</TABLE>
<PAGE>

                                  SCHEDULE 5.1

            I.    DEFINITIONS

            Capitalized terms used in this Schedule 5.1 but not referenced below
or otherwise defined herein shall have the meanings assigned thereto elsewhere
in this Interparty Agreement between DW, DWA and Universal dated as of
_________________, 2004. Definitions used in this Schedule 5.1 which vary from
the same or similar definitions in this Agreement shall have the meanings set
forth in this Schedule 5.1 solely for the purposes of this Schedule 5.1.

            1.    AGREEMENT MODULE: "Agreement Module" shall refer to each of
Exhibits A, B, C and D of the Master Agreement, as amended, modified or
supplemented from time to time in accordance therewith.

            2.    DISTRIBUTOR shall mean Universal or its successors and
permitted assigns under the Theatrical Distribution Agreement.

            3.    DW or DW STUDIOS shall mean DreamWorks L.L.C.

            4.    EXHIBIT A shall mean Exhibit A to the Master Agreement, and is
also referred to as the THEATRICAL DISTRIBUTION AGREEMENT.

            5.    FSP shall mean Universal or its successors or permitted
assigns under the Home Video Fulfillment Services Agreement.

            6.    EXHIBIT B shall mean Exhibit B to the Master Agreement, and is
also referred to as the HOME VIDEO FULFILLMENT SERVICES AGREEMENT.

            7.    MASTER AGREEMENT: "Master Agreement" shall refer solely to the
amended and restated DW/Universal Studios, Inc. Master Agreement without
consideration of the Agreement Modules attached thereto.

            8.    PARTIES: "parties" (individually "party") shall refer to
Universal, DW Studios and DWA.

            9.    PAYMENT DEFAULT: A failure by DW or DWA, as applicable (as
more fully set forth in Section 9.1 of the Interparty Agreement) (i) to pay any
Advance Amount, Animation Advance Amount, Additional Amount, Animation
Additional Amount, DW Adjustment, DW Animation Adjustment, Special Termination
Payment or redemption or distribution amount payable under the DreamWorks L.L.C.
Amended and Restated Operating Agreement, in each case on the date due or (ii)
to satisfy the Satisfaction Event for Universal.

            10.   PERSON: "Person" shall refer to any individual, firm,
corporation, partnership, limited liability company, trust, joint venture,
governmental authority or other entity.

            11.   PREFERRED: "Preferred" shall refer to all outstanding shares
of DW's Class U Preferred Stock.

<PAGE>

            VIII. ADVANCE

            1.    Additional Definitions.

            "Advance" is defined in Section VIII.2 of this Schedule 5.1.

            "Advance Amount" at any time of determination, shall be equal to the
Advance, plus all Universal Adjustments, less all DW Adjustments and less the
advance adjustment effected under Paragraph VIII.3.

            "Advance Maximum Amount" shall mean ***.

            "Aggregate Expenses" shall equal the sum of (x) Distribution
Expenses (as defined in Exhibit A) and (y) Service Expenses (as defined in
Exhibit B).

            "Aggregate Fees" shall equal the sum of (x) Distribution Fees (as
defined in Exhibit A) and (y) Service Fees (as defined in Exhibit B).

            "Aggregate Receipts" shall equal the sum of (x) Gross Receipts (as
defined in Exhibit A) and (y) Service Receipts (as defined in Exhibit B).

            "Animation Advance Amount" at any time of determination, shall be
equal to the Initial Animation Advance, plus all Universal Animation
Adjustments, less all DWA Animation Adjustments.

            "Animated Pictures" shall mean any theatrical motion picture in
which a substantial portion of the characters, creatures and environments are
created using animation techniques, including those techniques commonly referred
to as traditional hand-drawn animation, stop motion animation, claymation,
computer-generated animation or a similar or new method of animation now known
or hereafter devised; provided, however, that a theatrical motion picture shall
not be deemed an Animated Picture solely (i) because parts of its action are
created by animation intended to appear as live action, (ii) due to the
inclusion of incidental animation, or (iii) because it contains limited amounts
of animation presented in conjunction (whether or not in the same frame) with
live action (e.g., "Who Framed Roger Rabbit" would not be an Animated Picture).

            "Animation Pipeline Estimate" as of the end of any fiscal quarter
shall be equal to a commercially reasonable estimate, based on revenue figures
in ultimates, of Aggregate Receipts in the territory for which Distributor or
FSP holds rights (i) for all Animated Pictures for which Distributor or FSP has
been granted rights pursuant to the Universal Agreement and this Agreement (a)
which had their initial public release (whether in theatres in the Domestic
Territory (as defined in the Universal Agreement) or the Foreign Territory (as
defined in the Universal Agreement), on home video or otherwise) prior to the
end of such quarter ("Animation Pipeline Released Pictures"), and (b) which are
not Animated Pictures ultimates for which are included in the Pipeline Estimate,
and (c) that were placed in production or pre-production (using estimates based
on breakeven ultimates for such [Motion] Pictures after capitalized interest and

                                      -2-

*** Certain information on this page has been omitted and filed separately with
the Commission. Confidential treatment has been requested with respect to the
omitted portions.

<PAGE>

overhead) prior to the end of such quarter (provided that, with respect to any
[Motion] Picture described in clause (c), DWA shall (I) be firmly committed to
the production of such [Motion] Picture, without any third party conditions,
(II) have approved the preliminary budget and screenplay for such [Motion]
Picture, and (III) have reasonably scheduled such Animated Picture for initial
domestic theatrical release within 18 months of the last day of such quarter)
less (x) Aggregate Fees which would be retained by Distributor and FSP based on
such estimated Aggregate Receipts, (y) estimated Aggregate Expenses attributable
to such Animated Pictures and (z) Aggregate Receipts for such Animated Pictures
actually paid to DW by Distributor and FSP prior to the end of such quarter. For
further clarity, once an Animated Picture has had its initial public release, it
shall only be factored in clause (i)(a) above and shall no longer be factored in
clause (i)(c). DWA's independent auditors will certify that the ultimates for
Animated Pictures referred to in clause (i)(a) above are the same figures used
to prepare and review DW's quarterly, and prepare and audit DW's annual,
financial statements for the applicable fiscal period.

            "Pipeline Estimate" as of the end of any fiscal quarter shall be
equal to a commercially reasonable estimate, based on revenue figures in
ultimates, of Aggregate Receipts in the territory for which Distributor or FSP
holds rights for all [Motion] Pictures for which Distributor or FSP has been
granted rights pursuant to the Universal Agreement (a) which had their initial
public release (whether in theatres in the Domestic Territory or the Foreign
Territory, on home video or otherwise) prior to the end of such quarter
("Pipeline Released Pictures"), and (b) that were placed in production or
pre-production (using estimates based on breakeven ultimates for such [Motion]
Pictures after capitalized interest and overhead) prior to the end of such
quarter (provided that, with respect to any [Motion] Picture described in clause
(b), DW shall (i) be firmly committed to the production of such [Motion]
Picture, without any third party conditions, (ii) have scheduled principal
photography to commence within eight weeks of such quarter-end, (iii) have
binding commitments from the director and two principal cast members for such
[Motion] Picture and (iv) have approved the preliminary budget and screenplay
for such [Motion] Picture) less (x) Aggregate Fees which would be retained by
Distributor and FSP based on such estimated Aggregate Receipts, (y) estimated
Aggregated Expenses attributable to such [Motion] Pictures and (z) Aggregate
Receipts for such [Motion] Pictures actually paid to DW by Distributor and FSP
prior to the end of such quarter. For further clarity, once a [Motion] Picture
has had its initial public release, it shall only be factored in clause (a)
above and shall no longer be factored in clause (b). DW's independent auditors
will certify that the ultimates for [Motion] Pictures referred to in clause (a)
above are the same figures used to prepare and review DW's quarterly, and
prepare and audit DW's annual, financial statements for the applicable fiscal
period.

            "Pipeline Required Amount" shall mean ***.

            "Termination Date" shall mean the date either or both of Exhibit A
or Exhibit B terminates, for any reason, or expires.

            2.    Outstanding Advance. Effective as of the Restatement Effective
Date, the Advance was in the stated amount of *** (the "Advance").

*** Certain information on this page has been omitted and filed separately with
the Commission. Confidential treatment has been requested with respect to the
omitted portions.

                                      -3-
<PAGE>

            3.    Advance Adjustment. Effective as of the consummation of the
transactions contemplated by the Business Combination Agreement dated as of
October 8, 2003 by and among GE, National Broadcasting Holding, Inc., National
Broadcasting Company Inc., Vivendi Universal S.A. and Universal Studios Holding
III Corp. (the "NBC Closing"), *** of the Advance was forgiven and the stated
amount of the Advance is ***.

            4.    Further Advance Adjustments. Not later than 45 days following
the end of each of the first three fiscal quarters of DW (commencing with the
fiscal quarter ending March 31, 2002) and 90 days following the end of each
fiscal year-end of DW (commencing with the fiscal year ending December 31, 2002)
(each, an "Estimate Date"), DW shall deliver to Universal a schedule containing
DW's good faith estimate of the Pipeline Estimate as of such Estimate Date (the
"Periodic Pipeline Schedule" and, collectively the "Pipeline Schedules"),
including reasonably detailed supporting documentation for such computation.
Within *** following each Estimate Date:

                  (i)   if the Pipeline Estimate in respect of such Estimate
                        Date is less than the Pipeline Required Amount and less
                        than the Pipeline Estimate in respect of the most recent
                        preceding Estimate Date (or the Initial Estimate Date,
                        in the case of the first Estimate Date), DW shall pay
                        Universal in cash by wire transfer in immediately
                        available funds an amount (a "DW Adjustment") equal to
                        ***% of the difference between (x) the lesser of (A) the
                        Pipeline Required Amount and (B) the Pipeline Estimate
                        in respect of the most recent preceding Estimate Date,
                        and (y) the Pipeline Estimate on such Estimate Date; or

                  (ii)  if the Pipeline Estimate in respect of such Estimate
                        Date is greater than the Pipeline Estimate in respect of
                        the most recent preceding Estimate Date (or the Initial
                        Estimate Date, in the case of the first Estimate Date)
                        and the Pipeline Estimate in respect of such preceding
                        Estimate Date was less than the Pipeline Required
                        Amount, Universal shall pay DW (a "Universal
                        Adjustment") in cash by wire transfer in immediately
                        available funds an amount equal to *** of the
                        difference between (x) the lesser of (A) the Pipeline
                        Required Amount and (B) the Pipeline Estimate in respect
                        of such Estimate Date and (y) the Pipeline Estimate on
                        the most recent preceding Estimate Date provided in no
                        instance under this Agreement shall Universal be
                        required to have outstanding as an advance to DW more
                        than the Advance Maximum Amount, or to make any payment
                        in respect of a Universal Adjustment if DW is then in
                        default under its bank agreements or there is a Payment
                        Default.

            5.    Animation Advance and Adjustments. On the Effective Date, DW
has transferred to DWA, and DWA has assumed, the "Initial Animation Advance" in
the amount of $75 million. Not later than *** following the end of each fiscal
quarter of DWA (commencing with the first fiscal quarter ending after the
Effective Date) and *** following the end of each

*** Certain information on this page has been omitted and filed separately with
the Commission. Confidential treatment has been requested with respect to the
omitted portions.

                                      -4-
<PAGE>

fiscal year-end of DWA (commencing with the fiscal year ending December 31,
2004) (each, an "Animation Estimate Date"), DWA shall deliver to Universal a
schedule containing DWA's good faith estimate of the Animation Pipeline Estimate
as of such Estimate Date (the "Periodic Animation Pipeline Schedule" and,
collectively with the Initial Animation Pipeline Schedule, the "Animation
Pipeline Schedules"), including reasonably detailed supporting documentation for
such computation. Within 5 business days following each Animation Estimate Date:

                  (i)   if the Animation Pipeline Estimate in respect of such
                        Animation Estimate Date is less than *** and less than
                        the Animation Pipeline Estimate in respect of the most
                        recent preceding Animation Estimate Date, DWA shall pay
                        Universal in cash by wire transfer in immediately
                        available funds an amount (a "DWA Animation Adjustment")
                        equal to *** of the difference between (x) the lesser
                        of (A) *** and (B) the Animation Pipeline Estimate in
                        respect of the most recent preceding Animation Estimate
                        Date, and (y) the Animation Pipeline Estimate on such
                        Animation Estimate Date; or

                  (ii)  if the Animation Pipeline Estimate in respect of such
                        Animation Estimate Date is greater than the Animation
                        Pipeline Estimate in respect of the most recent
                        preceding Animation Estimate Date (or the Initial
                        Animation Estimate Date, in the case of the first
                        Animation Estimate Date) and the Animation Pipeline
                        Estimate in respect of such preceding Animation Estimate
                        Date was less than *** Universal shall pay DWA (a
                        "Universal Animation Adjustment") in cash by wire
                        transfer in immediately available funds an amount equal
                        to *** of the difference between (x) the lesser of (A)
                        *** and (B) the Animation Pipeline Estimate in respect
                        of such Animation Estimate Date and (y) the Animation
                        Pipeline Estimate on the most recent preceding Animation
                        Estimate Date provided in no instance under this
                        Agreement shall Universal be required to have
                        outstanding as an Animation Advance to DWA of more than
                        $*** or to make any payment in respect of a Universal
                        Animation Adjustment if DW or DWA is then in default
                        under its bank agreements or there is a Payment Default.

            6.    Dispute Resolutions.

               a.   If Universal delivers written notice to DW setting forth a
                    description of Universal's objections to any Pipeline
                    Estimate or a written notice to DWA setting forth a
                    description of Universal's objections to any Animation
                    Pipeline Estimate, and the amount of the adjustment that
                    Universal believes should be made to each item in respect of
                    such objection (an "Objection Notice") no later than ***
                    days following receipt of such Pipeline Estimate or
                    Animation Pipeline Estimate (and

*** Certain information on this page has been omitted and filed separately with
the Commission. Confidential treatment has been requested with respect to the
omitted portions.

                                      -5-
<PAGE>

                    associated supporting documentation), the Parties hereto
                    shall follow the resolution procedure described below.

               b.   No later than *** following receipt of an Objection Notice,
                    the Designated Officer of each of DW or DWA, as applicable,
                    on the one hand and Universal on the other hand shall meet
                    and negotiate in good faith to resolve any items set forth
                    in the Objection Notice. "Designated Officer" shall mean its
                    chief financial officer, in the case of DW or DWA, and its
                    Chief Financial Officer, in the case of Universal, or such
                    other senior executive of such party as shall be reasonably
                    acceptable to the other parties.

               c.   If the Designated Officers are unable to resolve all the
                    objections set forth in any Objection Notice within ***,
                    they shall jointly appoint *** (the "Neutral Expert") within
                    *** after the end of such *** period. The Neutral Expert,
                    acting as experts and not as arbitrators, shall review the
                    objections set forth in the Objection Notice which were not
                    resolved pursuant to the procedure in clause (b) above. The
                    Neutral Expert shall determine, based on the requirements
                    set forth in this Agreement and only with respect to
                    objections submitted to the Neutral Expert, whether and to
                    what extent the applicable Pipeline Estimate or Animation
                    Pipeline Estimate requires adjustment. Universal on the one
                    hand and DW or DWA on the other shall each pay *** of the
                    fees and disbursements of the Neutral Expert in respect of
                    such engagement. Universal, DW and DWA shall, and shall
                    cause their representatives to, provide to the Neutral
                    Expert full cooperation. The Neutral Expert's resolution
                    shall be conclusive and binding upon the Parties.

               d.   The Pipeline Estimate or Animation Pipeline Estimate, as
                    applicable, for any quarter shall be deemed to reflect any
                    objections thereto resolved pursuant to the foregoing
                    procedure and any necessary adjustment to the amount of the
                    Advance or Animation Advance, as applicable, resulting from
                    such resolution shall be made within 5 days in accordance
                    with the procedures of Paragraphs VIII.4 and VIII.5 above.

               e.   Notwithstanding the foregoing, Universal shall not be
                    entitled to deliver an Objection Notice and trigger the
                    procedures described above if any Pipeline Estimate
                    delivered by DW or Animation Pipeline Estimate provided by
                    DWA reflects (solely for Pipeline Released Pictures or
                    Animation Pipeline Released Pictures, as applicable) (i) as
                    to the Pipeline Estimate, a Pipeline Estimate greater than
                    or equal to ***, or (ii) as to the Animation Pipeline
                    Estimate, an Animation Pipeline Estimate greater than or
                    equal to ***.

            7.    Additional Payment Obligation.

*** Certain information on this page has been omitted and filed separately with
the Commission. Confidential treatment has been requested with respect to the
omitted portions.

                                      -6-
<PAGE>

               a.   On the last day of each fiscal quarter and on the first
                    Termination Date, through and including the last day of the
                    fiscal quarter in which the Advance and Animation Advance
                    are both repaid in full (each such date, a "Payment Date"),
                    (i) DW shall pay to Universal by wire transfer in
                    immediately available funds an amount in cash equal to the
                    Additional Amount (as defined below) for each date from and
                    including the preceding Payment Date until but excluding
                    such Payment Date, and (ii) DWA shall pay to Universal by
                    wire transfer in immediately available funds an amount in
                    cash equal to the Animation Additional Amount (as defined
                    below) for each date from and including the preceding
                    Payment Date until but excluding such Payment Date. In
                    addition, all accrued and unpaid Additional Amounts or
                    Animation Additional Amounts shall accrue at a rate of 8.75%
                    per year. For purposes hereof, (I) the "Additional Amount"
                    means an amount equal to an annualized rate on the Advance
                    Amounts outstanding from time to time of 8.75% per year, and
                    (II) the "Animation Additional Amount" means an amount equal
                    to an annualized rate on the Animation Advance Amount
                    outstanding from time to time of 8.75% per year. Without
                    limitation of its other rights and remedies hereunder,
                    Universal shall be entitled to set off and apply an amount
                    equal to any DW Adjustment if not paid when due and/or any
                    accrued but unpaid Additional Amounts or Animation
                    Additional Amounts not paid when due against, and recoup
                    such DW Adjustment amount, Additional Amounts or Animation
                    Additional Amounts from, any amounts owed to DW in
                    accordance with the Agreement; provided, however, that any
                    DW Adjustment or Additional Amounts may be recouped only
                    against Aggregate Receipts for [Motion] Pictures other than
                    Animated Pictures, and that any DW Animation Adjustment or
                    Animation Additional Amounts may be recouped only against
                    Aggregate Receipts for Animated Pictures.

               b.   Not later than *** after (i) December 31 of each calendar
                    year which ends on or after December 31, 2006 and during the
                    Term of Exhibit A or Exhibit B, and (ii) the end of the Term
                    of Exhibit A or Exhibit B (if such Term ends after December
                    31, 2006 other than on the last day of a year), the
                    cumulative Aggregate Fees paid to Universal by DW since
                    January 1, 2006 through the end of such calendar year or end
                    of the Term of Exhibit A or Exhibit B, as applicable, shall
                    be calculated. Each such calculation shall be an "Interest
                    Credit Calculation" and the period covered by such Interest
                    Credit Calculation is the "Interest Credit Calculation
                    Period."

