Duplicate

                         Building Space Lease Agreement
             In Bangkok International Airport and Regional Airports

                                                            Agreement No. 4/2545


         This  Agreement  is made  at the  Airports  Authority  of  Thailand  on
February  12,  2001  between  the  Airports  Authority  of  Thailand,  by Flight
Lieutenant Usar Borisuth, Deputy Managing Director, 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. 761,  dated  January  18,  2001,
hereinafter called, "lessee" on the other party.

         Whereas the lessor  agrees to lease out and the lessee  agrees to lease
the lessor's  property  for use as an outlet to sell  duty-free  merchandise  in
Bangkok   International   Airport  and  regional  airports  under  the  lessor's
jurisdiction, namely, Chiang Mai Airport, Hat Yai Airport and Phuket Airport.

         Therefore, both parties agree as follows:

         The  lessor  agrees  to lease  out and the  lessee  agrees to lease the
property  according to the Terms and  Conditions  of the Lease and the following
Appendices, deemed part of this Agreement.

         Appendix A        Details  and  list  of  the  leased  property,  lease
                           period,  rents, fees and charges, and a layout of the
                           leased premises

         Appendix B        Documents   showing  the  lessee's   juristic  entity
                           registration  and persons  empowered  to sign for the
                           lessee

         Appendix C        Others (if any)

         This Agreement 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 ....
(Usar Borisuth)                         Mr. Viratana Suntaranond)
                                        (Seal of  King Power Duty Free Co.,Ltd.)

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

..... Signed ....                        .... Signed ....
(Mr. Sukhawat Chayakorn)                (Mr. Sombat Dechapanichkul)

<PAGE>


                        Terms and Conditions of the Lease

Chapter 1         General Terms and Conditions

Chapter 2         Special Terms and Conditions

                           --------------------------


Chapter 1         General Terms and Conditions

1.1      Scope of Lease
         The lessee agrees to lease the lessor's property,  hereinafter  called,
         the "leased premises"  according to the details  prescribed in Appendix
         A.

         The leased premises stated in the first paragraph are where the Airport
         Duty Free Co.,  Ltd.;  the original  lessee made use of them as of July
         31, 2001 (not  including  Area No.  3265/1 of 108.50  square meters and
         Area No.  3265 F/1 of  165.00  square  meters,  on the 3rd floor of the
         Departure  Lounge,  International  Terminal  1,  Bangkok  International
         Airport,  and the lessee  agrees to return the  leased  premises  under
         those area numbers to the lessor to turn them into department lounge as
         of the date on which the Agreement  goes into effect,  according to the
         lessee's letter No. Khor Phor Dor. 657/2543, dated November 13, 2000.)

         If on the date this  Agreement  goes  into  effect,  the space  becomes
         larger or smaller  than the one the lessee  used to occupy,  the lessor
         and lessee shall correct the leased premises accordingly.

1.2      Lease Period
         1.2.1    Under the  conditions  in Clause  1.2.2,  the lessor agrees to
                  allow  the  lessee  to use  the  leased  premises  under  this
                  Agreement  for 3 years,  from  January 1, 2002 to December 31,
                  2004.

                  After expiry of the lease in the first  paragraph,  the lessor
                  shall renew the  Agreement for another 2 years from January 1,
                  2005 to December 31,  2006.  Both parties will sign in another
                  agreement as evidence for both parties.

         1.2.2    In case the New Bangkok  International  Airport  (Nong Ngu Hao
                  Airport)  is  inaugurated  before the expiry of the  Agreement
                  stated in the first  paragraph of Clause  1.2.1,  both parties
                  agree that the lease under this Agreement  shall be terminated
                  on  the  date  of  the   inauguration   of  the  New   Bangkok
                  International Airport. Either party cannot demand compensation
                  from the other party due to the Agreement  termination  before
                  the scheduled expiry,  stated in the first paragraph of Clause
                  1.2.1.

                  The inauguration date of the New Bangkok International Airport
                  stated in the first paragraph  refers to the date on which the
                  New Bangkok  International Airport is officially opened with a
                  Notice to Airmen (NOTAM).


<PAGE>

1.3      Remuneration and Method of Payment

         1.3.1    The  lessee  agrees  to  pay  remuneration  to the  lessor  as
                  follows:

                  (a)      Fee for entering  into the Agreement of Bt5,000 (five
                           thousand Baht), not including value-added tax

                  (b)      Rents and other charges as prescribed in Appendix A

         1.3.2    Payment  of the fee for  entering  into  the  Agreement  under
                  Clause 1.3.1 (a) shall be made to the lessor on the  Agreement
                  signing date.

