exec code in module.__dict__
means execute the commands in the file or string called 'code', taking global and local variables referred to in 'code' from module.dict and storing local and global variables created in 'code' into the dictionary module.dict
See http://docs.python.org/reference/simple_stmts.html#exec
Eg:
In [51]: mydict={}
In [52]: exec "val1=100" in mydict
In [53]: mydict['val1']
Out[53]: 100
Eg2:
In [54]: mydict={}
In [55]: mydict['val2']=200
In [56]: exec "val1=val2" in mydict
In [57]: mydict.keys()
Out[57]: ['__builtins__', 'val2', 'val1']
In [58]: mydict['val2']
Out[58]: 200
In [59]: mydict['val1']
Out[59]: 200
http://stackoverflow.com/questions/12521675/given-module-m-and-code-object-c-what-does-exec-c-in-m-dict-do
http://stackoverflow.com/questions/2315044/how-to-generate-a-module-object-from-a-code-object-in-python