                  (i)     If at the time of any Interest Credit Calculation, the
                          cumulative Aggregate Fees for the relevant Interest
                          Credit Calculation Period are in excess of the product
                          of *** times the number of calendar years in such
                          Interest Credit Calculation Period (including any
                          partial year in the case of a termination other than
                          at the end of a

*** Certain information on this page has been omitted and filed separately with
the Commission. Confidential treatment has been requested with respect to the
omitted portions.

                                      -7-

<PAGE>

                          calendar year) (such amount for the relevant Interest
                          Credit Calculation Period, the "Interest Threshold
                          Amount"), the amount in excess of the Interest
                          Threshold Amount (less any amount of such excess
                          previously credited pursuant to this Paragraph
                          VIII.7.b. and not previously repaid) shall be credited
                          on a dollar for dollar basis, with *** of such credit
                          being applied against Additional Amounts and the
                          remaining ***% of such credit being applied against
                          Animation Additional Amounts (collectively, "AAA
                          Amounts") paid or payable during the applicable
                          Interest Credit Calculation Period (the amount of any
                          such credit determined as a result of the foregoing is
                          the "Interest Credit"). Notwithstanding the foregoing,
                          the maximum aggregate amount of all Interest Credits
                          which can be earned under this Paragraph VIII.7.b.
                          shall not exceed the Interest Credit Cap. The
                          "Interest Credit Cap" is a dollar amount equal to ***
                          per annum of the aggregate amount of the Advance
                          Amount and Animation Advance Amount outstanding from
                          time to time during the relevant Interest Credit
                          Calculation Period.

                  (ii)    If at the time of any Interest Credit Calculation any
                          Interest Credits are outstanding (i.e., have
                          previously been made and not reversed), and the
                          cumulative Interest Credit determined for such
                          Interest Credit Calculation Period is less than the
                          cumulative Interest Credit determined for the
                          immediately preceding Interest Credit Calculation
                          Period (or, no Interest Credit is available under the
                          most recent Interest Credit Calculation), DW and DWA
                          shall be entitled to retain only that amount of
                          outstanding Interest Credits, if any, also available
                          under the most recent Interest Credit Calculation and
                          shall repay to Universal (in addition to any other AAA
                          Amounts due and payable at such time) an amount equal
                          to the difference between the Interest Credit
                          allocable to it (if any) calculated for the most
                          recent Interest Credit Calculation Period and the
                          Interest Credit previously credited for the
                          immediately preceding Interest Credit Calculation
                          Period.

By way of illustration of this Paragraph VIII.7.b.:

            -     If as shown in Interest Credit Calculation for the Interest
                  Credit Calculation Period ended December 31, 2006, Universal
                  has received *** in Aggregate Fees for such Interest Credit
                  Calculation Period, DW and DWA, collectively, would be
                  entitled to a *** Interest Credit against the 2006 AAA
                  Amount. This would either be credited against any 2006 AAA
                  Amount payable to Universal (with *** credited against the
                  Additional Amount, and *** credited against the Additional
                  Animation Amount) or if all such AAA Amounts have already been
                  paid, Universal would repay *** million to DW and *** to
                  DWA. (Since the *** Interest Credit would not exceed the
                  Interest Credit Cap, the entire *** is

*** Certain information on this page has been omitted and filed separately with
    the Commission. Confidential treatment has been requested with respect to
    the omitted portions.

                                      -8-
<PAGE>

                  available.)

            -     If as shown in the Interest Credit Calculation for the
                  Interest Credit Calculation Period ended December 31, 2007,
                  Universal has received the *** in cumulative Aggregate Fees
                  for such Interest Credit Calculation Period, the *** Interest
                  Credit previously received for the Interest Credit Calculation
                  Period ended *** would be reversed and DW would pay Universal
                  *** corresponding to such reversal, and DWA would pay
                  Universal ***, in each case in addition to all other AAA
                  Amounts due in ***.

            -     If as shown in the Interest Credit Calculation for the
                  Interest Credit Calculation Period ended ***, Universal has
                  received *** in cumulative Aggregate Fees for such Interest
                  Credit Calculation Period, DW and DWA collectively would be
                  entitled to a *** Interest Credit against AAA Amounts paid or
                  payable by DW for *** and against previous years' AAA Amounts
                  to the extent necessary, but subject in all cases to the
                  Interest Credit Cap.

            8.    Repayment of Advance Amount, Animation Advance Amount,
Additional Amounts, Animation Additional Amounts. The Advance Amount, the
Animation Advance Amount, plus all accrued and unpaid AAA Amounts shall become
immediately due and payable upon the date (the "Due Date") which is the earliest
to occur of (x) the first Termination Date, (y) December 31, 2010 and (z) the
*** day after a Payment Default (if such Payment Default has not been cured by
such date). Following the Due Date, Universal shall have no further obligations
to DW or DWA in respect of this Paragraph VIII. provided if the Due Date arises
as a result of the preceding clause (z) and the Payment Default is subsequently
cured in full, Universal's obligations to make Advances to DW and DWA under this
Paragraph VIII. shall be reinstated. Upon (a) notification by either DW or
Universal to the other Party of such Party's intention to terminate either
Exhibit A or Exhibit B in accordance with its respective terms, (b) the
expiration or termination of any Agreement Module in accordance with its terms
prior to the stated expiration date of December 31, 2010, or (c) the Due Date,
then Universal shall be entitled to set off and apply the Advance Amount,
Animation Advance Amount, plus any accrued but unpaid Additional Amounts or
Animation Additional Amounts against, and recoup the Advance Amount, Animation
Advance Amount, Additional Amounts and Animation Additional Amounts from, any
amounts owed to DW in accordance with the Universal Agreement or DWA in
accordance with the Agreement or the Interparty Agreement among DW, DWA and
Universal dated as of [date], 2004, provided that in no instance shall Universal
be entitled (i) to recoup Advance Amounts or Additional Amounts from Aggregate
Receipts for Animated Pictures included in the Animated Pipeline Estimate, or
(ii) to recoup Animated Advance Amounts or Animation Additional Amounts from
Aggregate Receipts for [Motion] Pictures included in the Pipeline Estimate. Any
remaining Advance Amount and Additional Amounts after giving effect to the
application set forth in this Section 8 shall, upon Universal's election (in its
sole discretion), convert into shares representing Preferred at a price of ***
per share. Any Advance Amount and Additional Amounts that Universal does not
elect to convert to equity of DW pursuant to the foregoing sentence shall
continue to be due and payable by DW and shall continue to accrue Additional
Amounts. Any Animation Advance Amount and Animation

*** Certain information on this page has been omitted and filed separately with
the Commission. Confidential treatment has been requested with respect to the
omitted portions.

                                      -9-
<PAGE>

Additional Amounts remaining after giving effect to the application set forth in
this Section 8 shall continue to be due and payable by DWA and shall continue to
accrue Additional Animation Amounts.

            Notwithstanding the foregoing, if both Exhibit A and Exhibit B
expire at their stated expiration date of December 31, 2010 (and only in such
case)(the "Special Repayment Case"), *** of the Advance outstanding on such date
and *** of the Animation Advance outstanding on such date shall be due and
payable *** together with all Additional Amounts and Animation Additional
Amounts accrued with respect thereto, and the remaining Advance and the
remaining Animation Advance shall be payable ***, together with all Additional
Amounts and Animation Additional Amounts accrued with respect thereto. In the
Special Repayment Case, Universal shall be entitled to set off the Advance,
Animation Advance, Additional Amount and Animation Additional Amounts against,
or recoup such amounts from the amounts owed to DW under the Universal Agreement
or to DWA under this Agreement or the Interparty Agreement among DW, DWA and
Universal dated [date], 2004 only against amounts received by Universal after
December 31, 2010 and to the extent such amounts are recouped through the set
off, shall reduce DW's and DWA's respective payment obligations under the
preceding sentence. (Notwithstanding the foregoing, in no instance shall
Universal be entitled (i) to recoup Advance Amounts or Additional Amounts from
Aggregate Receipts for Animated Pictures included in the Animated Pipeline
Estimate, or (ii) to recoup Animated Advance Amounts or Animation Additional
Amounts from Aggregate Receipts for [Motion] Pictures included in the Pipeline
Estimate.) Unless and until the Advance, Animation Advance, Additional Amounts
and Animation Additional Amounts are recouped or repaid in full, Universal shall
retain all distribution and fulfillment services rights it holds as of December
31, 2010 to [Motion] Pictures then in release (theatrically or as Videograms) or
revenues for which have been in either the Pipeline Estimate or the Animation
Pipeline Estimate prior to December 31, 2010. In the Special Repayment Case, DW
and DWA shall have the right but not the obligation after December 31, 2010, to
prepay all or any portion of the Advance Amount, Animation Advance Amount,
Additional Amounts and Animation Additional Amounts and on the payment in full
of all such amounts (whether by prepayment, set off, or payment) all of
Universal's distribution and fulfillment rights under Exhibit A and Exhibit B
shall terminate.

                                      * * *

*** Certain information on this page has been omitted and filed separately with
the Commission. Confidential treatment has been requested with respect to the
omitted portions.

                                      -10-<PAGE>

                   DW/UNIVERSAL STUDIOS, INC. MASTER AGREEMENT
                   AMENDED AND RESTATED AS OF OCTOBER 31, 2003

            This agreement was entered into as of June 14, 1995, was amended and
restated as of June 20, 2001, and is amended and restated herein as of October
31, 2003 by and between DreamWorks L.L.C. ("DW"), a Delaware limited liability
company, with its principal offices at 1000 Flower Street, Glendale, California
91201, Universal Studios, Inc. ("Universal"), a Delaware corporation, with its
principal offices at 100 Universal City Plaza, Universal City, California 91608,
and Vivendi Universal Entertainment LLLP, a Delaware limited liability limited
partnership ("VUE") as assignee of Universal, with its principal offices at 100
Universal City Plaza, Universal City, California 91608.

                              PRELIMINARY STATEMENT

            WHEREAS, DW and MCA, INC. ("MCA") (currently known as Universal),
entered into the DW/MCA Master Agreement dated as of June 14, 1995, which by its
terms incorporated therein each "Agreement Module" (as defined and set forth
below), all as amended, modified or supplemented from time to time in accordance
therewith;

            WHEREAS, in June 2001 DW and Universal agreed to amend and restate
the Master Agreement and to extend and amend the terms thereof and to make
certain amendments to Exhibit A and Exhibit B as defined therein (as so amended
and restated, the "2001 Master Agreement");

            WHEREAS, after the 2001 Master Agreement DW and Universal entered
into certain other amendments to the Master Agreement and/or to Exhibits A and B
thereto, and Universal assigned its rights and obligations thereunder to VUE;

            WHEREAS, effective as of October 31, 2003, DW and Universal have
agreed to amend the 2001 Master Agreement, including to extend the term thereof
and to make certain amendments to Exhibits A and B;

            WHEREAS, effective as of October 31, 2003, DW has agreed to make
certain amendments (the "Class U Amendment") to the Sixth Amended and Restated
Limited Liability Agreement of DreamWorks L.L.C. dated as of March 21, 2003 (the
"Prior LLC Agreement") (the Prior LLC Agreement as amended by the Class U
Amendment is the "LLC Agreement");

            NOW, THEREFORE, DW and Universal hereby agree as follows:

            I. GENERAL

            1. In consideration of the mutual covenants and undertakings
contained herein, Universal and DW agree as follows.

<PAGE>

            a.    DW Representations. DW represents as follows: DW has received
                  all required consents to enter into this Master Agreement and
                  the LLC Agreement from (i) its lenders under DW's First
                  Refinancing Credit Facility (as defined in the LLC Agreement);
                  and (ii) its lenders under that DW Funding LLC Film
                  Securitization Facility dated as of October 15, 2002; and
                  (iii) the requisite equity holders whose consent is required
                  under the LLC Agreement. DW further represents that its
                  execution and delivery of, and its performance under this
                  Agreement does not and will not conflict with, or result in
                  the breach of, constitute a default or require a consent
                  under, nor will it result in the termination, cancellation,
                  modification, violation or acceleration (whether after giving
                  notice or the lapse of time or both) of any right or
                  obligation of DW under any material contract, deed, instrument
                  or other agreement.

            b.    NBC Consent. Universal represents that it has received the
                  consent of National Broadcasting Company, Inc. ("NBC") to the
                  form and substance of this Master Agreement and the LLC
                  Agreement.

            c.    Class U Amendment. On or prior to the Restatement Effective
                  Date (as defined below) the LLC Agreement shall have been
                  executed and delivered by DW, Universal and the other parties
                  thereto and shall have become effective.

            d.    Effective Date. The business day after all of the consents
                  listed above have been received and circulated to each of DW
                  and Universal is the "Restatement Effective Date."

            2. Notwithstanding anything to the contrary set forth in this
Agreement, Amendment No. 2 to Exhibit B to the Master Agreement ("Amendment No.
2") shall remain in full force and effect and is not amended by this Restated
Master Agreement.

            II. TERM; CONTRACT YEAR

            a.    The Term of this Master Agreement shall continue until
                  termination of all of the Agreement Modules. The term of each
                  of Exhibit A and Exhibit B is hereby amended to continue to
                  December 31, 2010, unless extended in accordance with the
                  following two sentences, or unless otherwise extended or
                  terminated in accordance with the terms of this Master
                  Agreement. Universal shall have the right, at its sole option,
                  to extend the Term of both of Exhibit A and Exhibit B by
                  written notice to DW delivered on or after January 2, 2010 and
                  prior to February 1, 2010 to (x) December 31, 2011, if Total
                  Fees Payable (as defined below) to Universal are *** or (y)
                  December 31, 2012 if Total Fees Payable after the Restatement
                  Effective Date are ***. In addition, the Terms of each of
                  Exhibit A and Exhibit B shall automatically be extended on any
                  otherwise scheduled expiration date for a three-month period
                  from such scheduled expiration date if, on any scheduled
                  expiration date, all of the Preferred

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                  shall not have been redeemed in cash, and all accrued and
                  unpaid cash and non-cash distributions thereon not paid in
                  cash in accordance with Section 8.01 of the LLC Agreement;
                  provided, that from and after September 30, 2008 the period of
                  such extensions shall be as set forth in Section
                  8.01(a)(vi)(y)(B) of the LLC Agreement. "Total Fees Payable"
                  shall mean the sum of (i) Aggregate Fees paid to Universal and
                  its Affiliates during the period from November 1, 2003 through
                  December 31, 2009, (ii) Aggregate Fees accrued but not yet
                  paid to Universal and its Affiliates during the period from
                  November 1, 2003 through December 31, 2009, and (iii) as an
                  estimate of Aggregate Fees expected to be paid or become
                  payable to Universal and its Affiliates during the period from
                  January 1, 2010 to December 31, 2010, the lesser of (A)
                  Aggregate Fees used in the calculation of the Pipeline
                  Estimate and the Animation Pipeline Estimate for such period
                  and (B) *** times the Aggregate Fees paid to Universal and its
                  Affiliates during the period from December 31, 2008 to
                  December 31, 2009. For purposes of clarification, under this
                  Agreement, (i) if the Preferred shall be converted or
                  exchanged into a debt instrument, the "redemption" amounts and
                  "distributions" required to be paid shall be deemed to mean
                  the principal and interest of such debt instrument, and (ii)
                  in any instance in which Universal has the right to terminate
                  Exhibit A or Exhibit B but the term of that agreement extends
                  automatically (notwithstanding a termination notice) because
                  DW is required to redeem the Preferred together with all
                  accrued and unpaid cash and non-cash distributions and has
                  failed to do so, Universal (but not DW) can voluntarily waive
                  the benefits of such provision and terminate the applicable
                  agreement notwithstanding the failure to redeem (see, e.g.,
                  Paragraph XII.3.e.).

            b.    Effective as of January 1, 2004, the "contract year" as
                  defined under each of Exhibit A and Exhibit B shall be revised
                  to be the calendar year, and a new contract year shall
                  commence on January 1, 2004 for purposes of both Exhibit A and
                  Exhibit B.

            III. DEFINITIONS

Capitalized terms used in this Master Agreement but not referenced below or
otherwise defined herein shall have the meanings assigned thereto in the
Agreement Modules. For convenience, Schedule III attached hereto contains a
table of defined terms.

            1. AFFILIATE: "Affiliate" (collectively "Affiliates") of any
specified Person shall refer to any Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified
Person.

            2. AGREEMENT: "Agreement" shall refer collectively to the "Master
Agreement" and all of the "Agreement Modules."

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            3. AGREEMENT MODULE: "Agreement Module" shall refer to each of
Exhibits A, B, C and D of the DW/MCA Master Agreement, as amended, modified or
supplemented from time to time in accordance therewith.

            4. MASTER AGREEMENT: "Master Agreement" shall refer solely to this
amended and restated DW/Universal Studios, Inc. Master Agreement without
consideration of the Agreement Modules attached hereto.

            5. PARTIES: "Parties" (individually "Party") shall refer to
Universal and DW.

            6. PAYMENT DEFAULT: A failure by DW to pay any Advance Amount,
Animation Advance Amount, Additional Amount, Animation Additional Amount, DW
Adjustment, or redemption or distribution amount payable under the LLC
Agreement, in each case on the date due.

            7. PERSON: "Person" shall refer to any individual, firm,
corporation, partnership, limited liability company, trust, joint venture,
governmental authority or other entity.

            8. PREFERRED: "Preferred" shall refer to all outstanding shares of
DW's Class U Preferred Stock.

            9. SUBSCRIPTION AGREEMENT: "Subscription Agreement" shall refer to
the Subscription Agreement dated as of April 15, 2001 between DW and Universal
pertaining to the purchase by Universal of DW's Class U Preferred Stock, as more
specifically set forth therein.

            IV. FOREIGN THEATRICAL MOTION PICTURE DISTRIBUTION

            Exhibit A shall refer to the agreement dated as of June 14, 1995
between DW and Universal City Studios, Inc. ("Distributor"), regarding, among
other things, the distribution by Distributor of DW's Pictures within the
Territory during the Term (as such capitalized terms are defined in Exhibit A,
as amended hereby), as more specifically set forth therein, as amended as of the
Restatement Effective Date by this Master Agreement including the terms and
conditions attached hereto as Schedule A-TC (which was effective prior to the
date of the 2003 amendment and restatement of the Master Agreement and is
continued in effect by this amended and restated Master Agreement), which is by
this reference incorporated into Exhibit A. Other than as expressly amended in
this Master Agreement, Exhibit A (including Schedule A-TC) remains in full force
and effect as of the Restatement Effective Date.

            1. All references to "MCA" in Exhibit A shall mean Universal
Studios, Inc. and all references to MCA shall be to Universal Studios, Inc. The
Parties acknowledge and agree that Universal has assigned its obligations and
rights under the Master Agreement to VUE and services under the Master Agreement
and Exhibit A may be provided by VUE (or its successor).