         1.3.3    Payment of the rents and charges as  prescribed  in Appendix A
                  shall be made on a monthly  basis to the  lessor in advance by
                  the 5th date of each month.

         1.3.4    The lessee agrees to be  responsible  for all expenses such as
                  electricity,   telephone,   water  supply  charges  and  other
                  expenses  incurred  from the lease under this  Agreement,  and
                  shall make payment to the lessor within the due date indicated
                  in the invoices.

         1.3.5    The lessee  agrees to be  responsible  for  building  and land
                  taxes and other  taxes  incurred  from the  lease  under  this
                  Agreement,   payable  under  the  existing  and  future  legal
                  provisions, on behalf of the lessor.

                  In addition, for the monthly taxes of building and the land to
                  be paid as specified in Appendix A, the lessor has  calculated
                  the  average  from the rental  amount to be paid by the lessee
                  annually.  If  it is  later  found  that  the  government  has
                  additionally  estimated  to levy for the taxes of the building
                  and the land of the leased  premises from the said amount that
                  the lessor has specified herein,  the lessee agrees to pay the
                  taxes of building and the land in the increased  amount to the
                  lessor within 30 days from the date of receiving a notice from
                  the lessor.


         1.3.6    Every  payment  under  this  Agreement  shall  be  made at the
                  lessor's  Finance  Division,  Finance  Department.  After  the
                  lessee has made  payment  to the  lessor,  a receipt  shall be
                  issued to the lessee as evidence.  The receipt  shall  feature
                  signatures of the Director of the lessor's  Finance  Division,
                  Finance  Department or a designated  person,  jointly with the
                  cashier  of the  Finance  Division,  Finance  Department  or a
                  designated person who must b a financial staff of the lessor.

         1.3.7    If the lessee is in  default  of payment of the rents,  duties
                  and other expenses payable to the lessor under this Agreement,
                  the lessee consents to pay penalties to the lessor at the rate
                  of 1.5 percent  (one point five) per month on the  outstanding
                  amount for the whole period of default.  A fraction of a month
                  shall be counted as one month.

                  The lessee agrees that the first  paragraph is a separate part
                  and with no effects to the lessor's  rights to terminate  this
                  Agreement and claim for damages.


<PAGE>

1.4      The lessee's duties and responsibilities

         1.4.1    The lessee  shall not make use of the leased  premises for any
                  business  other  than  prescribed  herein,  unless  a  written
                  permission has been first obtained from the lessor.

         1.4.2    The lessee shall not sub-lease the leased premises,  either in
                  whole or in part,  or transfer the leasehold to a third party,
                  or allow a third  party to make  use of the  leased  premises,
                  either in whole or in part,  unless a written  permission  has
                  been first obtained from the lessor.

         1.4.3    The lessee shall not alter,  change,  or make  addition to the
                  leased  premises,  unless a written  permission has been first
                  obtained from the lessor.

                  If any alteration, change, addition or repair, whether a major
                  or  small  repair,  in  the  leased  premises  and  under  any
                  circumstances, it shall become the property of the lessor from
                  the date of  building,  and the lessee shall not claim for any
                  expenses or damages from the lessor.

         1.4.4    The  lessee  shall  maintain  the  leased  premises  in proper
                  conditions  and clean at all  times.  If the  leased  premises
                  become  dirty,  unbecoming or  deteriorated,  the lessee shall
                  arrange for cleaning or repair at the lessee's own expenses.

         1.4.5    The  lessee  shall  arrange  to have  fire  extinguishers,  as
                  endorsed by the lessor, in the leased premises at the lessee's
                  own expenses.

         1.4.6    The  lessee  shall  comply,   and  ensure  that  the  lessee's
                  attendants  or  persons  whom  the  lessee  has  appointed  or
                  assigned  or  hired  or  ordered  to  perform  the work of the
                  lessee, shall comply with the lessor's existing  instructions,
                  regulations  and  directives,  and  those to be  issued in the
                  future,  and be  cautious  not  allowing  any  persons to take
                  illegal action in the leased premises,  or use it as a storage
                  of hiding place for any illegal items.  In such a case, if any
                  damage  occurs,  the lessee  shall be liable to the lessor for
                  the  consequences  due to the action of the said persons as if
                  the lessee did it himself.

         1.4.7    Throughout the lease period,  the lessee shall  facilitate and
                  permit the lessor or his staff to inspect the leased  premises
                  from time to time during proper hours.

