Duplicate

                             Memorandum of Amendment
                 Attached to the Building Space Lease Agreement
               Bangkok International Airport and Regional Airports
                       No. 4/2545, dated February 12, 2001
                                  1st Amendment


         This memorandum is made at the Airports  Authority of Thailand on April
30, 2002 between the Airports  Authority of Thailand,  by Flight Lieutenant M.L.
Yom  Ngonrot,  Director of Bangkok  International  Airport  acting for  Managing
Director of the Airports Authority of Thailand, hereinafter called, the "lessor"
on one party and King Power Duty Free Co., Ltd., registered as a juristic person
as a limited  company under the Civil and Commercial  Code,  with head office at
No. 989,  26th-27th  Floors,  Siam Tower,  Rama I Road, Pathum Wan Sub-district,
Pathum Wan District, Bangkok Metropolis, by Mr. Viratana Suntaranond, authorized
to oblige  King Power  Duty Free Co.,  Ltd.,  according  to the  Certificate  of
Bangkok  Company/Partnership  Registration  Office, No. 2235, dated February 15,
2002, hereinafter called, "lessee" on the other party.

         Whereas the lessor  agrees to lease out and the lessee  agrees to lease
space in Bangkok  International Airport and regional airports under the lessor's
jurisdiction  according to Agreement No.  4/2545,  dated February 12, 2001 for 3
years from  January 1, 2002 to  December  31,  2004 or the date on which the New
Bangkok  International  Airport  (Nong Ngu Hao  Airport)  is opened to  service,
whichever comes first,

         And whereas the lessor and the lessee  agree to change the Area Numbers
of the leased premises and layout of the leased premises as follows:

         -        changing  the leased space in Chiang Mai Airport from Area No.
                  1B 108 to 1B 118 with the same space size
         -        canceling the layout of the leased  premises on sheets No. 15,
                  16 and 20
         -        canceling  the lease of Area No. 1A 123 of 8 square meters and
                  Area No. 1A 233 of 9.50  square  meters in Chiang Mai  Airport
                  from January 1, 2002.

         Therefore,  the  lessor  and lessee  agree to make this  memorandum  as
follows:

         Section  1.  Sheets  No. 2, 15, 16 and 20 in  Appendix  A  attached  to
Agreement  No.  4/2545,  dated  February 12, 2001 shall be repealed and replaced
with  Sheets No. 1, 2, 3, and 4 in Appendix A attached  to this  memorandum  and
appeared  as Sheets  No. 2, 15, 16 and 20 in  Appendix  A  attached  to the said
Agreement.

         Section 2. . Other  statements in Agreement No. 4/2545,  dated February
12,  2001 asides from what's  specified  in Section 1 of this  memorandum  shall
continue to be enforceable.

         Section  3. This  memorandum  shall go into  effect on  January 1, 2002
onwards.

<PAGE>

         This memorandum is made in duplicated copies. Both parties, having read
and understood it entire,  hereunder sign their names and affix seal (if any) in
the presence of witnesses and each retaining one copy.


The Lessor                               The Lessee
----------                               ----------

F. Lt. ..... Signed ....                 .... Signed ....
(M.L. Yom Ngonrot)                       (Mr. Viratana Suntaranond)
                                         (Seal of King Power Duty Free Co.,Ltd.)

Witness                                  Witness
-------                                  -------

..... Signed ....                         .... Signed ....
(Mr. Krit Phakhakit)                     (Miss Sarinthorn Chongchaidejwong)

<PAGE>
<TABLE>
<CAPTION>

                                                                      Appendix A

                Details of Lease Premises, Lease Period, Rents,
                       Fees and Layout of Leased Premises
          Attached to Memorandum of Amendment to Agreement No. 4/2545,
                            dated February 12, 2001
                                  1st Amendment

                                                                     Sheet No. 1

-------------- --------------- ------------ ------------- ------------- --------------- ----------- --------------------------------
  Leased           Area in      Rent Rate    Total Rents   Service Fee   Building/Land   Indemnity           Lease Period
 Premises       Square Meters   Baht/Month   Baht/Month      Bt/Month      Tax (Bt/M       Bt/Day
-------------- --------------- ------------ ------------- ------------- --------------- ----------- --------------------------------
                                                                                                          From              To
-------------- --------------- ------------ ------------- ------------- --------------- ----------- --------------- ----------------
Building space in Chiang Mai Airport
====================================---------------------------------------------------------------
<S>            <C>             <C>          <C>           <C>           <C>             <C>         <C>             <C>
- No. 1 B 118           21.00       450.00      9,450.00      1,417.50        1,181.25      803.25
-------------- --------------- ------------ ------------- ------------- --------------- -----------
- No. 1 B 203           42.00       450.00     18,900.00      2,835.00        2,362.50    1,606.50
-------------- --------------- ------------ ------------- ------------- --------------- -----------

-------------- --------------- ------------ ------------- ------------- --------------- ----------- In  line   with  the  terms  and
Building space in Hat Yai Airport                                                                   conditions,  Clause  1.2  in the
=================================------------------------ ------------- --------------- ----------- Agreement
- No. 1314              34.50       450.00     15,525.00      2,328.75        1,940.63    1,319.63
-------------- --------------- ------------ ------------- ------------- --------------- -----------
- No. 2310              24.00       450.00     10,800.00      1,620.00        1,350.00      918.00
-------------- --------------- ------------ ------------- ------------- --------------- -----------

-------------- --------------- ------------ ------------- ------------- --------------- -----------
Building space in Phuket Airport
================================------------------------- ------------- --------------- -----------
- No. AI 103            85.00       450.00     38,250.00      5,737.50        4,781.25    3,251.25
-------------- --------------- ------------ ------------- ------------- --------------- -----------
- No. DI 201           106.32       450.00     47,844.00      7,176.60        5,980.50    4,066.74
-------------- --------------- ------------ ------------- ------------- --------------- -----------

-------------- --------------- ------------ ------------- ------------- --------------- ----------- --------------------------------
</TABLE>