            2. Paragraph 10 of Exhibit A is deleted and amended to read in full
as follows, and all references in Exhibit A to Paragraph 10 shall mean such
Paragraph 10 as amended:

                                       4
<PAGE>

The introduction to Paragraph 10 shall read: In all events under this Paragraph
10, and notwithstanding any provision of this Agreement to the contrary, no
termination of either Exhibit A or Exhibit B shall be effective unless and until
(i) all Advance Amounts, Animation Advance Amounts, Additional Amounts and
Animation Additional Amounts have been paid in full, (ii) the Special
Termination Fee has been paid in full, and (iii) the Preferred together with all
accrued and unpaid cash and non-cash distributions thereon is redeemed and the
redemption price has been paid in full in cash in accordance with Section
8.01(a) of the LLC Agreement.

            a.    Termination Without Cause.

                  (i)   [Purposely left blank]

                  (ii)  This Exhibit A (and Exhibit B, if DW determines in its
                        sole discretion) may be terminated by DW, in its
                        entirety upon the happening of any of the following
                        circumstances: If UIP "restructures" (i.e., if UIP
                        ceases to be the primary foreign distribution entity for
                        either or both of the UIP Owners); provided, however,
                        that DW shall be entitled to terminate pursuant to this
                        provision on the first anniversary of the date of such
                        "restructuring" (the "UIP Termination Date") provided it
                        provides not less than 15 days written notice of its
                        election to terminate this Exhibit A prior to such UIP
                        Termination Date. DW may terminate prior to the UIP
                        Termination Date if UIP (or Universal) materially
                        changes the manner in which the Pictures are
                        theatrically distributed internationally and this change
                        has or would have a material adverse impact on DW's
                        international theatrical revenues (a "Material
                        International Change"). For the period of time prior to
                        DW's exercise of its rights under this clause (ii), and
                        if DW does not exercise its termination right under this
                        clause (ii), so long as there is not a Material
                        International Change, UIP's (or Universal's) performance
                        shall be deemed consistent with Universal's obligations
                        hereunder, it being acknowledged that DW may nonetheless
                        thereafter choose to exercise its termination right
                        under this subparagraph. Not later than the termination
                        of Exhibit A under this clause (ii), DW shall redeem all
                        of the Preferred in cash, together with all accrued and
                        unpaid cash and non-cash distributions pursuant to
                        Section 8.01(a) of the LLC Agreement. DW may not after
                        notice of its election to terminate Exhibit A and prior
                        to redemption in full of the Preferred enter into any
                        agreement which would have the effect of prohibiting or
                        restricting its redemption of all of the Preferred in
                        cash, together with all accrued and unpaid cash and
                        non-cash distributions.

                  (iii) DW shall have the right to terminate this Exhibit A
                        and/or Exhibit B (but not Exhibit C and/or Exhibit D),
                        as DW determines in its sole discretion, subject to the
                        further provisions of this provision

                                       5
<PAGE>

                        on a VUE Change of Control. DW may not exercise its
                        rights under this Paragraph 10.a.(iii) at any time prior
                        to the earlier of October 8, 2004 and the NBC Closing
                        (as defined in the Master Agreement). After the earlier
                        of October 8, 2004 and the NBC Closing, DW may exercise
                        its rights to terminate during the 90 days following the
                        first public announcement after such date of Vivendi
                        Universal S.A.'s (or, if the NBC Closing has occurred,
                        General Electric Company's ("GE")) intention to enter
                        into a definitive agreement with a specific named third
                        party for a transaction that would effect a "VUE Change
                        Of Control" (as hereafter defined) under clauses (A) or
                        (C) of such definition, and (B) at any time during the
                        90 days following a VUE Change of Control under clause
                        (B) of such definition. In either case, such notice of
                        termination shall be effective as to the Exhibit(s)
                        being terminated 180 days after the receipt of such
                        notice subject to the requirements of the Master
                        Agreement, including without limitation Paragraph VIII.8
                        thereof, and to Section 8.01(a) of the LLC Agreement. No
                        termination by DW shall be effective under this clause
                        a.(iii) unless and until DW shall have redeemed all of
                        the Preferred together with all accrued and unpaid cash
                        and non-cash distributions thereon, in cash, in
                        accordance with Section 8.01(a) of the LLC Agreement. A
                        "VUE Change of Control" means (A) the acquisition,
                        directly or indirectly, of (i) more than 50% of the
                        voting power or aggregate equity value represented by
                        the issued and outstanding ordinary equity interests (or
                        preferred equity interests carrying voting power or
                        consent rights substantially similar to ordinary equity
                        interests) or (ii) actual managerial control (whether
                        through the appointment, or ability to veto the
                        appointment, of key executive officers or at least a
                        majority of the members of the board of directors or
                        equivalent governing body, or otherwise) of VUE or its
                        motion picture studio division, whether pursuant to
                        merger, consolidation, acquisition, share exchange,
                        issuances of equity securities or otherwise, by any
                        person or group (within the meaning of Section 13(d)(3)
                        or 14(d)(2) of the Securities Exchange Act of 1934, as
                        amended), in each case, other than by Vivendi Universal
                        S.A. and/or any of its majority owned subsidiaries or GE
                        and/or any of its majority owned subsidiaries, (B) the
                        filing of a registration statement for an initial public
                        offering of 20% or more of the voting power or aggregate
                        equity value represented by the issued and outstanding
                        ordinary equity interests (or preferred equity interests
                        carrying voting power or consent rights substantially
                        similar to ordinary equity interests) of VUE (or any
                        corporation into which VUE may be reconstituted or the
                        substantial asset of which is equity interests in VUE),
                        as a result of which Vivendi Universal S.A. (and/or its
                        majority owned subsidiaries) or GE (and/or its majority
                        owned

                                       6
<PAGE>

                        subsidiaries) is not expected to retain actual
                        managerial control (whether through the ability to elect
                        at least a majority of the members of the board of
                        directors or equivalent governing body or otherwise) of
                        VUE or its motion picture studio division, or (C) the
                        sale, transfer, contribution or other disposition,
                        directly or indirectly, of (i) all or substantially all
                        of the property, business or assets of VUE or (ii) 50%
                        or more of the property, business or assets of the
                        motion picture studio division of VUE, to any person or
                        group (as defined above) (excluding internal
                        reorganizations and transactions effected to
                        reconstitute VUE as a corporation, so long as the
                        successor assumes the obligations of VUE under the
                        Master Agreement) excluding in each case (y) the NBC
                        Closing, and (z) after the NBC Closing, other sales,
                        transfers, contributions or other dispositions to GE
                        and/or any of its majority owned subsidiaries.

            b.    Termination With Cause.

                  (i)   This Exhibit A (and Exhibit B, if DW determines in its
                        sole discretion) may be terminated by either party, only
                        in its entirety, without prejudice to any other rights
                        or remedies available to it, upon the happening of any
                        of the following circumstances, and subject to the
                        Master Agreement and Section 8.01(a) of the LLC
                        Agreement:

                        (1)   If the other party shall fail to make any payment
                              when due hereunder, provided that if the parties
                              are in dispute over whether a payment is due, that
                              portion of the payment in dispute shall not be
                              deemed due unless and until the parties mutually
                              agree or five business days after a final binding
                              determination of the issue is made and noticed to
                              the parties (provided that the non-terminating
                              party shall have a period of 30 days, following
                              written notice thereof, to cure) and provided
                              further that an election to terminate under this
                              subparagraph b.(i)(1) must be made, if at all,
                              within 90 days of the date the payment was due and
                              not paid; or

                        (2)   If the non-terminating party shall make any
                              assignment for the benefit of creditors, file a
                              petition for bankruptcy, be judged bankrupt or
                              become insolvent.

                  (ii)  This Exhibit A (and Exhibit B, if DW determines in its
                        sole discretion) may be terminated by DW, only in its
                        entirety without prejudice to any other rights or
                        remedies available to it, upon the happening of any of
                        the following circumstances: If more than 3 times during
                        any 12-month period during the Term or an aggregate of 7
                        times during any consecutive five-year period commencing

                                       7
<PAGE>

                        after June 20, 2001 (provided that DW shall have given
                        Universal reasonably prompt (but in no event to exceed
                        90 days after the date DW knew or reasonably should have
                        known) written notice of each such alleged event and/or
                        non-performance and that UIP shall have failed to cure
                        the same within 5 days, or such shorter period as
                        reasonably required by DW, following DW's written notice
                        thereof to cure) UIP fails to release the Pictures
                        pursuant to plan on dates and for durations for the
                        release of the Pictures and in the theaters approved by
                        DW, subject to customary force majeure events (provided,
                        in the event of a delay caused by a force majeure event,
                        DW shall be permitted to distribute, or cause the
                        distribution of, such Picture(s) as provided in
                        Paragraph 2.c. above if DW reasonably determines that
                        UIP will not be available to release the Pictures as and
                        when required by DW) and provided further that such
                        alleged event or non-performance (y) is attributable
                        primarily to UIP's actions or failures to act and is not
                        directly attributable to any of DW's actions or failures
                        to act, and (z) affects portions of the Territory (not
                        less than two countries) representing in the aggregate
                        not less than 20% of all Territory Receipts for all
                        Pictures distributed by UIP in the preceding year. UIP's
                        failure to meet plan shall not be attributable primarily
                        to its actions or failures to act if DW's plan is
                        broadly inconsistent with past plans for comparable
                        motion pictures, for example, requiring an "art film" to
                        be released on a majority of the screens in a particular
                        country.

                  (iii) Notwithstanding anything in this Exhibit A or the Master
                        Agreement to the contrary, the only events permitting a
                        termination of this Exhibit A for cause shall be those
                        expressly set forth in this Paragraph 10.b.

            c.    Other Terminations. This Exhibit A (and Exhibit B, if DW
                  determines in its sole discretion) may be terminated by DW (a)
                  in any country(ies) or Region(s) where the applicable event or
                  nonperformance has occurred (and either entirely in such
                  country[ies] or Region[s]), or (b) only with respect to any
                  Picture(s) affected by such event or non-performance in such
                  country[ies] or Region[s]); and/or (c) in the entire Territory
                  with respect to a Picture(s) materially affected by such event
                  or non-performance, all as the terminating party determines in
                  its sole discretion without prejudice to any other rights or
                  remedies available to it, upon the happening of any of the
                  following circumstances: If more than 3 times during any
                  12-month period during the Term or an aggregate of 7 times
                  during any consecutive five-year period commencing after June
                  20, 2001 (provided that DW shall have given Universal
                  reasonably prompt written notice (but in no event to exceed 90
                  days after the date DW knew or reasonably should have known)
                  of each such alleged event and/or non-

                                       8
<PAGE>

                  performance and that UIP shall have failed to cure the same
                  within 5 days, or such shorter period as reasonably required
                  by DW, following DW's written notice thereof to cure) UIP
                  fails to release the Pictures pursuant to plan on dates and
                  for durations for the release of the Pictures and in the
                  theaters approved by DW, subject to customary force majeure
                  events (provided, in the event of a delay caused by a force
                  majeure event, DW shall be permitted to distribute, or cause
                  the distribution of, such Picture(s) as provided in Paragraph
                  2.c. above if DW reasonably determines that UIP will not be
                  available to release the Pictures as and when required by DW)
                  and provided further that such alleged event or
                  non-performance is attributable primarily to UIP's actions or
                  failures to act. Notwithstanding anything to the contrary in
                  the Master Agreement or this Exhibit A, a termination under
                  this clause (c) shall not be deemed a termination for cause of
                  this Exhibit A, Exhibit B or the LLC Agreement. UIP's failure
                  to meet plan shall not be attributable primarily to its
                  actions or failures to act if DW's plan is broadly
                  inconsistent with past plans for comparable motion pictures,
                  for example, requiring an "art film" to be released on a
                  majority of the screens in a particular country.

            d.    Upon the effective termination date of this Exhibit A, DW
                  shall have the right (but not the obligation) to order the
                  immediate cessation of any or all distribution of the Pictures
                  and the immediate return of any or all prints and related
                  materials, or, at DW's election, to require Universal to
                  continue distribution (subject to continuation of Distribution
                  Fees on such Picture[s]) of some or all Pictures previously
                  delivered and either in release or ready for release as and
                  for the duration of the initial period (as determined by DW in
                  its absolute discretion) of theatrical distribution, and in
                  those parts of the Territory designated by DW in its absolute
                  discretion (though DW shall not be obligated to deliver any
                  additional Pictures subsequent to termination of this
                  agreement); provided that Universal and UIP shall have the
                  right to honor all then-existing DW-approved contractual
                  commitments in connection with the exercise of rights granted
                  hereunder. Universal will remain obligated to make all
                  accountings and payments set forth herein with respect to
                  motion pictures distributed by it (or UIP). On expiration or
                  other effective termination of the Term, Universal will
                  (subject to Paragraph XII.2 of the Master Agreement and the
                  reasonable approval of Universal's counsel) immediately
                  execute such quitclaims and other documents as DW's counsel
                  deems necessary or advisable to evidence the termination of
                  all Universal's rights with respect to some or all of the
                  Pictures. Any disputes with respect to such quitclaim and
                  other documents shall be resolved as set forth in the Master
                  Agreement. In the event no timely objection is made or such
                  objection is resolved, and Universal fails to execute
                  immediately any document useful or necessary to effectuate the
                  confirmation or implementation of the provisions hereof, DW
                  shall be irrevocably appointed as Universal's

                                       9
<PAGE>

                  attorney-in-fact for such purpose. It is acknowledged said
                  appointment power is coupled with an interest.

            e.    Not later than the effective termination date of the term of
                  this Exhibit A (or of Exhibit B), DW shall make a special
                  termination fee payment to Universal (the "Special Termination
                  Fee"), which shall be due and payable in the event of a
                  termination for any reason (i) prior to October 31, 2007, in
                  the amount of ***, (ii) on and after October 31, 2007 and
                  prior to April 30, 2010, in the amount of *** minus an amount
                  equal to *** times the number of full calendar months that
                  have elapsed since October 31, 2007 (e.g., if either agreement
                  terminated at April 30, 2008 the amount would be ***), and
                  (iii) on and after April 30, 2010, ***. The Parties
                  acknowledge and agree that the Special Termination Fee is
                  reasonable in light of the circumstances at the time it was
                  negotiated and agreed to, has been negotiated and agreed to as
                  part of the Parties' mutual expectation that Universal would
                  continue as DreamWorks' theatrical distributor and home video
                  fulfillment service provider through at least April 30, 2010,
                  and that in light of such expectation, Universal has extended
                  certain terms to DW in the Agreement, including without
                  limitation the Advance reduction in Paragraph VIII.3., and
                  Universal has made or will make certain additional investments
                  in reliance on that expectation. In the event that, for any
                  reason, the term of Exhibit A and Exhibit B or of either of
                  them terminates prior to April 30, 2010, the losses and other
                  adverse consequences to Universal would be considerable and
                  difficult to quantify, Universal's ability to recoup its
                  investments made in expectation of that term would be
                  adversely affected, and the concessions made by Universal in
                  this Agreement would be inequitable. A termination even for
                  the purported breach or other action or inaction of Universal
                  would carry similar consequences, including significant costs
                  and foregone opportunities, the costs of which the parties
                  agree Universal should not bear and which would be difficult
                  to calculate. In all circumstances where either Exhibit A or
                  Exhibit B terminates prior to April 10, 2010, the Special
                  Termination Fee is a bargained for alternative. For purposes
                  of clarity, only one Special Termination Fee in the relevant
                  amount set forth above is due on the termination of Exhibit A
                  and/or Exhibit B prior to April 30, 2010 (e.g., if a Special
                  Termination Fee has been paid pursuant to Exhibit B, no
                  Special Termination Fee shall be payable on the simultaneous
                  or subsequent termination of this Exhibit A). In the event of
                  a breach by Universal which is the basis for a termination of
                  this Exhibit by DW, the payment to Universal pursuant to this
                  Paragraph 10.e shall be without prejudice to DW's right to
                  recover damages from Universal in accordance with this Exhibit
                  A.

            f.    The parties acknowledge that if and to the extent DW
                  terminates for cause Universal's services under Paragraph
                  10.b., Universal shall not be entitled to any Distribution
                  Fees thereafter with respect to any terminated

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                  territory(ies) and/or Pictures (i.e., if DW terminates
                  Universal's services hereunder with respect to a particular
                  territory(ies) and/or Picture(s), Universal's Distribution Fee
                  will be calculated on Receipts attributable to other than such
                  terminated territory(ies) and/or Picture(s)).

            g.    At the expiration or effective termination of the Term, DW
                  shall advise UIP to either return or destroy all materials in
                  its possession in connection with the Pictures, as DW shall
                  instruct. Such action shall be at DW's expense in the event of
                  expiration of the Term or termination for cause by Universal,
                  and at Universal's expense in the event of termination for
                  cause by DW.

            3. Paragraph 5.b. of Exhibit A is deleted and amended to read in
full as follows, and all references in Exhibit A to Paragraph 5.b. shall mean
such Paragraph 5.b. as amended:

            a.    AMOUNT PAYABLE TO DW: Subject to Paragraph 5.c.iii. below,
                  Universal shall pay or cause to be paid to DW or, at DW's
                  election, to a DW-related entity, an amount equal to 100% of
                  the aggregate of the Gross Receipts, less the following in the
                  order listed:

            (i)   Distribution Fees to be retained by Universal of an amount
                  equal to:

                  (1)   *** of 100% of Gross Receipts paid to, or credited
                        against uncontested outstanding sums owed to Universal
                        by, DW until Gross Receipts equal ***;

                  (2)   *** of 100% of Gross Receipts paid to, or credited
                        against uncontested outstanding sums owed to Universal
                        by, DW for to DW from the point that Gross Receipts
                        exceed *** until Gross Receipts equal ***;

                  (3)   *** of 100% of Gross Receipts paid to, or credited
                        against uncontested outstanding sums owed to Universal
                        by, DW for to DW from the point that Gross Receipts
                        exceed ***;

            (ii)  Notwithstanding the foregoing clause b.(i), if a Payment
                  Default (as defined in the Master Agreement) exists, for the
                  period of time commencing 15 days after the date the relevant
                  payment is due to the date such Payment Default is paid in
                  full, each distribution fee percentage then in effect shall be
                  increased by ***. This distribution fee adjustment shall apply
                  separately to each Payment Default (i.e., in the event of two
                  different concurrent Payment Defaults, each distribution fee
                  percentage would increase by ***, provided that the maximum
                  increase hereunder shall be *** and shall decrease on the date
                  the applicable Payment Default is paid in

                                       11

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                  full (e.g., if there are two Payment Defaults and one is
                  cured, on the date of such cure one *** distribution fee
                  increase shall terminate).

            (iii) All "Distribution Expenses" (as defined below) accrued by
                  Universal on behalf of DW calculated in accordance with
                  Paragraph 5.d. below, subject to adjustment for Distribution
                  Expenses accrued but not paid, in the same fashion as for UIP
                  Owners.