1.5      Rights  on  adjustment  of rents  and other  charges  During  the lease
         period,  the lessor  reserves the right to adjust the rents and charges
         related to the lease as deemed appropriate.  Whereby,  the lessee shall
         be notified in advance,  and the lessee consents to pay the new rate of
         rents and charges related to the lease to the lessor accordingly.

1.6      Termination of the Agreement

         1.6.1    During the period of this  Agreement,  if the lessor or lessee
                  wishes to terminate  this  Agreement  prior to the expiry date
                  prescribed  in  Appendix  A,  he can do  so,  provided  that a
                  written  notice  must be given to the other party at least 180
                  days in  advance.  Both  parties  agree not file a lawsuit  or
                  demand compensation for damage from the other party.

<PAGE>

                  In case the lessee  terminates the Agreement,  the lessee must
                  be free from any debts to the lessor.

         1.6.2    Each and every clause of this  Agreement is deemed  essential.
                  If it  appears  that  the  lessee  acts  or  omits  to  act in
                  violation of or  non-compliance  with any clauses  herein,  or
                  becomes  bankrupt,  the  lessor  is  entitled  to  immediately
                  terminate  the  Agreement,  claim for damage and  forfeit  the
                  performance guarantee.

1.7      Return of the leased premises

         1.7.1    Upon  expiry of the lease or the  lessor or lessee  terminates
                  the Agreement stated in Clause 1.6, whichever the case may be,
                  this Agreement shall end immediately. The lessee shall arrange
                  for  demolition  or removal of the lessee's  property from the
                  leased premises and return the same to the lessor within seven
                  (7)  days  from  the  expiration  date or  termination  of the
                  Agreement, whichever the case may be.

         1.7.2    Failing to comply with Clause  1.7.1,  the lessee  agrees that
                  the lessor may  immediately  repossess the leased premises and
                  remove  the  lessee's  property  therefrom.  Furthermore,  the
                  lessee  agrees to reimburse the expenses the lessor has to pay
                  in doing do, and should any damage  occur the lessee shall not
                  claim for any compensation.

         1.7.3    Besides  letting  the lessor  repossess  the  leased  premises
                  according to Clause 1.7.2, the lessee also agrees to pay for a
                  daily fine to the lessor at the rate prescribed in Appendix A,
                  from the  scheduled  date of return of the leased  premises to
                  the date on which the  lessee  and his  attendants  vacate the
                  leased  premises  and  return  the  same  or  the  lessor  has
                  performed  according to Clause  1.7.2,  whichever the case may
                  be.

1.8      Performance guarantee
         In entering  into this  Agreement,  the lessee  shall  deposit  cash or
         submit a Letter  of  Guarantee  issued  by a local  bank for an  amount
         equivalent to three (3) times of the monthly rent plus airport  service
         fees and monthly  building and land taxes as well as value-added  taxes
         to the lessor as  performance  guarantee.  The lessee  shall submit the
         performance  guarantee  to the lessor at least 30 days before the Lease
         Agreement goes into effect.

         The  performance  guarantee  stated  in the  first  paragraph  shall be
         returned after the lessee has been relieved from all obligations  under
         this Agreement.

         In case of an amendment to this Agreement, resulting in an increase of
         the rent, the lessee shall submit a performance guarantee to cover the
         increased amount accordingly.

1.9      Notice
         All notices  under this  Agreement  shall be made in writing and deemed
         legitimately  forwarded  if a  notice  is sent by one of the  following
         means:

         -        hand delivery to the person concerned of either party; or
         -        registered  mail to the address  indicated  by either party to
                  this Agreement in Chapter 2.

<PAGE>
<TABLE>
<CAPTION>



                                                                      Appendix A
                Details of Leased Premises, Lease Period, Rents,
                    other Fees and Layout of Leased Premises
            Attached to Agreement No. 4/2545, dated February 12, 2001