            4. For purposes of clarity, the Parties agree that the election DW
has under Paragraph l.c. of Schedule A-TC of Exhibit A to exclude either Japan
or the "German Territory" permits DW to exclude one or the other, but not both
concurrently, from the "Territory" as defined in Exhibit A. The Parties hereby
amend Paragraph 1.c. of Schedule A-TC to provide that after the first such
election, no such election to exclude Japan or the German Territory shall be
effective prior to the 180th day after the delivery by DW to Universal of notice
of such election (and that no such election shall be effective unless and until
the prior election is no longer in effect as to Pictures not previously released
for theatrical exhibition on or before the date of termination of the
agreement(s) governing the prior election).

            5. A new Paragraph 6 shall be added to Schedule A-TC, prior to the
last (unnumbered) paragraph of Schedule A-TC, to read in full as follows:

            6. Staffing. Distributor shall hire or cause UIP to hire two new
fully dedicated employees, one as a director level media planner and one as a
publicity manager with start dates on or before April 1, 2004 (provided, if such
hires are by Distributor, such persons shall have qualifications substantially
comparable to what "director level" and "manager" level employees in such
positions at UIP would have). UIP shall have the option to designate existing
UIP employees for the positions, subject to Distributor's mutual approval.
Notwithstanding the foregoing, DW and Distributor will work together prior to
April 1, 2004 on an interim staffing plan to be implemented initially for a
trial period. If the parties agree on an interim staffing plan subject to a
trial period, such interim staffing plan shall be implemented by April 1, 2004.
If, however, after the implementation of any such interim plan DW determines
that the proposal is not effectively staffing the DW Pictures business, in whole
or in part, DW shall notify Distributor in writing of the positions affected and
which requirements of the first sentence of this Paragraph 6 shall be
instituted. If, 30 days after such notice, the parties have not come to an
agreement that the issues have been otherwise resolved, Universal shall be
required to implement the staffing contemplated by the first sentence of this
Paragraph 6 as expeditiously as is practicable, provided Distributor and UIP
shall mutually approve the selection and hiring of the foregoing employees. If
Distributor and UIP mutually determine that any of the foregoing employees
referenced in this Paragraph 6 are not needed to service DW Pictures, either in
whole or in part, such employee capacity can be used by Universal. In addition,
commencing April 1, 2005, Universal shall be entitled to review, at the
beginning of each quarter, on a rolling 12-month basis, whether the augmented
staff levels set forth above are required given the historical and expected DW
revenues, it being acknowledged and agreed by the parties that if the Gross
Receipts collected by Universal have not increased above 2003 levels, or (if
they have risen)

                                       12

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the Commission. Confidential treatment has been requested with respect to the
omitted portions.
<PAGE>

have reduced to 2003 levels, such employee service levels are not required to be
maintained. None of these new employees or staffing changes will change the
allocation of duties as between DreamWorks and Universal set forth in this
Exhibit A except as expressly set forth above.

            V. HOME VIDEO FULFILLMENT SERVICES

            Exhibit B shall refer to the agreement dated as of June 14, 1995
between DW and Universal City Studios, Inc. (as Fulfillment Services Provider
("FSP")) regarding FSP rendering Fulfillment Services to DW in connection with
DW's distribution of Pictures throughout the world during the Term (as such
capitalized terms are defined in Exhibit B, as amended hereby), as more
specifically set forth therein, as amended as of the Restatement Effective Date
by this Master Agreement, Amendment No. 2 and the amended and supplemental terms
and conditions attached hereto as Schedule B-TC (which was effective prior to
the date of the 2003 amendment and restatement of the Master Agreement and is
continued in effect by this amended and restated Master Agreement), which is by
this reference incorporated into Exhibit B. Other than as expressly amended in
this Master Agreement, Exhibit B (including Schedule B-TC) remains in full force
and effect as of the Restatement Effective Date.

            1. All references to "MCA" in Exhibit B shall mean Universal
Studios, Inc. and all references to MCA shall be to Universal Studios, Inc. The
parties acknowledge and agree that Universal's international fulfillment
services shall be provided through Universal Pictures International Ltd.
("UPI"). The Parties acknowledge and agree that Universal has assigned its
obligations and rights under the Master Agreement to VUE and services under the
Master Agreement and Exhibit B may be provided by VUE (or its successor). The
parties also acknowledge and agree (including, without limitation, under
Paragraph 7.B(ii)(a) of Exhibit B) that VUE may provide the fulfillment services
required to be provided by it under Exhibit B (i) domestically, directly or
through any wholly-owned subsidiary of VUE, provided that the subsidiary
distributes or provides fulfillment services for VUE's Videograms in the
Domestic Territory, and (ii) otherwise through UPI, provided UPI distributes or
provides fulfillment services for VUE's Videograms in the Foreign Territory. In
each of clauses (i) and (ii) above, "VUE's Videograms" shall mean Videograms of
theatrical motion pictures produced and released under the "Universal Studios"
label, to the extent distributed by VUE or one of its affiliates (it being
acknowledged and agreed that nothing in this Exhibit B requires Universal or any
of its affiliates to retain any distribution rights in any territory or any
media to any theatrical motion picture), and provided, further, that if more
than one VUE entity distributes "Universal Studios" theatrical motion pictures,
DW Videograms shall be distributed by the primary VUE distribution entity for
"Universal Studios".

            2. The definitions of "Domestic Territory" and the "Foreign
Territory" shall be amended to read as set forth in Schedule B-TC. For purposes
of clarity, the Parties agree that the election DW has under Paragraph 1.b.iii.
of Schedule B-TC of Exhibit B to exclude either Japan or the "German Territory"
permits DW to exclude one or the other, but not both concurrently, from the
"Foreign Territory" as defined in Exhibit B. The Parties hereby amend Paragraph
l.b.iii. of Schedule B-TC to provide that after the first such election, no such
election to exclude Japan or the German Territory shall be effective prior to
the 180th day after the delivery by DW to Universal of notice of such election
(and that no such election shall be

                                       13
<PAGE>

effective unless and until the prior election is no longer in effect as to DW
Videograms not previously distributed by DW in the applicable territory subject
to the agreement(s) governing the prior election).

            3. Paragraph 7 of Exhibit B is deleted and amended to read in full
as follows, and all references in Exhibit B to Paragraph 7 shall mean such
Paragraph 7 as amended:

The introduction to Paragraph 7 shall read: In all events under this Paragraph
7, and notwithstanding any provision of this Agreement to the contrary, no
termination of either Exhibit A or Exhibit B shall be effective unless and until
(i) all Advance Amounts, Animation Advance Amounts, Additional Amounts and
Animation Additional Amounts have been paid in full, (ii) the Special
Termination Fee has been paid in full, and (iii) the Preferred together with all
accrued and unpaid cash and non-cash distributions thereon is redeemed and the
redemption price has been paid in full in cash in accordance with Section
8.01(a) of the LLC Agreement.

            a.    Termination Without Cause.

                  (i)   [Purposefully left blank]

                  (ii)  DW shall have the right to terminate this Exhibit B
                        and/or Exhibit A (but not Exhibit C and/or Exhibit D),
                        as DW determines in its sole discretion, subject to the
                        further provisions of this provision on a VUE Change of
                        Control. DW may not exercise its rights under this
                        Paragraph 7.a.(ii) at any time prior to the earlier of
                        October 8, 2004 and the NBC Closing (as defined in the
                        Master Agreement). After the earlier of October 8, 2004
                        and the NBC Closing, DW may exercise its rights to
                        terminate during the 90 days following the first public
                        announcement after such date of Vivendi Universal S.A.'s
                        (or, if the NBC Closing has occurred, General Electric
                        Company's ("GE")) intention to enter into a definitive
                        agreement with a specific named third party for a
                        transaction that would effect a "VUE Change Of Control"
                        (as hereafter defined) under clauses (A) or (C) of such
                        definition, and (B) at any time during the 90 days
                        following a VUE Change of Control under clause (B) of
                        such definition. In either case, such notice of
                        termination shall be effective as to the Exhibit(s)
                        being terminated 180 days after the receipt of such
                        notice subject to the requirements of the Master
                        Agreement, including without limitation Paragraph VIII.8
                        thereof, and to Section 8.01(a) of the LLC Agreement. No
                        termination by DW shall be effective under this clause
                        a.(ii) unless and until DW shall have redeemed all of
                        the Preferred together with all accrued and unpaid cash
                        and non-cash distributions thereon, in cash, in
                        accordance with Section 8.01(a) of the LLC Agreement. A
                        "VUE Change of Control" means (A) the acquisition,
                        directly or indirectly, of (i) more than 50% of the
                        voting power or aggregate equity value represented by

                                       14
<PAGE>

                        the issued and outstanding ordinary equity interests (or
                        preferred equity interests carrying voting power or
                        consent rights substantially similar to ordinary equity
                        interests) or (ii) actual managerial control (whether
                        through the appointment, or ability to veto the
                        appointment, of key executive officers or at least a
                        majority of the members of the board of directors or
                        equivalent governing body, or otherwise) of VUE or its
                        motion picture studio division, whether pursuant to
                        merger, consolidation, acquisition, share exchange,
                        issuances of equity securities or otherwise, by any
                        person or group (within the meaning of Section 13(d)(3)
                        or 14(d)(2) of the Securities Exchange Act of 1934, as
                        amended), in each case, other than by Vivendi Universal
                        S.A. and/or any of its majority owned subsidiaries, or
                        GE and/or any of its majority owned subsidiaries, (B)
                        the filing of a registration statement for an initial
                        public offering of 20% or more of the voting power or
                        aggregate equity value represented by the issued and
                        outstanding ordinary equity interests (or preferred
                        equity interests carrying voting power or consent rights
                        substantially similar to ordinary equity interests) of
                        VUE (or any corporation into which VUE may be
                        reconstituted or the substantial asset of which is
                        equity interests in VUE), as a result of which Vivendi
                        Universal S.A. (and/or its majority owned subsidiaries)
                        or GE (and/or its majority owned subsidiaries) is not
                        expected to retain actual managerial control (whether
                        through the ability to elect at least a majority of the
                        members of the board of directors or equivalent
                        governing body or otherwise) of VUE or its motion
                        picture studio division, or (C) the sale, transfer,
                        contribution or other disposition, directly or
                        indirectly, of (i) all or substantially all of the
                        property, business or assets of VUE or (ii) 50% or more
                        of the property, business or assets of the motion
                        picture studio division of VUE, to any person or group
                        (as defined above) (excluding internal reorganizations
                        and transactions effected to reconstitute VUE as a
                        corporation, so long as the successor assumes the
                        obligations of VUE under the Master Agreement),
                        excluding in each case (y) the NBC Closing, and (z)
                        after the NBC Closing, other sales, transfers,
                        contributions or other dispositions to GE and/or any of
                        its majority owned subsidiaries.

            b.    Termination With Cause.

                  (i)   This Exhibit B (and Exhibit A, if DW determines in its
                        sole discretion) may be terminated by the terminating
                        party, solely in its entirety without prejudice to any
                        other rights or remedies available to it, upon the
                        happening of any of the following circumstances, and
                        subject to the Master Agreement and Section 8.01(a) of
                        the LLC Agreement:

                                       15
<PAGE>

                        (1)   If the other party shall fail to make any payment
                              when due hereunder, provided that if the parties
                              are in dispute over whether a payment is due, that
                              portion of the payment in dispute shall not be
                              deemed due unless and until the parties mutually
                              agree or five business days after a final binding
                              determination of the issue is made and noticed to
                              the parties (provided that the non-terminating
                              party shall have a period of 30 days, following
                              written notice thereof to cure a breach) and
                              provided further that an election to terminate
                              under this subparagraph b.(i)(1) must be made, if
                              at all within 90 days of the date the payment was
                              due and not paid; or

                        (2)   If the non-terminating party shall make any
                              assignment for the benefit of creditors, file a
                              petition for bankruptcy, be judged bankrupt or
                              become insolvent,

                  (ii)  This Exhibit B (and Exhibit A, if DW determines in its
                        sole discretion) may be terminated by DW, solely in its
                        entirety, without prejudice to any other rights or
                        remedies available to it, under any of the following
                        circumstances:

                        (1)   If Universal ceases to be the distributor in the
                              Domestic Territory for its Videograms and/or if
                              UPI ceases to be the primary distributor of
                              Videograms for Universal in the Foreign Territory;
                              or

                  (iii) If more than 3 times during any 12-month period during
                        the Term or an aggregate of 7 times during any
                        consecutive five year period commencing after June 20,
                        2001 (provided that DW shall have given Universal
                        reasonably prompt written notice (but in no event to
                        exceed 90 days after the date DW knew or reasonably
                        should have known) of each such alleged breach and/or
                        non-performance and that Universal shall have failed to
                        cure the same within 5 days, or such shorter period as
                        reasonably required by DW, following DW's written notice
                        thereof to cure a breach) Universal fails to release the
                        DW Videograms pursuant to plan on dates and for
                        durations for the release of the DW Videograms approved
                        by DW and with the content and materials provided by DW,
                        except only if and to the extent that any changes are
                        required to be made on an immediate basis (i.e., during
                        which Universal does not have sufficient time to obtain
                        DW's approval) due to censorship requirements and
                        subject to customary force majeure events (provided, in
                        the event of a delay caused by a force majeure event, DW
                        shall be permitted to render fulfillment services, or
                        cause fulfillment services to be rendered, for such DW
                        Videogram(s) as

                                       16
<PAGE>

                        provided in Paragraph 2.C. above if DW reasonably
                        determines that UPI will not be available to release the
                        DW Videograms as and when required by DW) and provided
                        further that such alleged event or non-performance (y)
                        is attributable primarily to UPI's actions or failures
                        to act, and is not directly attributable to any of DW's
                        actions or failures to act and (z) affects portions of
                        either the Domestic Territory representing not less than
                        *** of all Domestic Territory Receipts for all DW
                        Videograms for which Universal provided fulfillment
                        services in the preceding year, or of portions of the
                        Foreign Territory (not less than two countries)
                        representing in the aggregate not less than *** of all
                        Foreign Territory Receipts for all DW Videograms for
                        which UPI provided fulfillment services in the preceding
                        year. UPI's failure to meet plan shall not be
                        attributable primarily to its actions or failures to act
                        if DW's plan is broadly inconsistent with past plans for
                        comparable Videograms, for example, requiring an "art
                        film" to be broadly marketed and placed in a majority of
                        retail video outlets in a particular country.

                  (iv)  Notwithstanding anything in this Exhibit B or the Master
                        Agreement to the contrary, the only events permitting a
                        termination of this Exhibit B for cause shall be those
                        expressly set forth in this Paragraph 7.b.

            c.    Other Terminations.

                  (i)   This Exhibit B (and Exhibit A, if DW determines in its
                        sole discretion) may be terminated by DW (a) in any
                        country(ies) or Region(s) where the applicable event or
                        nonperformance has occurred (and either entirely in such
                        country[ies] or Region[s]), or (b) only with respect to
                        any DW Videogram(s) affected by such event or
                        non-performance in such country[ies] or Region[s]);
                        and/or (c) in the entire Territory with respect to a DW
                        Videogram(s) materially affected by such event or
                        non-performance, all as the terminating party determines
                        in its sole discretion without prejudice to any other
                        rights or remedies available to it, upon the happening
                        of any of the following circumstances: If more than 3
                        times during any 12-month period during the Term or an
                        aggregate of 7 times during any consecutive five year
                        period commencing after June 20, 2001 (provided that DW
                        shall have given Universal reasonably prompt written
                        notice (but in no event to exceed 90 days later) of each
                        such alleged breach and/or non-performance and that
                        Universal shall have failed to cure the same within 5
                        days, or such shorter period as reasonably required by
                        DW, following DW's written notice thereof to cure a
                        breach) Universal fails to release the DW Videograms

                                       17

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                        pursuant to the plan on dates and for durations for the
                        release of the DW Videograms approved by DW and with the
                        content and materials provided by DW, except only if and
                        to the extent that any changes are required to be made
                        on an immediate basis (i.e., during which Universal does
                        not have sufficient time to obtain DW's approval) due to
                        censorship requirements and subject to customary force
                        majeure events (provided, in the event of a delay caused
                        by a force majeure event, DW shall be permitted to
                        render fulfillment services, or cause fulfillment
                        services to be rendered, for such DW Videogram(s) as
                        provided in Paragraph 2.C. above if DW reasonably
                        determines that UPI will not be available to release the
                        DW Videograms as and when required by DW) and provided
                        further that such alleged event or non-performance is
                        attributable primarily to UPI's actions or failures to
                        act and not directly attributable to DW's actions or
                        failures to act. UPI's failure to meet plan shall not be
                        attributable primarily to its actions or failures to act
                        if DW's plan is broadly inconsistent with past plans for
                        comparable Videograms, for example, requiring an "art
                        film" to be broadly marketed and placed in a majority of
                        retail video outlets in a particular country.

                  (ii)  DW may terminate this Exhibit B and/or Exhibit A if DW,
                        in its sole discretion, determines that Universal and/or
                        UPI rendering the fulfillment services will be more
                        expensive with respect to out-of-pocket costs (but not
                        necessarily with respect to Service Fees) to DW than if
                        DW were to render such services itself or through an
                        affiliated entity provided that no such termination
                        shall be effective unless all of the Preferred and all
                        accrued and unpaid cash and non-cash distributions
                        thereon shall have been redeemed in cash in accordance
                        with Section 8.01(a) of the LLC Agreement.

                  (iii) If DW believes that Universal has materially changed the
                        manner in which it renders fulfillment services to DW or
                        substantially alters the manner in which it distributes
                        its Videograms, and that such changes have or reasonably
                        would be expected to have a material adverse impact on
                        DW sales, costs and/or collection of revenues (any such
                        event, a "Material Change"), then the following
                        procedures shall apply. DW shall notify Universal in
                        writing of any such Material Change not later than 60
                        days after the date on which DW knew or should have
                        known of such Material Change and the nature of the
                        material adverse impact, in sufficient detail and with
                        reasonable support of the nature and extent of the
                        impact. The parties shall promptly meet to discuss a
                        remedy for such impact and Universal shall have 30 days
                        to suggest and begin implementation of a cure therefor.
                        If the parties disagree about whether there has been a
                        Material Change or

                                       18
<PAGE>

                        whether an adequate cure has been suggested and/or
                        effectuated, the matter shall be submitted to expedited
                        binding alternative dispute resolution following the
                        procedures set forth in Paragraph XII.13 of the Master
                        Agreement, but the timeframes for such proceeding shall
                        be compressed so that the dispute resolution is
                        concluded within 45 days. If it is finally determined
                        (including through appeal, if applicable) through the
                        dispute resolution process that (i) there is an impact
                        as the result of a Material Change that reduces DW's net
                        revenues by *** in the territory in question, or by ***,
                        whichever is less, and (ii) that the material adverse
                        impact to DW has not and cannot be remedied, DW may
                        terminate as to the affected country within a territory,
                        region, or if the entire domestic or international
                        territory is affected, then DW may terminate Exhibit B
                        in its entirety and, if it terminates Exhibit B, may
                        also terminate Exhibit A provided that it must make such
                        election(s) within 10 business days of such
                        determination. If it is determined (by mutual agreement
                        of the Parties or through the dispute resolution
                        process) that the material adverse impact can be
                        effectively addressed by a cure Universal can effect, DW
                        shall not have the right to terminate Exhibit B in its
                        entirety (or the right to terminate Exhibit A) under
                        this subparagraph (iii) unless Universal fails promptly
                        to commence and implement such cure within 30 days of
                        the mutual agreement or final determination that through
                        the dispute resolution process provided that DW must
                        make such election within 10 business days of the date
                        on which DW is or should have become aware of such
                        failure. If the General Counsel of Universal agrees in
                        writing that a Material Change has occurred and that
                        Universal cannot or will not cure such Material Change,
                        DW may terminate within 10 business days after receiving
                        such written notice. The Parties have agreed that the
                        changes in Brazil from the CIC joint venture to UPI was
                        not an event that allows for termination of Exhibit B.
                        DW may not after notice of its election to terminate
                        Exhibit B and prior to redemption in full of the
                        Preferred in accordance with Section 8.01(a) of the LLC
                        Agreement enter into any agreement which would have the
                        effect of prohibiting or restricting its redemption of
                        all of the Preferred in cash, together with all accrued
                        and unpaid cash and non-cash distributions.

                  (iv)  Notwithstanding anything to the contrary in the Master
                        Agreement or this Exhibit B, a termination under this
                        clause c. shall not be deemed a termination for cause of
                        this Exhibit B, Exhibit A or of the LLC Agreement.

            d.    Termination Effects.

                                       19

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                  (i)   The parties acknowledge that if and to the extent DW
                        terminates for cause Universal's fulfillment services
                        hereunder, subject to the next paragraph below,
                        Universal shall not be entitled to any Service Fee
                        thereafter with respect to any terminated territory(ies)
                        and/or DW Videograms (i.e., if DW terminates Universal's
                        fulfillment services hereunder with respect to a
                        particular territory(ies) and/or DW Videogram(s),
                        Universal's Service Fee will be calculated solely on
                        Receipts attributable to other than such terminated
                        territory[ies] and/or DW Videogram[s]).

                  (ii)  Upon the effective termination or expiration of
                        Universal's right to provide fulfillment services (in
                        whole or in part under this Exhibit B), DW shall have
                        the option, at its sole discretion, to elect to (i)
                        require Universal to continue to render fulfillment
                        services for any or all of the DW Videograms (subject to
                        continuation of Service Fees on such DW Videogram[s]) as
                        and for the duration of the initial period (as
                        determined by DW in its absolute discretion but not to
                        exceed 180 calendar days following such expiration or
                        effective termination date) of Videogram distribution,
                        and during which Universal has committed to render
                        fulfillment services as provided in this Exhibit B and
                        in those parts of the Territory, designated by DW in its
                        absolute discretion, (ii) permit Universal to sell off
                        its then-existing inventory of DW Videograms upon the
                        same terms and conditions as provided herein for a
                        period not to exceed 180 calendar days following the
                        date of expiration or effective termination hereof,
                        (iii) require Universal to return its then-existing
                        inventory of DW Videograms and all related materials to
                        DW (such return to be at DW's cost and expense in the
                        event of expiration, termination without cause by DW or
                        termination for cause by Universal, or at Universal's
                        cost and expense in the event of termination without
                        cause by Universal or termination for cause by DW), (iv)
                        immediately destroy or demagnetize Universal's
                        then-existing inventory of DW Videograms, at Universal's
                        sole cost and expense, in which event Universal shall
                        promptly (but in no event more than 10 business days
                        following destruction or demagnetization) furnish DW
                        with certificates of destruction or proof of
                        demagnetization, as the case may be, or (v) any
                        combination of the above. In addition, Universal shall
                        promptly provide DW with a list of all outstanding
                        orders for the DW Videograms. On expiration or other
                        effective termination of the Term, subject to Paragraph
                        XII.2 of the Master Agreement, Universal will
                        immediately execute such quitclaims and other documents
                        as DW's counsel reasonably deems necessary or advisable
                        to evidence the termination of all Universal's rights
                        with respect to some or all of the DW Videograms. Any
                        disputes with respect thereto shall be resolved as set
                        forth in the Master

                                       20
<PAGE>

                        Agreement. In the event no timely objection is made or
                        such objection is resolved, and if Universal fails to
                        execute immediately any document useful or necessary to
                        effectuate the confirmation or implementation of the
                        provisions hereof, DW shall be irrevocably appointed as
                        Universal's attorney-in-fact for such purpose. It is
                        acknowledged that said appointment power is coupled with
                        an interest.

            e.    Not later than the effective termination date of the term of
                  this Exhibit B (or of Exhibit A), DW shall make a special
                  termination fee payment to Universal (the "Special Termination
                  Fee"), which shall be due and payable in the event of a
                  termination for any reason (i) prior to October 31, 2007, in
                  the amount of ***, (ii) on and after October 31, 2007 and
                  prior to April 30, 2010, in the amount of *** minus an amount
                  equal to *** times the number of full calendar months that
                  have elapsed since October 31, 2007 ***, and (iii) on and
                  after April 30, 2010, ***. The Parties acknowledge and agree
                  that the Special Termination Fee is reasonable in light of the
                  circumstances at the time it was negotiated and agreed to, has
                  been negotiated and agreed to as part of the Parties' mutual
                  expectation that Universal would continue as DreamWorks'
                  theatrical distributor and home video fulfillment service
                  provider through at least April 30, 2010, and that in light of
                  such expectation, Universal has extended certain terms to DW
                  in the Agreement, including without limitation the Advance
                  reduction in Paragraph VIII.3., and Universal has made or will
                  make certain additional investments in reliance on that
                  expectation. In the event that, for any reason, the term of
                  Exhibit A and Exhibit B or of either of them terminates prior
                  to April 30, 2010, the losses and other adverse consequences
                  to Universal would be considerable and difficult to quantify,
                  Universal's ability to recoup its investments made in
                  expectation of that term would be adversely affected, and the
                  concessions made by Universal in this Agreement would be
                  inequitable. A termination even for the purported breach or
                  other action or inaction of Universal would carry similar
                  consequences, including significant costs and foregone
                  opportunities, the costs of which the parties agree Universal
                  should not bear and which would be difficult to calculate. In
                  all circumstances where either Exhibit A or Exhibit B
                  terminates prior to April 10, 2010, the Special Termination
                  Fee is a bargained for alternative. For purposes of clarity,
                  only one Special Termination Fee in the relevant amount set
                  forth above is due on the termination of Exhibit A and/or
                  Exhibit B prior to April 30, 2010 (e.g., if a Special
                  Termination Fee has been paid pursuant to Exhibit A, no
                  Special Termination Fee shall be payable on the simultaneous
                  or subsequent termination of this Exhibit B). In the event of
                  a breach by Universal which is the basis for a termination of
                  this Exhibit by DW, the payment to Universal pursuant to this
                  Paragraph 7.e shall be without prejudice to DW's right to
                  recover damages from Universal in accordance with this Exhibit
                  B.

                                       21

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            4. Clause (ii) in Paragraph 8.A. of Exhibit B is deleted and amended
to read in full as follows, and all references to such clause (ii) in Exhibit B
shall mean such clause (ii) as amended: "(ii) the services provided by any
Subdistributor will be in the aggregate substantially equivalent in quantity,
level and priorities to the industry standard for subdistributors providing
substantially similar services."

            5. Paragraph 2 of Schedule II of Exhibit B is deleted and amended to
read in full as follows, and all references to such Paragraph 2 shall mean such
Paragraph 2 as amended:

                  2.    DOMESTIC SERVICE FEES.

                        DW shall pay Universal the following (in the order
listed) domestic service fees ("Domestic Service Fee") of an amount equal to:

            a.    *** of 100% of Domestic Receipts paid to, or credited against
                  uncontested outstanding sums owed to Universal, by DW in any
                  contract year until Domestic Receipts equal ***;

            b.    *** of 100% of Domestic Receipts paid to, or credited against
                  uncontested outstanding sums owed to Universal, by DW in any
                  contract year from the point that Domestic Receipts exceed ***
                  until Domestic Receipts equal ***; and

            c.    *** of 100% of Domestic Receipts paid to, or credited against
                  uncontested outstanding sums owed to Universal, by DW in any
                  contract year from the point that Domestic Receipts exceed
                  ***.

            d.    In no event shall the Domestic Service Fee be less favorable
                  to DW than the service fees paid to or retained by Universal
                  and/or UPI in connection with Universal's (or UPI's) overall
                  domestic fulfillment services in connection with Videograms
                  produced by any party other than an affiliate of Universal, it
                  being agreed that for the purpose of determining whether
                  Universal and UPI have complied with this "favored nations"
                  assurance, Universal's or UPI's receipt of a service fee plus
                  any other consideration (in any form, e.g. non-monetary
                  consideration such as other rights granted to Universal or UPI
                  at the time) shall be taken into account, so that the
                  determination is an "apples-to-apples" comparison, as much as
                  possible and, in any event, one-picture deals shall be
                  excluded.

            e.    Notwithstanding the foregoing, if a Payment Default (as
                  defined in the Master Agreement) exists, for the period of
                  time commencing 15 days after the date the relevant payment is
                  due to the date such Payment Default is paid in full, each
                  Domestic Service Fee percentage then in effect shall be
                  increased by ***. This Domestic Service Fee adjustment shall
                  apply separately to each Payment Default (i.e., in the event
                  of two different Payment Defaults, each Domestic Service Fee
                  percentage would increase by ***) provided that the maximum
                  increase hereunder shall be *** and

                                       22

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                  shall decrease on the date the applicable Payment Default is
                  paid in full (e.g., if there are two Payment Defaults and one
                  is cured, on the date of such cure one *** distribution fee
                  increase shall terminate).

Paragraph 5 of Schedule II of Exhibit B is deleted and amended to read in full
as follows, and all references to such Paragraph 5 shall mean such Paragraph 5
as amended:

                  5.    FOREIGN SERVICE FEES.

                        DW shall pay Universal the following (in the order
listed) foreign service fees ("Foreign Service Fee") of an amount equal to:

            a.    *** of 100% of Foreign Receipts paid to, or credited against
                  uncontested outstanding sums owed by, DW in any contract year
                  until Foreign Receipts equal ***;

            b.    *** of 100% of Foreign Receipts paid to, or credited against
                  uncontested outstanding sums owed by, DW in any contract year
                  from the point that Foreign Receipts exceed *** until Foreign
                  Receipts equal ***; and

            c.    *** of 100% of Foreign Receipts paid to, or credited against
                  uncontested outstanding sums owed by, DW in any contract year
                  from the point that Foreign Receipts exceed ***.

            d.    In no event shall the Foreign Service Fee be less favorable to
                  DW than the service fees paid to or retained by Universal
                  and/or UPI in connection with Universal's (or UPI's) overall
                  foreign fulfillment services in connection with Videograms
                  produced by any party other than a Universal affiliate, it
                  being agreed that for the purpose of determining whether
                  Universal and UPI have complied with this "favored nations"
                  assurance, Universal's or UPI's receipt of a service fee plus
                  any other consideration (in any form, e.g. non-monetary
                  consideration such as other rights granted to Universal or UPI
                  at the time) shall be taken into account, so that the
                  determination is an "apples-to-apples" comparison, as much as
                  possible and in any event, one-picture deals shall be
                  excluded.

            e.    Notwithstanding the foregoing, if a Payment Default exists,
                  for the period of time commencing 15 days after the date the
                  relevant payment is due to the date such Payment Default is
                  paid in full, each Foreign Service Fee percentage then in
                  effect shall be increased by ***. This Foreign Service Fee
                  adjustment shall apply separately to each Payment Default
                  (i.e., in the event of two different Payment Defaults, each
                  Foreign Service Fee percentage would increase by ***) provided
                  that the maximum increase hereunder shall be *** and shall
                  decrease on the date the applicable Payment Default is paid in
                  full (e.g., if there are two Payment Defaults and one is
                  cured, on the date of such cure one *** distribution fee
                  increase shall terminate).

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            6.    Employees.

            a.    Paragraph 1.E. of Exhibit FS to Exhibit B to the Master
                  Agreement is deleted and amended to read in full as follows,
                  and all references to such Paragraph 1.E. shall mean such
                  Paragraph 1.E. as amended:

                  E. Staffing - Commitment to adequately staff with dedicated
                  and shared personnel to effectively service the size and scope
                  of DW's Videogram business. Fully dedicated or primarily
                  dedicated staffing shall consist of those positions set forth
                  on Schedule 1.E attached hereto, subject to the remainder of
                  this Paragraph 1.E. and except as mutually agreed otherwise.
                  Notwithstanding the foregoing, Universal and DW agree that
                  domestic Product Development, worldwide Promotions,
                  Publicity/Special Events, Media Buys, and Retail Marketing,
                  and international Research shall be performed by DW. Universal
                  shall remit to DW the amount of *** per year (pro rated for
                  partial years), as a deduction from Universal's expenses, ***
                  on a quarterly basis until March 31, 2004. On and after April
                  1, 2004, for so long as DW employs persons to fill the two
                  positions identified on Schedule 1.E. as the head of domestic
                  marketing (SVP Marketing/Sales) and the head of domestic sales
                  positions (Sales VP), Universal shall remit to DW the amount
                  of *** per year (pro rated for partial years), and up to ***
                  per year (which shall reflect the actual market rate for such
                  two hires)(pro rated for partial years and which shall be
                  adjusted for inflation on a yearly basis), as a deduction from
                  Universal's expenses, which amounts shall be payable *** per
                  quarter.

                  "Primarily dedicated" employees shall mean employees who shall
                  in any situation where they do not have adequate time for all
                  their duties, place all duties for DW prior to any other
                  duties.

                  Schedule 1.E. contemplates that certain changes in staffing
                  will occur; however, the parties have agreed that certain of
                  such changes will be subject to a "trial period." For each
                  change that is subject to a trial period, the parties have
                  agreed that Universal's proposals of October 2003 regarding
                  headcount and operating structure shall be implemented
                  initially rather than the changes for that position reflected
                  on Schedule 1.E. If, however, after the implementation of the
                  Universal proposal DW determines that the proposal is not
                  effectively staffing the DW Videogram business, in whole or in
                  part, DW shall notify Universal in writing of the positions
                  affected and the portion(s) of Schedule 1.E. to be instituted.
                  If, 30 days after such notice, the parties have not come to an
                  agreement that the issues have been otherwise resolved,
                  Universal shall be required to implement the portions of
                  Schedule 1.E. specified in the notice as expeditiously as is
                  practicable.

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                  If any of the foregoing employees referenced in this Paragraph
                  1.E. are not needed to service DW Videograms, either in whole
                  or in part, such employee capacity can be used by Universal.
                  In addition, commencing April 1, 2005, Universal shall be
                  entitled to review, at the beginning of each quarter, on a
                  rolling 12-month basis, whether the augmented staff levels set
                  forth above (including in Schedule 1.E.) are required given
                  the historical and expected DW revenues, it being acknowledged
                  and agreed by the parties that if Domestic Receipts and
                  Foreign Receipts collected by Universal have not increased
                  above 2003 levels, or (if they have risen) have reduced to
                  2003 levels, such employee service levels are not required to
                  be maintained, it being understood and agreed that a decrease
                  only in one area (e.g. Domestic Receipts) shall be considered
                  independently from the other area and can result in a decrease
                  in staffing in only that area. None of these new employees or
                  staffing changes will change the allocation of duties as
                  between DW and Universal set forth in this Agreement except as
                  expressly set forth above (including Schedule 1.E.).

            VI.   AMBLIN PROIECTS

            Exhibit C, which is by this reference incorporated herein, shall
refer to the agreement dated as of June 14, 1995 between DW and Universal
regarding the disposition of certain assets of Amblin' Entertainment and related
and miscellaneous issues, as more specifically set forth therein.

            VII.  THEME PARK RIGHTS

            Exhibit D, which is by this reference incorporated herein, shall
refer to the letter agreement dated as of July 31, 1995 between DW and Universal
regarding the utilization of certain DW projects as the basis for theme park and
other attractions, as more specifically set forth therein. Notwithstanding the
foregoing or anything in this Master Agreement to the contrary, Paragraph 9 of
Exhibit D of the Master Agreement shall govern the assignment of such Exhibit D
agreement.

            VIII. ADVANCE

            1.    Additional Definitions.

            "Advance Amount" at any time of determination, shall be equal to the
Advance, plus all Universal Adjustments, less all DW Adjustments and less the
advance adjustment effected under Paragraph VIII.3, if and when such adjustment
occurs.

            "Advance Maximum Amount" shall mean (i) until the NBC Closing, ***,
and (ii) on and after the NBC Closing, ***.

            "Aggregate Expenses" shall equal the sum of (x) Distribution
Expenses (as defined in Exhibit A) and (y) Service Expenses (as defined in
Exhibit B).

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            "Aggregate Fees" shall equal the sum of (x) Distribution Fees (as
defined in Exhibit A) and (y) Service Fees (as defined in Exhibit B).

            "Aggregate Receipts" shall equal the sum of (x) Gross Receipts (as
defined in Exhibit A) and (y) Service Receipts (as defined in Exhibit B).

            "Animation Advance Amount" at any time of determination, shall be
equal to the Initial Animation Advance, plus all Universal Animation
Adjustments, less all DW Animation Adjustments.

            "Animated Pictures" shall mean any theatrical motion picture in
which a substantial portion of the characters, creatures and environments are
created using animation techniques, including those techniques commonly referred
to as traditional hand-drawn animation, stop motion animation, claymation,
computer-generated animation or a similar or new method of animation now known
or hereafter devised; provided, however, that a theatrical motion picture shall
not be deemed an Animated Picture solely (i) because parts of its action are
created by animation intended to appear as live action, (ii) due to the
inclusion of incidental animation, or (iii) because it contains limited amounts
of animation presented in conjunction (whether or not in the same frame) with
live action (e.g., "Who Framed Roger Rabbit" would not be an Animated Picture).

            "Animation Pipeline Estimate" as of the end of any fiscal quarter
shall be equal to a commercially reasonable estimate, based on revenue figures
in ultimates, of Aggregate Receipts in the Territory for (i) Sinbad (to the
extent Distributor or FSP has been granted rights thereto pursuant to the
Agreement) and (ii) for all other Animated Pictures for which Distributor or FSP
has been granted rights pursuant to the Agreement (a) which had their initial
public release (whether in theatres in the Domestic Territory or the Foreign
Territory, on home video or otherwise) prior to the end of such quarter
("Animation Pipeline Released Pictures") and on or after November 1, 2003, and
(b) which are not Animated Pictures ultimates for which are included in the
Pipeline Estimate, and (c) that were placed in production or pre-production
(using estimates based on breakeven ultimates for such Pictures after
capitalized interest and overhead) prior to the end of such quarter (provided
that, with respect to any Picture described in clause (c), DW shall (I) be
firmly committed to the production of such Picture, without any third party
conditions, (II) have approved the preliminary budget and screenplay for such
Picture, and (III) have reasonably scheduled such Animated Picture for initial
domestic theatrical release within 18 months of the last day of such quarter)
less (x) Aggregate Fees which would be retained by Distributor and FSP based on
such estimated Aggregate Receipts, (y) estimated Aggregate Expenses attributable
to such Animated Pictures and (z) Aggregate Receipts for such Animated Pictures
actually paid to DW by Distributor and FSP prior to the end of such quarter. For
further clarity, once an Animated Picture has had its initial public release, it
shall only be factored in clause (ii)(a) above and shall no longer be factored
in clause (ii)(c). DW's independent auditors will certify that the ultimates for
Animated Pictures referred to in clause (ii)(a) above and for Sinbad are the
same figures used to prepare and review DW's quarterly, and prepare and audit
DW's annual, financial statements for the applicable fiscal period.