                                                                      Sheet No.1
---------------------- --------- ----------- ------------- -------------- ------------------- ----------- --------------------------
      Leased            Area in   Rent Rate   Total Rents   Service Fees   Building/Land Tax   Indemnity         Lease Period
     Premises            Sq. M.   Bt/Sq.m/M     Bt/Month      Bt/Month        (Bt/Month)        Bt/Day
---------------------- --------- ----------- ------------- -------------- ------------------- ----------- --------------------------
                                                                                                              From            To
---------------------- --------- ----------- ------------- -------------- ------------------- ----------- ------------- ------------
Building space in Bangkok International Airport
===============================================----------- -------------- ------------------- ----------- ------------- ------------
<S>                    <C>       <C>         <C>           <C>            <C>                 <C>         <C>           <C>
- No. 1324 and 1324 A     60.00      750.00     45,000.00       6,750.00            5,625.00    3,825.00
---------------------- --------- ----------- ------------- -------------- ------------------- -----------
- No. 1786               106.50      750.00     79,875.00      11,981.25            9,984.38    6,789.38
---------------------- --------- ----------- ------------- -------------- ------------------- -----------
- No. 2202 G              90.00      750.00     67,500.00      10,125.00            8,437.50    5,737.50
---------------------- --------- ----------- ------------- -------------- ------------------- -----------
- No. 3265 U             241.00      750.00    180,750.00      27,112.50           22,593.75   15,363.75
---------------------- --------- ----------- ------------- -------------- ------------------- -----------
- No. 3342 C             824.00      750.00    618,000.00      92,700.00           77,250.00   52,530.00
---------------------- --------- ----------- ------------- -------------- ------------------- -----------
- No. 3735 A/2            60.00      750.00     45,000.00       6,750.00            5,625.00    3,825.00
---------------------- --------- ----------- ------------- -------------- ------------------- ----------- In line with the terms and
- No. 3753 A              34.00      750.00     25,500.00       3,825.00            3,187.50    2,167.50  conditions, Clause 1.2 in
---------------------- --------- ----------- ------------- -------------- ------------------- ----------- the Agreement
- No. 1208 B               5.00      750.00      3,750.00         562.50              468.75      318.75
---------------------- --------- ----------- ------------- -------------- ------------------- -----------
- No. 1900                 5.00      750.00      3,750.00         562.50              468.75      318.75
---------------------- --------- ----------- ------------- -------------- ------------------- -----------
- No. 3266 R               5.00      750.00      3,750.00         562.50              468.75      318.75
---------------------- --------- ----------- ------------- -------------- ------------------- -----------
- No. 3267 A               5.00      750.00      3,750.00         562.50              468.75      318.75
---------------------- --------- ----------- ------------- -------------- ------------------- -----------
- No. 3266 S               5.00      750.00      3,750.00         562.50              468.75      318.75
---------------------- --------- ----------- ------------- -------------- ------------------- -----------
- No. 3780                 5.00      750.00      3,750.00         562.50              468.75      318.75
---------------------- --------- ----------- ------------- -------------- ------------------- -----------
- No. 3780 A               5.00      750.00      3,750.00         562.50              468.75      318.75
---------------------- --------- ----------- ------------- -------------- ------------------- -----------
Building space in Chiang Mai Airport
====================================---------------------- -------------- ------------------- -----------
- 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
---------------------- --------- ----------- ------------- -------------- ------------------- -----------
- No. 1 A 233              9.50      450.00      4,275.00         641.25              534.38      363.38
---------------------- --------- ----------- ------------- -------------- ------------------- -----------
- No. 1 A 123              8.00      450.00      3,600.00         540.00              450.00      306.00
---------------------- --------- ----------- ------------- -------------- ------------------- -----------
Building space in Hat Yai Airport
=================================------------------------- -------------- ------------------- -----------
- 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
---------------------- --------- ----------- ------------- -------------- ------------------- ----------- --------------------------




<PAGE>

---------------------- --------- ----------- ------------- -------------- ------------------- ----------- --------------------------
  Leased                Area in   Rent Rate   Total Rents   Service Fees   Building/Land Tax   Indemnity         Lease Period
 Premises                Sq. M.   Bt/Sq.m/M     Bt/Month      Bt/Month        (Bt/Month)        Bt/Day
---------------------- --------- ----------- ------------- -------------- ------------------- -----------

---------------------- --------- ----------- ------------- -------------- ------------------- -----------
Building space in Phuket Airport
================================ ----------- ------------- -------------- ------------------- ----------- In line with the terms and
- No. AI 103              85.00      450.00     38,250.00       5,737.50            4,781.25    3,251.25  conditions, Clause 1.2 in
---------------------- --------- ----------- ------------- -------------- ------------------- ----------- the Agreement
- No. DI 201             106.32      450.00     47,844.00       7,176.60            5,980.50    4,066.74
---------------------- --------- ----------- ------------- -------------- ------------------- -----------

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



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

F. Lt. .... Signed ....                .... Signed ....
(Usar Borisuth)                        (Mr. Viratana Suntaranond)
                                       (Seal of  King Power Duty Free Co., Ltd.)

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

..... Signed ....                       .... Signed ....
(Mr. Sukhawat Chayakorn)               (Mr. Sombat Dechapanichkul)