                                       26
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            "Pipeline Estimate" as of the end of any fiscal quarter shall be
equal to a commercially reasonable estimate, based on revenue figures in
ultimates, of Aggregate Receipts in the Territory for all Pictures for which
Distributor or FSP has been granted rights pursuant to the Agreement (a) which
had their initial public release (whether in theatres in the Domestic Territory
or the Foreign Territory, on home video or otherwise) prior to the end of such
quarter ("Pipeline Released Pictures"), (b) which are Animated Pictures which
had their initial public release prior to November 1, 2003 (other than Sinbad),
and (c) that were placed in production or pre-production (using estimates based
on breakeven ultimates for such Pictures after capitalized interest and
overhead) prior to the end of such quarter (provided that, with respect to any
Picture described in clause (c), DW shall (i) be firmly committed to the
production of such Picture, without any third party conditions, (ii) have
scheduled principal photography to commence within eight weeks of such
quarter-end, (iii) have binding commitments from the director and two principal
cast members for such Picture and (iv) have approved the preliminary budget and
screenplay for such Picture) less (x) Aggregate Fees which would be retained by
Distributor and FSP based on such estimated Aggregate Receipts, (y) estimated
Aggregated Expenses attributable to such Pictures and (z) Aggregate Receipts for
such Pictures actually paid to DW by Distributor and FSP prior to the end of
such quarter. For further clarity, once a Picture has had its initial public
release, it shall only be factored in clause (a) above and shall no longer be
factored in clause (c). DW's independent auditors will certify that the
ultimates for Pictures referred to in clause (a) above are the same figures used
to prepare and review DW's quarterly, and prepare and audit DW's annual,
financial statements for the applicable fiscal period.

            "Pipeline Required Amount" shall mean (i) until the NBC Closing,
***, and (ii) on and after the NBC Closing, ***.

            "Termination Date" shall mean the date either or both of Exhibit A
or Exhibit B terminates, for any reason, or expires.

            2. Outstanding Advance. Effective as of the Restatement Effective
Date, the Advance is in the stated amount of *** (the "Advance").

            3. Advance Adjustment. Effective as of the consummation of the
transactions contemplated by the Business Combination Agreement dated as of
October 8, 2003 by and among GE, National Broadcasting Holding, Inc., National
Broadcasting Company Inc., Vivendi Universal S.A. and Universal Studios Holding
III Corp. (the "NBC Closing"), *** of the Advance shall be forgiven and the
stated amount of the Advance shall be ***.

            4. Further Advance Adjustments. Not later than 45 days following the
end of each of the first three fiscal quarters of DW (commencing with the fiscal
quarter ending March 31, 2002) and 90 days following the end of each fiscal
year-end of DW (commencing with the fiscal year ending December 31, 2002) (each,
an "Estimate Date"), DW shall deliver to Universal a schedule containing DW's
good faith estimate of the Pipeline Estimate as of such Estimate Date (the
"Periodic Pipeline Schedule" and, collectively the "Pipeline Schedules"),
including reasonably detailed supporting documentation for such computation.
Within 5 business days following each Estimate Date:

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                  (i)   if the Pipeline Estimate in respect of such Estimate
                        Date is less than the Pipeline Required Amount and less
                        than the Pipeline Estimate in respect of the most recent
                        preceding Estimate Date (or the Initial Estimate Date,
                        in the case of the first Estimate Date), DW shall pay
                        Universal in cash by wire transfer in immediately
                        available funds an amount (a "DW Adjustment") equal to
                        *** of the difference between (x) the lesser of (A) the
                        Pipeline Required Amount and (B) the Pipeline Estimate
                        in respect of the most recent preceding Estimate Date,
                        and (y) the Pipeline Estimate on such Estimate Date; or

                  (ii)  if the Pipeline Estimate in respect of such Estimate
                        Date is greater than the Pipeline Estimate in respect of
                        the most recent preceding Estimate Date (or the Initial
                        Estimate Date, in the case of the first Estimate Date)
                        and the Pipeline Estimate in respect of such preceding
                        Estimate Date was less than the Pipeline Required
                        Amount, Universal shall pay DW (a "Universal
                        Adjustment") in cash by wire transfer in immediately
                        available funds an amount equal to *** of the difference
                        between (x) the lesser of (A) the Pipeline Required
                        Amount and (B) the Pipeline Estimate in respect of such
                        Estimate Date and (y) the Pipeline Estimate on the most
                        recent preceding Estimate Date provided in no instance
                        under this Agreement shall Universal be required to have
                        outstanding as an advance to DW more than the Advance
                        Maximum Amount, or to make any payment in respect of a
                        Universal Adjustment if DW is then in default under its
                        bank agreements or there is a Payment Default.

            5. Animation Advance and Adjustments. On the Restatement Effective
Date, DW shall deliver to Universal a schedule containing DW's good faith
computation of the Animation Pipeline Estimate for the most recently ended
fiscal quarter (the "Initial Animation Pipeline Schedule"), including reasonably
detailed supporting documentation for such computation. Within five business
days following the delivery to Universal of the Initial Animation Pipeline
Schedule (the date such payment is made, the "Initial Animation Advance Payment
Date"), provided DW is not then in default under its bank agreements and no
Payment Default exists, Universal shall advance to DW by wire transfer in
immediately available funds an amount (the "First Animation Advance") in cash
equal to the lesser of (x) *** and (y) *** of the Animation Pipeline Estimate in
the Initial Animation Pipeline Schedule. On the later of the Restatement
Effective Date and February 28, 2004, provided DW is not then in default under
its bank agreements, no Payment Default exists, and DW has provided an Animation
Pipeline Schedule for the fiscal quarter ended December 31, 2003, Universal
shall advance to DW by wire transfer in immediately available funds an amount in
cash which, together with the First Animation Advance, equals the lesser of (x)
*** and (y) *** of the Animation Pipeline Estimate for the fiscal quarter ended
December 31, 2003 (such amount, together with the First Animation Advance, the
"Initial Animation Advance"). Not later than 45 days following the end of each
of the first three fiscal quarters of DW (commencing with the fiscal quarter
ending December 31,

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2003 or, if later, the first fiscal quarter ended after the Restatement
Effective Date) and 90 days following the end of each fiscal year-end of DW
(commencing with the fiscal year ending December 31, 2003 unless the Restatement
Effective Date is after December 31, 2003 in which case commencing with the
fiscal year ending December 31, 2004) (each, an "Animation Estimate Date"), DW
shall deliver to Universal a schedule containing DW's good faith estimate of the
Animation Pipeline Estimate as of such Estimate Date (the "Periodic Animation
Pipeline Schedule" and, collectively with the Initial Animation Pipeline
Schedule, the "Animation Pipeline Schedules"), including reasonably detailed
supporting documentation for such computation. Within 5 business days following
each Animation Estimate Date:

                  (i)   if the Animation Pipeline Estimate in respect of such
                        Animation Estimate Date is less than *** and less than
                        the Animation Pipeline Estimate in respect of the most
                        recent preceding Animation Estimate Date (or the Initial
                        Animation Estimate Date, in the case of the first
                        Animation Estimate Date), DW shall pay Universal in cash
                        by wire transfer in immediately available funds an
                        amount (a "DW Animation Adjustment") equal to *** of the
                        difference between (x) the lesser of (A) *** and (B) the
                        Animation Pipeline Estimate in respect of the most
                        recent preceding Animation Estimate Date, and (y) the
                        Animation Pipeline Estimate on such Animation Estimate
                        Date; or

                  (ii)  if the Animation Pipeline Estimate in respect of such
                        Animation Estimate Date is greater than the Animation
                        Pipeline Estimate in respect of the most recent
                        preceding Animation Estimate Date (or the Initial
                        Animation Estimate Date, in the case of the first
                        Animation Estimate Date) and the Animation Pipeline
                        Estimate in respect of such preceding Animation Estimate
                        Date was less than *** Universal shall pay DW (a
                        "Universal Animation Adjustment") in cash by wire
                        transfer in immediately available funds an amount equal
                        to *** of the difference between (x) the lesser of (A)
                        *** and (B) the Animation Pipeline Estimate in respect
                        of such Animation Estimate Date and (y) the Animation
                        Pipeline Estimate on the most recent preceding Animation
                        Estimate Date provided in no instance under this
                        Agreement shall Universal be required to have
                        outstanding as an Animation Advance to DW more than ***
                        (prior to the later of the Restatement Effective Date
                        and February 28, 2004) or *** (on and after the later of
                        the Restatement Effective Date and February 28, 2004) or
                        to make any payment in respect of a Universal Animation
                        Adjustment if DW is then in default under its bank
                        agreements or there is a Payment Default.

            6.    Dispute Resolutions.

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            a.    If Universal delivers written notice to DW setting forth a
                  description of Universal's objections to any Pipeline Estimate
                  or Animation Pipeline Estimate, and the amount of the
                  adjustment that Universal believes should be made to each item
                  in respect of such objection (an "Objection Notice") no later
                  than ten days following receipt of such Pipeline Estimate or
                  Animation Pipeline Estimate (and associated supporting
                  documentation), the Parties hereto shall follow the resolution
                  procedure described below.

            b.    No later than ten days following receipt of an Objection
                  Notice, the Designated Officer of each of DW and Universal
                  shall meet and negotiate in good faith to resolve any items
                  set forth in the Objection Notice. "Designated Officer" shall
                  mean its chief financial officer, in the case of DW and its
                  Chief Financial Officer, in the case of Universal, or such
                  other senior executive of such Party as shall be reasonably
                  acceptable to the other Party.

            c.    If the Designated Officers are unable to resolve all the
                  objections set forth in any Objection Notice within ten days,
                  they shall jointly appoint Houlihan Lokey Howard & Zukin (the
                  "Neutral Expert") within three business days after the end of
                  such ten-day period. The Neutral Expert, acting as experts and
                  not as arbitrators, shall review the objections set forth in
                  the Objection Notice which were not resolved pursuant to the
                  procedure in clause (b) above. The Neutral Expert shall
                  determine, based on the requirements set forth in this
                  Agreement and only with respect to objections submitted to the
                  Neutral Expert, whether and to what extent the applicable
                  Pipeline Estimate or Animation Pipeline Estimate requires
                  adjustment. Universal and DW shall each pay 50% of the fees
                  and disbursements of the Neutral Expert in respect of such
                  engagement. Universal and DW shall, and shall cause their
                  representatives to, provide to the Neutral Expert full
                  cooperation. The Neutral Expert's resolution shall be
                  conclusive and binding upon the Parties.

            d.    The Pipeline Estimate or Animation Pipeline Estimate, as
                  applicable, for any quarter shall be deemed to reflect any
                  objections thereto resolved pursuant to the foregoing
                  procedure and any necessary adjustment to the amount of the
                  Advance or Animation Advance, as applicable, resulting from
                  such resolution shall be made within 5 days in accordance with
                  the procedures of Paragraphs VIII.4 and VIII.5 above.

            e.    Notwithstanding the foregoing, Universal shall not be entitled
                  to deliver an Objection Notice and trigger the procedures
                  described above if any Pipeline Estimate or Animation Pipeline
                  Estimate provided by DW reflects (solely for Pipeline Released
                  Pictures or Animation Pipeline Released Pictures, as
                  applicable) (i) as to the Pipeline Estimate, a Pipeline
                  Estimate greater than or equal to *** prior to the NBC Closing
                  and after

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                  the NBC Closing, a Pipeline Estimate greater than or equal to
                  ***, or (ii) as to the Animation Pipeline Estimate, greater
                  than or equal to ***.

            f.    In the event that the NBC Closing does not occur on or before
                  October 8, 2004, DW and Universal acknowledge and agree that
                  they will come to a mutually satisfactory alternative
                  arrangement as to the advance adjustment described in
                  Paragraph VIII.3 above (and corollary changes, e.g., to
                  definitions and other provisions of this Agreement).

            7.    Additional Payment Obligation.

            a.    On the last day of each fiscal quarter and on the first
                  Termination Date, through and including the last day of the
                  fiscal quarter in which the Advance and Animation Advance are
                  both repaid in full (each such date, a "Payment Date"), DW
                  shall pay to Universal by wire transfer in immediately
                  available funds an amount in cash equal to (i) the Additional
                  Amount (as defined below) for each date from and including the
                  preceding Payment Date until but excluding such Payment Date,
                  and (ii) the Animation Additional Amount (as defined below)
                  for each date from and including the preceding Payment Date
                  (or if none the Initial Animation Advance Payment Date) until
                  but excluding such Payment Date. In addition, all accrued and
                  unpaid Additional Amounts or Animation Additional Amounts
                  shall accrue (y) until the NBC Closing at a rate of *** per
                  year and (z) on and after such NBC Closing shall accrue at a
                  rate of *** per year. For purposes hereof, (I) the "Additional
                  Amount" means an amount equal to an annualized rate on the
                  Advance Amounts outstanding from time to time of *** per year
                  until the NBC Closing, and on and after the date of such NBC
                  Closing means an amount equal to an annualized rate on the
                  Advance Amounts outstanding of *** per year, and (II) the
                  "Animation Additional Amount" means an amount equal to an
                  annualized rate on the Animation Advance Amount outstanding
                  from time to time of *** until the NBC Closing, and on and
                  after the date of such NBC Closing means an amount equal to an
                  annualized rate on the Animation Advance Amount of *** per
                  year. Without limitation of its other rights and remedies
                  hereunder, Universal shall be entitled to set off and apply an
                  amount equal to any DW Adjustment if not paid when due and/or
                  any accrued but unpaid Additional Amounts or Animation
                  Additional Amounts not paid when due against, and recoup such
                  DW Adjustment amount, Additional Amounts or Animation
                  Additional Amounts from, any amounts owed to DW in accordance
                  with the Agreement; provided, however, that any DW Adjustment
                  or Additional Amounts may be recouped only against Aggregate
                  Receipts for Pictures other than Animated Pictures, and that
                  any DW Animation Adjustment or Animation Additional Amounts
                  may be recouped only against Aggregate Receipts for Animated
                  Pictures.

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            b.    Not later than sixty (60) days after (i) December 31 of each
                  calendar year which ends on or after December 31, 2006 and
                  during the Term of Exhibit A or Exhibit B, and (ii) the end of
                  the Term of Exhibit A or Exhibit B (if such Term ends after
                  December 31, 2006 other than on the last day of a year), the
                  cumulative Aggregate Fees paid to Universal since January 1,
                  2006 through the end of such calendar year or end of the Term
                  of Exhibit A or Exhibit B, as applicable, shall be calculated.
                  Each such calculation shall be an "Interest Credit
                  Calculation" and the period covered by such Interest Credit
                  Calculation is the "Interest Credit Calculation Period."

                  (i)   If at the time of any Interest Credit Calculation, the
                        cumulative Aggregate Fees for the relevant Interest
                        Credit Calculation Period are in excess of the product
                        of *** times the number of calendar years in such
                        Interest Credit Calculation Period (including any
                        partial year in the case of a termination other than at
                        the end of a calendar year) (such amount for the
                        relevant Interest Credit Calculation Period, the
                        "Interest Threshold Amount"), the amount in excess of
                        the Interest Threshold Amount (less any amount of such
                        excess previously credited pursuant to this Paragraph
                        VIII.7.b. and not previously repaid) shall be credited
                        on a dollar for dollar basis against Additional Amounts
                        and Animation Additional Amounts (collectively, "AAA
                        Amounts") paid or payable during the applicable Interest
                        Credit Calculation Period (the amount of any such credit
                        determined as a result of the foregoing is the "Interest
                        Credit"). Notwithstanding the foregoing, the maximum
                        aggregate amount of all Interest Credits which can be
                        earned under this Paragraph VIII.7.b. shall not exceed
                        the Interest Credit Cap. The "Interest Credit Cap" is a
                        dollar amount equal to *** per annum of the Advances
                        outstanding from time to time during the relevant
                        Interest Credit Calculation Period.

                  (ii)  If at the time of any Interest Credit Calculation any
                        Interest Credits are outstanding (i.e., have previously
                        been made and not reversed), and the cumulative Interest
                        Credit determined for such Interest Credit Calculation
                        Period is less than the cumulative Interest Credit
                        determined for the immediately preceding Interest Credit
                        Calculation Period (or, no Interest Credit is available
                        under the most recent Interest Credit Calculation), DW
                        shall be entitled to retain only that amount of
                        outstanding Interest Credits, if any, also available
                        under the most recent Interest Credit Calculation and
                        shall repay to Universal (in addition to any other AAA
                        Amounts due and payable at such time) an amount equal to
                        the difference between the Interest Credit (if any)
                        calculated for the most recent Interest Credit
                        Calculation Period and the Interest Credit previously
                        credited for the immediately preceding Interest Credit
                        Calculation Period.

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By way of illustration of this Paragraph VIII.7.b.:

            -     If as shown in Interest Credit Calculation for the Interest
                  Credit Calculation Period ended December 31, 2006, Universal
                  has received *** in Aggregate Fees for such Interest Credit
                  Calculation Period, DW would be entitled to a *** Interest
                  Credit against the 2006 AAA Amount. This would either be
                  credited against any 2006 AAA Amount payable to Universal or
                  if all such AAA Amounts have already been paid, Universal
                  would repay *** to DW. (Since the *** Interest Credit would
                  not exceed the Interest Credit Cap, the entire *** is
                  available.)

            -     If as shown in the Interest Credit Calculation for the
                  Interest Credit Calculation Period ended December 31, 2007,
                  Universal has received the *** in cumulative Aggregate Fees
                  for such Interest Credit Calculation Period, the *** Interest
                  Credit previously received for the Interest Credit Calculation
                  Period ended December 31, 2006 would be reversed and DW would
                  pay Universal *** corresponding to such reversal, in addition
                  to all AAA Amounts due in 2007.

            -     If as shown in the Interest Credit Calculation for the
                  Interest Credit Calculation Period ended December 31, 2008,
                  Universal has received *** in cumulative Aggregate Fees for
                  such Interest Credit Calculation Period, DW would be entitled
                  to a *** Interest Credit against AAA Amounts paid or payable
                  by DW for 2008 and against previous years' AAA Amounts to the
                  extent necessary, but subject in all cases to the Interest
                  Credit Cap.

            8. Repayment of Advance Amount, Animation Advance Amount, Additional
Amounts, Animation Additional Amounts. The Advance Amount, the Animation Advance
Amount, plus all accrued and unpaid AAA Amounts shall become immediately due and
payable upon the date (the "Due Date") which is the earliest to occur of (x) the
first Termination Date, (y) December 31, 2010 and (z) the 90th day after a
Payment Default (if such Payment Default has not been cured by such date).
Following the Due Date, Universal shall have no further obligations to DW in
respect of this Paragraph VIII. provided if the Due Date arises as a result of
the preceding clause (z) and the Payment Default is subsequently cured in full,
Universal's obligations to make Advances to DW under this Paragraph VIII. shall
be reinstated. Upon (a) notification by either DW or Universal to the other
Party of such Party's intention to terminate either Exhibit A or Exhibit B in
accordance with its respective terms, (b) the expiration or termination of any
Agreement Module in accordance with its terms prior to the stated expiration
date of December 31, 2010, or (c) the Due Date, then Universal shall be entitled
to set off and apply the Advance Amount, Animation Advance Amount, plus any
accrued but unpaid Additional Amounts or Animation Additional Amounts against,
and recoup the Advance Amount, Animation Advance Amount, Additional Amounts and
Animation Additional Amounts from, any amounts owed to DW in accordance with the
Agreement, provided that in no instance shall Universal be entitled (i) to
recoup Advance Amounts or Additional Amounts from Aggregate Receipts for
Animated Pictures included in the Animated Pipeline Estimate, or (ii) to recoup
Animated Advance Amounts or Animation Additional Amounts from Aggregate Receipts

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for Pictures included in the Pipeline Estimate. Any remaining Advance Amount,
Animation Advance Amount, Additional Amounts, and Animation Additional Amounts
after giving effect to such application shall, upon Universal's election (in its
sole discretion), convert into shares representing Preferred at a price of ***
per share. Any such amounts that Universal does not elect to convert to equity
pursuant to the foregoing sentence shall continue to be due and payable and
shall continue to accrue Additional Amounts or Animation Additional Amounts, as
applicable.

            Notwithstanding the foregoing, if both Exhibit A and Exhibit B
expire at their stated expiration date of December 31, 2010 (and only in such
case)(the "Special Repayment Case"), *** of the Advance outstanding on such date
and *** of the Animation Advance outstanding on such date shall be due and
payable June 30, 2011 together with all Additional Amounts and Animation
Additional Amounts accrued with respect thereto, and the remaining Advance and
the remaining Animation Advance shall be payable December 31, 2011, together
with all Additional Amounts and Animation Additional Amounts accrued with
respect thereto. In the Special Repayment Case, Universal shall be entitled to
set off the Advance, Animation Advance, Additional Amount and Animation
Additional Amounts against, or recoup such amounts from the amounts owed to DW
under this Agreement only against amounts received by Universal after December
31, 2010 and to the extent such amounts are recouped through the set off, shall
reduce DW's payment obligations under the preceding sentence. (Notwithstanding
the foregoing, in no instance shall Universal be entitled (i) to recoup Advance
Amounts or Additional Amounts from Aggregate Receipts for Animated Pictures
included in the Animated Pipeline Estimate, or (ii) to recoup Animated Advance
Amounts or Animation Additional Amounts from Aggregate Receipts for Pictures
included in the Pipeline Estimate.) Unless and until the Advance, Animation
Advance, Additional Amounts and Animation Additional Amounts are recouped or
repaid in full, Universal shall retain all distribution and fulfillment rights
it holds as of December 31, 2010 to Pictures then in release (theatrically or as
Videograms) or revenues for which have been in either the Pipeline Estimate or
the Animation Pipeline Estimate prior to December 31, 2010. In the Special
Repayment Case, DW shall have the right but not the requirement after December
31, 2010, to prepay all or any portion of the Advance Amount, Animation Advance
Amount, Additional Amounts and Animation Additional Amounts and on the payment
in full of all such amounts (whether by prepayment, set off, or payment) all of
Universal's distribution and fulfillment rights under Exhibit A and Exhibit B
shall terminate.

            IX.   MEDIA BUYS

            Until the later of (x) completion of all distribution by Distributor
pursuant to Exhibit A and (y) completion of all Fulfillment Services by FSP
pursuant to Exhibit B (the "Post-Term Period"), Universal shall cooperate with,
and consult with DW on such Media purchases as DW may require from time-to-time,
with the intent that to the extent not inconsistent with Universal's agreements
(and without detriment to Universal (e.g., Universal is not required to make
limited Media space available to DW which Universal intends to utilize for its
own purposes)), Universal will attempt to permit DW to utilize Universal's Media
rates (net of all discounts, rebates and adjustments) for such Media to the
extent such rates are better than DW's rates. Universal shall have no obligation
under this Paragraph IX. to provide services to

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DW, including in connection with identifying such potential opportunities or
making any Media buys, or to bear any costs in connection therewith. If DW has
the opportunity to utilize Universal's Media rates, DW shall bear all costs in
connection therewith. Media includes: all television (e.g. network, cable,
syndication and spot); radio (e.g., network and spot); print such as newspaper
advertisements, cable guides, magazines, periodicals, circulars, college print,
military print; outdoor such as billboards, bus shelters, bus sides, phone
kiosks, premiere squares; trade publications; internet and new media as they
evolve.

            X.    FILM LIBRARY; TRANSFER OF PICTURES, DW REORGANIZATION

            a.    Film Library Assets. It is the general understanding of the
                  Parties that until all of the Agreement Modules have been
                  terminated in accordance with their respective terms, DW will
                  notify Universal in advance of entering into substantive
                  negotiations concerning a transaction in which a third party
                  would acquire all or a substantial portion of DW's film
                  library (or a controlling equity interest therein); provided,
                  however, that the foregoing shall not apply to any proposed
                  transaction involving the acquisition of *** or more of the
                  equity interests in DW or significant assets of DW in addition
                  to its film library assets.

            b.    Transfer of Pictures; DW Reorganization. Notwithstanding
                  anything to the contrary in this Agreement, but subject to the
                  last sentence of this subsection X.b., if revenues from
                  theatrical distribution of, or from Videogram distribution of,
                  a Picture have been included in either the Pipeline Advance or
                  the Animation Pipeline Advance, Universal's rights under
                  Exhibit A and Exhibit B to distribute such Pictures and to
                  provide fulfillment services for any Videograms for such
                  Pictures shall survive any transfer of any rights in such
                  Picture to any Person (including any Affiliate). For purposes
                  of clarity, DW may transfer a Picture, or any rights therein,
                  provided any such transfer shall not abrogate, impair or
                  adversely affect, the rights to distribute or provide
                  fulfillment services which Universal holds under this
                  Agreement. If a Picture or any rights to receive revenues from
                  a Picture under this Agreement are transferred, the transferee
                  shall expressly acknowledge in writing Universal's rights to
                  distribute and provide fulfillment services in accordance with
                  this Agreement (a "Subject Picture Transfer"). DW shall notify
                  Universal of each Subject Picture Transfer not later than 30
                  days after consummation of such Subject Picture Transfer, and
                  deliver therewith the transferee's written acknowledgement
                  referenced in the prior sentence. Universal shall continue to
                  be entitled to deal solely with, and rely on DW's instructions
                  and directions in respect of any Pictures or Videograms
                  covered by a Subject Picture Transfer. In the event that DW
                  reorganizes or restructures in a way which includes the
                  transfer of portions of its film business to another entity
                  which is an Affiliate of DW, such entity (and its pictures and
                  videograms) shall be subject to Exhibit A and Exhibit B,
                  respectively, to the same extent as such pictures and
                  videograms would have been had

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                  DW had rights to such pictures and videograms and the
                  transferee acknowledges in writing Universal's rights to
                  distribute in accordance with this Agreement (an "Affiliate
                  Picture Transfer"). DW shall notify Universal of each
                  Affiliate Picture Transfer not later than 30 days after
                  consummation of such Affiliate Picture Transfer, and deliver
                  therewith the transferee's written acknowledgement referenced
                  in the prior sentence. Universal acknowledges that the
                  provisions of this subsection X.b. do not restrict DW's rights
                  to exclude either the Japan or the "German Territory" in
                  accordance with this Agreement, or DW's right to
                  self-distribute or to otherwise transfer, assign or license
                  rights in and to any Picture where and to the extent UIP
                  declines to distribute such Picture, or to exercise other
                  express rights set forth in this Agreement pursuant to which
                  DW may distribute Pictures or provide fulfillment services
                  itself.

            XI.   ADDITIONAL SERVICES

            During the Term and the Post-Term Period, DW and Universal will work
together to reduce overhead of both companies through the provision of common
services as may be mutually agreed from time to time, provided that neither
party shall be under any obligation to agree to any agreement related to or
designed to reduce overhead, and the terms of any agreement which the parties do
enter into related to the reduction of overhead shall be within each party's
sole discretion and control.

            XII.  MISCELLANEOUS PROVISIONS

            1.    Conflicting Provisions: In the event of a conflict between
anything contained in this Master Agreement and any provisions contained
elsewhere in the Agreement, this Master Agreement shall control.

            2.    Further Acts and Documents: The Parties each will perform such
other and further acts and execute, acknowledge and deliver such other and
further documents to evidence their respective rights and obligations under the
Agreement as may reasonably be necessary or appropriate to carry out the intent
hereof. Such documents shall be provided, or such acts taken, promptly upon the
receipt of written notice thereof given in accordance with the provisions of
Paragraph XII.20 below, unless the Party of whom such request is made submits,
within ten (10) business days (or, if specified in such written notice, such
shorter period as exigencies require) following receipt of such notice, a
written statement of its reason(s) for failing to comply therewith. In that
event, the Parties shall resolve such dispute in the same manner as any other
dispute which may arise under the Agreement. In the event no timely objection is
made or such objection is resolved, and the required Party fails to promptly
provide such documents or perform such acts, the requesting Party irrevocably
shall be appointed as the required Party's attorney-in-fact for such purpose. It
is acknowledged said appointment power is coupled with an interest.

            3.    Termination.

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<PAGE>

            a.    Exhibits C and/or D, as applicable, may be terminated by the
                  Terminating Party without prejudice to any other rights or
                  remedies available to it, under any of the following
                  circumstances:

                  (i)   Upon the occurrence of a material breach by the other
                        Party ("Breaching Party") of any portion of Exhibit C
                        and/or D, as applicable (i.e., a breach of Exhibit C
                        only shall not itself entitle the Terminating Party to
                        terminate Exhibit D, and vice versa), provided that, as
                        to a non-recurring breach which is capable of being
                        cured, the Terminating Party shall have first given
                        written notice within a reasonably prompt period after
                        discovery of the alleged breach specifying in reasonable
                        detail the alleged breach and the action(s) necessary to
                        cure and the Breaching Party shall have failed to so
                        cure the alleged material breach within 30 days (or such
                        shorter period as may be reasonably required) of receipt
                        of said notice; or

                  (ii)  If the other Party makes an assignment for the benefit
                        of creditors, files or has filed against it a petition
                        for bankruptcy (which proceeding is not dismissed,
                        bonded or discharged within 60 days of filing), becomes
                        insolvent or is adjudged bankrupt; or

                  (iii) If the other Party restructures (other than an internal
                        corporate reorganization, merger or consolidation, or
                        with the prior written consent of the non-restructuring
                        Party in its absolute sole discretion) in a manner that
                        has or may have a significant impact on either Party's
                        performance under the Agreement or dissolves. Any
                        dispute as to whether a restructuring has or may have a
                        significant impact on either Party's performance under
                        the Agreement shall be subject to dispute resolution
                        under Paragraph XII.13 below.

            b.    [Purposely left blank]

            c.    Any claimed right of termination of Exhibit(s) A, B, C and/or
                  D shall be subject to dispute resolution under Paragraph
                  XII.13 below. In the event of a termination of the Agreement,
                  or any Agreement Module(s) or portion thereof, DW shall retain
                  ownership of and all rights of every nature in and to its
                  "Pictures" and "Videograms" (as those capitalized terms are
                  defined and set forth in Exhibits A and B), provided that the
                  rights of the Parties with respect to any motion pictures or
                  television project subject to Exhibit C (whether in
                  development, production, distribution or otherwise) shall
                  continue and remain unchanged except to the extent otherwise
                  specifically provided therein. The following rights and
                  obligations shall survive termination of the Agreement, in
                  addition to any rights or obligations which any Agreement
                  Module provides will survive termination of the

                                       37
<PAGE>

                  Agreement or of such Agreement Module: (i) all
                  representations, warranties and indemnities; (ii) all
                  reporting and record keeping obligations; (iii) all of
                  Universal's rights to receive accountings and payments; (iv)
                  all of Universal's rights under Paragraphs VIII. and X.
                  hereof; and (v) any provision respecting the confidentiality
                  of information.

            d.    Upon the occurrence of a Limitation Event (as defined in the
                  LLC Agreement), DW shall provide prompt written notice of such
                  Limitation Event to Universal. Universal shall have the
                  option, exercisable by written notice to DW within ninety (90)
                  calendar days following receipt of such notice of Limitation
                  Event from DW, to terminate the Master Agreement and/or
                  Exhibit A and/or Exhibit B and/or Exhibit D, and, if such
                  notice is provided, the Company shall redeem the Preferred in
                  full, in cash, together with all accrued and unpaid cash and
                  non-cash distributions thereon, in accordance with and on the
                  date required under Section 8.01(a) of the LLC Agreement.
                  Notwithstanding any provision of the Agreement to the
                  contrary, neither Exhibit A nor Exhibit B shall terminate on a
                  Limitation Event, whether after Universal's option is
                  exercised or otherwise, unless and until the Advance,
                  Animation Advance, AAA Amounts have been repaid and the
                  Preferred shall have been redeemed in full, in cash, in
                  accordance with Section 8.01(a)(iv) of the LLC Agreement and
                  all accrued and unpaid cash and non-cash distributions thereon
                  have been paid.

            e.    DW shall have the right to terminate Exhibit A and Exhibit B
                  by providing written notice (a "Termination Notice") to
                  Universal no later than thirty (30) calendar days following a
                  Company Change of Control (as defined below), and Exhibits A
                  and B shall thereupon terminate on the date upon which the
                  Advance, Animation Advance, and AAA Amounts have been paid and
                  the Preferred shall have been redeemed in accordance with
                  Section 8.01(a)(iv) of the LLC Agreement and all accrued and
                  unpaid cash and non-cash distributions paid in full. If DW has
                  not provided a Termination Notice to Universal within thirty
                  (30) calendar days of a Company Change of Control, Universal
                  shall have the right to terminate the Agreement by providing a
                  Termination Notice to DW within fifteen (15) calendar days of
                  the later of (i) the expiration of such thirty (30) day
                  period, and (ii) the date on which the General Counsel of
                  Universal shall have actual knowledge of such Company Change
                  of Control, and this Agreement shall thereupon terminate on
                  the later of (x) 180 calendar days following the date of the
                  receipt of the Termination Notice by DW and (y) the date upon
                  which the Preferred shall have been redeemed in accordance
                  with Section 8.01(a)(iv) of the LLC Agreement and all accrued
                  and unpaid cash and non-cash distributions paid in full. In
                  the event either Party provides a Termination Notice
                  hereunder, the Company shall (i) repay the Advances, the
                  Additional Amounts, and the Animation Additional Amounts on or
                  before the termination of Exhibits A and B, (ii) pay the

                                       38
<PAGE>

                  Special Termination Fee, if applicable, and (iii) redeem the
                  Preferred in full, in cash, together with all accrued and
                  unpaid cash and non-cash distributions thereon, on the date
                  required under Section 8.01(a) of the LLC Agreement. DW shall
                  provide written notice to Universal of the termination date of
                  the Agreement pursuant to the preceding sentence no later than
                  twenty (20) calendar days following the receipt of the
                  Termination Notice.

                  A "Company Change of Control" for purposes of this Agreement
                  means (i) the acquisition of ownership, directly or
                  indirectly, beneficially or of record, of equity interests in
                  DW representing more than 50% of either the aggregate ordinary
                  voting power or of the aggregate equity value represented by
                  the issued and outstanding equity interests in DW, whether
                  pursuant to merger, consolidation, issuances by DW of equity
                  securities or otherwise by any Person or group (within the
                  meaning of Section 13(d)(3) or 14(d)(2) of the Securities
                  Exchange Act of 1934, as amended) other than any of the
                  Principals (as defined in the LLC Agreement) or their
                  Affiliates, if (in each case described in this clause (i)) as
                  a result of such acquisition or after such acquisition the
                  Principals no longer exercise actual control over the
                  management of DW, or (ii) the sale of all or substantially all
                  of the property, business or assets of DW or of its motion
                  picture studio division to any Person (excluding internal
                  reorganizations and transactions effected to reconstitute DW
                  as a corporation), so long as any such successor assumes the
                  obligations of DW under the LLC Agreement in respect of the
                  Preferred.

            f.    DW shall not have the right to terminate either Exhibit A or
                  Exhibit B as the result of any offering of securities by DW or
                  by any subsidiary of DW, or on any restructuring of DW or of
                  any subsidiary of DW. Notwithstanding the foregoing, if DW or
                  a subsidiary of DW consummates a registered public offering of
                  securities and thereafter the entity (DW or such subsidiary)
                  holding all or substantially all of the DW assets related to
                  the "live action" motion picture business sells such assets,
                  DW may elect, on not less than 180 days' notice, to have
                  Exhibit A and Exhibit B be inapplicable to such "live action"
                  Pictures included in such sale (but not any Animated Pictures)
                  effective on the date of consummation of the sale provided
                  that not later than such sale consummation date DW repays the
                  Advance, all Additional Amounts and the Preferred in full, in
                  cash, together with all accrued and unpaid cash and non-cash
                  distributions thereon (and, in the case of the Preferred, in
                  accordance with Section 8.01(a)(iv) of the LLC Agreement).

            4.    Warranties and Representations: Each Party warrants and
represents that:

            a.    It is an entity duly authorized to do business, and in good
                  standing, in the state of California and in the state in which
                  it is organized.

                                       39
<PAGE>

            b.    It has the power and authority to enter into the Agreement and
                  to perform in accordance with the terms thereof.

            c.    The Agreement and the execution thereof have been duly
                  authorized, and when executed and delivered the Agreement will
                  be a legally valid and binding obligation of each Party,
                  enforceable against each Party in accordance with its terms.

            d.    The execution, delivery and performance of the Agreement will
                  not violate any agreement, instrument or undertaking to which
                  such Party is a party or by which such Party or any of its
                  property is bound, except to the extent such violation could
                  not reasonably be expected to have a material adverse effect
                  on such Party.

            5.    Indemnity. In addition to, and without limiting, each Party's
indemnities under the Agreement Modules: (a) each Party ("Indemnitor") shall, at
its own cost and expense, indemnify, defend and hold harmless the other Party,
its Affiliates, employees, agents, managers, directors and shareholders
(collectively, "Indemnitee"), from and against all cost, loss (exclusive of
profits), liability, or expense (including reasonable outside attorneys' fees)
arising in connection with Indemnitor's breach of any of the representations,
warranties and agreements contained in the Agreement, or Indemnitor's violation
or alleged violation of any third party's rights and/or Indemnitor's violation
or alleged violation of law; (b) each Indemnitor shall, at its own cost and
expense, indemnify, defend and hold harmless each Indemnitee from and against
all cost, loss (exclusive of profits), liability, or expense (including
reasonable outside attorneys' fees) arising out of or in connection with any
claim by any third party that is in contractual privity with Indemnitor or with
a party engaged by Indemnitor, including co-ventures and Subdistributors as
defined in the Agreement Modules (collectively, a "Third Party"), if such claim
arises out of or in connection with the Agreement (provided that the indemnity
in this Paragraph XII.5 shall not apply to the extent that: (i) such claim is
the result of Indemnitee's breach or alleged breach of its contractual
obligations, if any, to such Third Party which is not caused by any breach or
wrongful act by Indemnitor; and/or (ii) the Indemnitee under this clause (b) is
an Indemnitor under clause (a) with respect to the same claim); and (c)
Universal shall, at its own cost and expense, indemnify, defend and hold
harmless DW, its Affiliates, employees, agents, managers, directors and
shareholders from and against all cost, loss, liability, or expense (including
reasonable outside attorneys' fees) resulting from any injury or loss suffered
by any third party on or in any facility owned by Universal, excluding the
"Premises" (as defined in Exhibit C) but including any "Theme Park" (as defined
in Exhibit D) or arising directly or indirectly out of any the development,
construction or use of any Permanent Attraction, Live Event, Restaurant, Walk
Around, Themed Area, or other use of any DW Element (as those terms are defined
in Exhibit D) in or in connection with any Theme Park. (Nothing in the
immediately preceding sentence shall be deemed to amend or affect the parties'
respective obligations under Paragraphs 8.h. and 8.i. of Exhibit C.) Indemnitee
will give Indemnitor prompt written notice of any such claim or proceeding by a
third party. If Indemnitor does not notify Indemnitee within a reasonable period
after Indemnitor's receipt of notice of such claim or proceeding that Indemnitor
is assuming the defense of Indemnitee, then until such defense is assumed by
Indemnitor and except as set forth below, Indemnitee shall have the right

                                       40
<PAGE>

to defend, contest, settle or compromise such claim by a third party in the
exercise of its reasonable judgment and all costs and expenses of such defense,
contest, settlement or compromise (including reasonable outside attorneys' fees
and expenses) shall be reimbursed to Indemnitee by Indemnitor. Upon assumption
of the defense of any such claim or proceeding, Indemnitor shall, at its own
cost and expense, select legal counsel, conduct and control the defense and/or
settlement of any suit or action which is covered by Indemnitor's indemnity.
Indemnitee shall render all cooperation and assistance reasonably requested by
the Indemnitor, and Indemnitor shall keep Indemnitee fully apprised of the
status of any claim or proceeding. Notwithstanding the foregoing, Indemnitee
may, at its election and sole expense, be represented in such action by separate
counsel, and, if Indemnitee thereby waives Indemnitor's indemnity hereunder,
Indemnitee may, at its election and sole expense, assume the defense of any such
action. Unless Indemnitee waives the indemnity hereunder, in no event shall
Indemnitee settle any claim or proceeding covered by this indemnity or stipulate
to, admit or acknowledge any liability or wrongdoing (whether in contract, tort
or otherwise) of any issue which may be covered by this indemnity, in each case
without the consent of the Indemnitor.

            6.    Publicity. Except as may be required by law or NASD or stock
exchange rules, no press release concerning the Agreement (including its
creation or termination) or any of its terms or conditions, or containing any
other trade secret or confidential information of the other Party, or concerning
any dispute or claim arising under the Agreement, shall be issued by either
Party without the express written consent of the other Party obtained in advance
and in each instance.

            7.    Assignment. Subject to any further provisions permitting or
restricting assignment of all or any portion of an Agreement Module that are
expressly set forth in the pertinent Agreement Module:

            a.    Universal (and/or its Affiliates which are a party to, or are
                  obligated to perform under, any Agreement Module) shall not
                  assign the Agreement, or any of its rights or interests
                  thereunder, except: (a) to an Affiliate of Universal,
                  including in connection with an internal corporate
                  reorganization, a merger or consolidation, in each case so
                  long as such assignment does not relieve the assigning party
                  of its obligations under this Agreement; or (b) upon the prior
                  written consent of DW in its absolute sole discretion.

            b.    DW shall not assign the Agreement, or any of its rights or
                  interests thereunder, except: (a) to an Affiliate of DW,
                  including in connection with an internal corporate
                  reorganization, a merger or consolidation, in each case so
                  long as such assignment does not relieve the assigning party
                  of its obligations under this Agreement; or (b) upon the prior
                  written consent of Universal in its absolute sole discretion.
                  Notwithstanding the foregoing, DW may not assign to any Person
                  its right to receive the Advance, the Animation Advance or any
                  Universal Adjustment or Universal Animation Adjustment
                  amounts.

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<PAGE>

            c.    Any attempted assignment in contravention of the foregoing
                  shall be deemed a material breach of the Agreement. In the
                  event of a permitted assignment by either Party, the assigning
                  Party shall nonetheless remain primarily liable hereunder.

            d.    Notwithstanding the foregoing, either Party may have any
                  Affiliate perform its obligations under the Agreement, subject
                  to the terms and conditions of the Agreement; provided that
                  each Party shall remain responsible for the performance of its
                  obligations under the Agreement and its Affiliates'
                  performance.

            8.    IPO Related Capital Structure Changes. If DW or a subsidiary
of DW which is more than 50% owned by, and is controlled by DW (a "DW
Subsidiary") gives notice to Universal that it intends to file a registration
statement under the Securities Act of 1933, as amended, for the purpose of
registering shares of stock of DW or of such DW Subsidiary, as applicable, for
the first time for sale to the public (an "IPO"), Universal agrees that it will
in good faith discuss changes to the structure of the Preferred and to the
Advance and/or Animation Advance to consummate such IPO provided in no event
shall Universal (i) be required to agree to any changes other than those changes
which are reasonably necessary for consummation of such IPO, or (ii) be required
to compromise its rights or obligations under this Agreement, the LLC Agreement
or with respect to the Preferred in connection with such IPO. Whatever agreement
the parties reach as to changes, if any, shall be effective only upon
consummation of the IPO of DW or such DW Subsidiary.

            9.    Financial Information. DW shall provide to the outside
auditors of Universal all the information required to be provided to the holder
of the Preferred under Article 3 of the LLC Agreement (subject to such auditors
entering into appropriate confidentiality agreements) until both Exhibits A and
B have terminated, regardless of whether the Preferred is outstanding. All
information provided by DW under this Paragraph XII.9 shall be subject to
Paragraph XII.17 hereof so long as it is Confidential Information as defined
therein, and may not be disclosed by such outside auditors except to persons
entitled to receive such information under Section 3.07 of the LLC Agreement.

            10.   Active Involvement. DW covenants and agrees that for so long
as any portion of the Animation Advance is outstanding, Jeffrey Katzenberg will
be actively involved in the management of DW's animated motion picture business.
For purposes of clarity, Mr. Katzenberg is not required to be actively involved
if he is incapacitated, and this Paragraph XII.10 shall be of no further force
or effect on Mr. Katzenberg's death.

            11.   No Partnership or Third Party Benefit. The Agreement does not
constitute the Parties as partners, joint venturers, or as each other's agents
or representatives (except as may be therein otherwise expressly provided). The
Agreement is not for the benefit of any third party and shall not give any right
or remedy to any such third party whether or not referred to therein.

            12.   Integration/Formalities. This Agreement, Amendment No. 2, the
LLC Agreement and the Subscription Agreement contain the entire agreement and
understanding between the Parties relating to the subject matter hereof and
supersedes, cancels and replaces any

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<PAGE>

prior understanding, writing or agreement between the Parties relating to such
subject matter (including, without limitation, the Film Term Sheet dated as of
October 31, 2003). The Agreement may not be amended, modified or altered except
by an instrument in writing duly executed by both Parties. The Parties
acknowledge that each was represented by counsel in the negotiation and
execution of the Agreement. No provision therein shall be construed against
either Party by virtue of the activity of that Party, through its counsel or
otherwise, in negotiating and drafting the Agreement.

            13.   Dispute Resolution. Any controversy or dispute between the
Parties arising out of the Agreement or the LLC Agreement or relating in any way
to the rights and obligations of the Parties thereunder, including any
controversy or dispute between the Parties concerning the distribution and other
exploitation of DW's motion pictures, videograms, recordings, or other
intellectual property thereunder, any matter requiring mutual agreement between
the Parties, and accounting and payment obligations shall be resolved by
submitting such controversy or dispute to a "Judge" (as defined below), whose
decision shall be final and binding and enforceable in a court of competent
jurisdiction. The Parties will abide by the following procedures:

            a.    Before proceedings are initiated hereunder, the CEO or COO or
                  any of the Presidents of DW (as designated by DW) and the CEO
                  or COO of Universal shall meet in good faith to attempt to
                  resolve the dispute.

            b.    If the dispute is not so resolved, the Parties shall meet
                  within three (3) business days and shall agree upon a Judge to
                  whom the dispute will be submitted. "Judge" shall mean a
                  retired federal court justice or judge, or a retired justice
                  or judge of the California Supreme Court, Court of Appeals or
                  Superior Court, who is available to render dispute resolution
                  services in the County of Los Angeles. In the event that the
                  Parties cannot, within such three (3) business day period,
                  agree upon a Judge, either Party may apply to the Superior
                  Court for the State of California, County of Los Angeles, for
                  the appointment of a Judge, and upon such appointment, such
                  Party shall also be awarded its costs and attorneys' fees in
                  connection with the application; in the event both Parties
                  jointly or separately apply, no costs and fees will be
                  awarded.

            c.    Within fourteen (14) business days of the
                  selection/appointment of a Judge, the Parties shall submit a
                  Joint Statement setting forth: (i) a Joint Statement of Facts;
                  (ii) a summary of each Party's claim or defense, including
                  factual and legal contentions; and (iii) a joint discovery
                  plan. Within ten (10) business days of service of the Joint
                  Statement, the Parties (through their counsel) and the Judge
                  shall convene in person or by telephone, and at such meeting
                  the Judge shall order a discovery schedule and set a hearing
                  date. It is the intent of the Parties hereunder to resolve
                  disputes as expeditiously as possible, and it is the Parties'
                  goal that a hearing be held and a decision be rendered within
                  three (3) months, except in complex cases, in which event a
                  hearing shall be held and a decision

                                       43
<PAGE>

                  rendered within six (6) months. In the event a Party seeks
                  preliminary injunctive relief, the Judge shall hold an
                  expedited hearing on a schedule to be determined by the Judge.

            d.    The Parties' rights of discovery shall be governed by the
                  California Rules of Civil Procedure.

            e.    Except as specifically provided herein, the Judge shall have
                  the same powers as those of a judge of the United States
                  District Court for the Central District of California, and
                  shall render a decision as would a judge of such Court.
                  Without limitation, such authority includes the power: (i) to
                  enter and serve a written award within ten (10) business days
                  after the hearing is concluded and final briefs (if permitted)
                  submitted, and in this regard shall have specific power to
                  order injunctive relief (preliminary and permanent) and to
                  award compensatory (but not punitive) damages, all enforceable
                  by a court of competent jurisdiction; and (ii) to award costs
                  and reasonable attorneys' fees to the prevailing party.

            f.    The Parties reserve their rights to confirm, correct or vacate
                  the award pursuant to California Code of Civil Procedure
                  Section 1285, et seq., subject always to the limitations set
                  forth in subparagraph e. above. If an award is so confirmed,
                  the prevailing Party shall recover its costs and reasonable
                  attorneys' fees in connection with such confirmation. A party
                  shall have the right to appeal the ruling of the Judge to a
                  panel of three retired judges. A party shall have five
                  business days after its receipt of the Judge's ruling to serve
                  notice of its exercise of this right to appeal. The parties
                  shall use the same procedure for selection of the Judge in
                  Paragraph XII.13.b. to select the panel of three judges for
                  the appeal (the "Panel"). The Panel shall use the same
                  standard of review of the Judge's ruling as if it were a
                  California Court of Appeal reviewing a trial judge's ruling.
                  The opening brief of the appealing party shall be due within
                  20 days of the selection of the Panel, the opposing brief
                  within 20 days of receipt of the opening brief, and the reply
                  brief will be due within 10 days of the appealing party's
                  receipt of the opposing brief. The Panel will hold oral
                  argument within 20 days of the filing of the final brief, and
                  issue a written opinion, stating its reasons for its decision,
                  20 days thereafter.

            g.    In the event the dispute or controversy involves the rights
                  and obligations of one or more third parties, the Parties
                  shall attempt in good faith to have them join in the
                  proceeding, submit to the jurisdiction of the Judge, and agree
                  to be bound by the Judge's award. In the event, however, that
                  there is no such joinder, the Judge shall have authority to
                  resolve the dispute or controversy as between the Parties
                  without the participation of any third party.

                                       44
<PAGE>

            h.    Each party shall bear half the costs of the Judge (and any
                  staff for the proceedings (such as a court reporter), unless
                  the Judge in his or her discretion awards some or all of such
                  costs to the prevailing Party.

            14.   Severability of Provisions. If any provision in the Agreement
shall be held by any court of competent jurisdiction to be illegal, void or
unenforceable, such provision shall be of no force or effect while such
infirmity shall exist, but such infirmity shall have no effect whatsoever upon
the binding force or effectiveness of any of the other provisions thereof.

            15.   Waiver. No delay or failure to exercise any right hereunder
shall constitute a waiver of such right except in those instances where the
Agreement provides for specific notice and a period of time thereafter within
which to exercise a right, in which case failure to exercise such right within
the specified time period shall constitute a waiver thereof.

            16.   Governing Law. The Agreement shall be construed and enforced
in accordance with the laws of the state of California, applicable to contracts
entered into and to be fully performed in said state by residents thereof. For
purposes of enforcing, confirming or vacating an award under Paragraph XII.13
above, or in the event the provisions of such Paragraph XII.13 shall be held
invalid or unenforceable, only the California courts (state and federal) shall
have jurisdiction over controversies regarding or arising under the Agreement,
and if there is any matter which might be subject either to state or federal
jurisdiction, the Parties agree that the matter shall be submitted to federal
jurisdiction. The Parties specifically agree that the Superior Court of the
State of California, County of Los Angeles and the United States District Court
for the Central District of California shall have personal jurisdiction over
them, and each of them, notwithstanding the fact that they may be citizens of
other states or countries. In this regard the Parties agree that Los Angeles
County is a convenient forum.

            17.   Confidentiality. Except as may be required by law or NASD or
stock exchange rules, each Party shall keep confidential all terms and
conditions contained herein. Universal and DW acknowledge that they will, during
the Term have access to, and acquire knowledge from, materials, data and other
information which is not accessible or known to the general public
("Confidential Information"). Except as required by law or NASD or stock
exchange rules, or as may be required for the preparation of tax returns or
other government or legally required documents, or as reasonably necessary to
employees, agents, lawyers, accountants, auditors, bankers, consultants,
representatives or investors of Universal or DW or their Affiliates for a bona
fide business purpose (who shall be similarly bound by these confidentiality
provisions), neither the Confidential Information nor any knowledge acquired by
Universal or DW, as the case may be, from such Confidential Information or
otherwise through its engagement hereunder shall be used, publicized or divulged
by the other to any other Person without the prior written consent of the other
Party obtained in advance and in each instance. Nothing herein shall prevent
either Party, or any employees, agents, lawyers, accountants, auditors, bankers,
consultants, representatives or investors of such Party or its Affiliates (the
"Receiving Party") from using, disclosing, or authorizing the disclosure of any
information it receives in the course of performance of the Agreement which:

                                       45
<PAGE>

            a.    was known to the Receiving Party prior to its disclosure by
                  the other Party;

            b.    is or becomes publicly available without default hereunder by
                  the Receiving Party;

            c.    is lawfully acquired by the Receiving Party from a source
                  which is not an agent or representative of the Receiving Party
                  and is not under any obligation to the other Party regarding
                  disclosure of such information;

            d.    is independently developed by the Receiving Party without use
                  of any of the other Party's confidential information; or

            e.    is disclosed by the other Party hereto to unaffiliated third
                  parties without confidential undertakings.

Notwithstanding anything herein to the contrary, any party to the Agreement (and
any employee, representative or other agent of such party) may disclose to any
and all Persons, without limitation of any kind, the tax treatment and tax
structure of the transactions contemplated by the Agreement and all materials of
any kind (including opinions or other tax analyses) that are provided to it
relating to such tax treatment and tax structure, except that (i) tax treatment
and tax structure shall not include the identity of any existing or future party
(or any affiliate of such party) to the Agreement and (ii) this provision shall
not permit disclosure to the extent that nondisclosure is reasonably necessary
in order to comply with applicable securities laws.

            18.   Notice of Representatives. DW will give Universal reasonable
notice of DW's appropriate contact person(s). Universal will give DW reasonable
notice of Universal's appropriate contact person(s).

            19.   Paragraph Headings. Paragraph headings and titles are solely
for convenience of reference and are not a part of the Agreement, nor are they
intended to aid or govern the interpretation of the Agreement.

            20.   Notices. All notices hereunder shall be served by private
delivery service, and shall be deemed given on the date delivered to the
following addresses (or such other addresses as either Party may hereafter
designate in writing):

                  DW:         1000 Flower Street
                              Glendale, California 91201
                              Attention: General Counsel

                  Universal:  100 Universal City Plaza
                              Universal City, CA 91608

                                       46
<PAGE>

                              Attention: Executive Vice President and General
                              Counsel

                  After the NBC Closing, with a copy to:

                              NBC Universal

                              Attn: General Counsel
                              30 Rockefeller Plaza
                              New York, NY 10112
                              Fax: (212) 664-4733

                                       47
<PAGE>

            Counterparts. The Agreement may be executed in multiple
            counterparts, each of which shall be deemed an original and all of
            which, taken together, shall constitute one and the same instrument,
            which may be sufficiently evidenced by One counterpart.

            IN WITNESS WHEREOF, the Parties have caused this Master Agreement to
be duly executed as of the date first written above.

                                DREAMWORKS L.L.C.

                                By        /s/ KRIS LESLIE
                                          -------------------------------

                                Its       Authorized Signatory

                                UNIVERSAL STUDIOS, INC.

                                By        _______________________________

                                Its       _______________________________

                                VIVENDI UNIVERSAL
                                ENTERTAINMENT LLP, AS ASSIGNEE

                                By        _______________________________

                                Its       _______________________________

                                       48
<PAGE>

            Counterparts. The Agreement may be executed in multiple
            counterparts, each of which shall be deemed an original and all of
            which, taken together, shall constitute one and the same instrument,
            which may be sufficiently evidenced by one counterpart.

            IN WITNESS WHEREOF, the Parties have caused this Master Agreement to
be duly executed as of the date first written above.

                                DREAMWORKS L.L.C.

                                By        _______________________________

                                Its       _______________________________

                                UNIVERSAL STUDIOS, INC.

                                By        /s/ ___________________________

                                Its       _______________________________

                                VIVENDI UNIVERSAL
                                ENTERTAINMENT LLP, AS ASSIGNEE

                                By        /s/ ___________________________

                                Its       _______________________________

                                       49

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