NATUROL HOLDINGS, INC.
                             6265 Stevenson Way
                           Las Vegas, Nevada 89120

Mr. Tobias Mathews
MGA Holdings Limited
Channel House, Green Street
St. Helier, Jersey JE4 5UW, Channel Islands
United Kingdom

Ms. Julie Le Main
Willow Holdings Inc
Ansbacher Trustees (Jersey) Ltd.
7/11 Britannia Place
Bath St.
St. Helier, Jersey, Je4 8US, Channel Islands
United Kingdom

      RE:  Letter Agreement between Naturol Holdings LTD., NATUROL INC.,  MGA
Holdings Limited, and Willow Holdings, Inc.

Gentleman:

As  a  result  of  recent discussions relative to Naturol Holdings  Ltd.  and
Naturol,  Inc., a wholly owned subsidiary of Naturol Holdings Ltd.  inability
to  make  the license payments as required in the license agreement with  MGA
Holdings  Limited,  the parties have agreed to formalize their  agreement  in
this "Letter Agreement."

THIS  LETTER  AGREEMENT is executed by and among Naturol Holdings,  Inc.  and
Naturol,  Inc., (collectively "Naturol"), MGA Holdings Limited  ("MGA"),  and
Willow Holdings, Inc. ("Willow"), on this 18th day of September 2002.

WHEREAS,  on  or  about August 20, 2001, Naturol, Inc., a Nevada  corporation
which  became a wholly owned subsidiary of Naturol Holdings Ltd. on or  about
January  17,  2002, entered into a license agreement with MGA  (the  "License
Agreement")  whereby Naturol acquired the exclusive rights to a  process  and
apparatus  for  preparing  extracts and oils from natural  plants  and  other
matters,  which process was covered by PCT Patent applications as defined  in
the  License  Agreement. Additionally, the License Agreement called  for  the
payment  of  certain  obligations including but not  limited  to  payment  of
royalties of 8% and an annual payment of $360,000.

<PAGE>

WHEREAS,  Naturol has paid a total of $50,000 towards the first years  annual
payment of the $360,000.

WHEREAS, Willow received 9,331,321 post split shares of Naturol Holdings Ltd.
common  stock in the merger between Naturol Holdings Ltd. (formerly Coronado)
and Naturol, Inc.

WHEREAS,  Naturol received correspondence from MGA indicating MGA's intention
to  default  Naturol on the License Agreement, and take a  course  of  action
including  termination of the License Agreement. On or about April  of  2002,
MGA informed Naturol that MGA would not take a default action against Naturol
for its failure to make payments under the terms of the License Agreement and
to  meet its commercial obligations under the terms of the License Agreement;
however no continuing term for the waiver of default was agreed upon.

NOW  THEREFORE, in an effort to resolve their differences, the  parties  have
agreed to take the following actions:

1.   MGA  waives  all  payment  obligations by Naturol  under  the  License
     Agreement up to this date of September 18, 2002.
2.   MGA and Naturol agree to execute an amended and restated non-exclusive
license agreement ("Amended Non-exclusive License Agreement"). This Amended
Non-exclusive License Agreement will supercede all terms and conditions of
the License Agreement.
3.   Naturol has the option of converting the Amended Non-exclusive License
Agreement to an exclusive license agreement, based upon the terms and
conditions reflected in the Non-exclusive License Agreement, which include
the payment of certain annual monetary obligations to be referenced therein.
4.   Willow, concurrent with the effectiveness of this agreement, and the
execution by MGA and Naturol of the Amended Non-exclusive License Agreement
will return to Naturol, 9,331,321 shares of common stock of Naturol issued to
Willow in exchange for the License Agreement.
5.   MGA and Naturol agree that MGA or its assigns will manage, on behalf of
Naturol, Naturol's interest in its subsidiary, Naturol Canada Limited, which
is 49% owned by Naturol and 51% owned by Isaac Moss and held in trust for
Naturol.  Naturol will be provided access to all technological developments

<PAGE>

relating to the technology as referenced in the Amended License Agreement,
which technology is being further developed at the Prince Edward Island Food
Technology Centre in Canada. MGA will assume and indemnify Naturol of all
outstanding financial obligations incurred by Naturol or Naturol Canada
Limited in reference to the activities of Naturol Canada Limited, including
but not limited to the obligations to the National Research Council of Canada
Industrial Research Assistance Program Contribution to Firms Agreement.
Additionally, MGA will continue to pay all future financial obligations of
Naturol Canada Limited relating to obligations of Naturol Canada Limited to
National Research Council of Canada Industrial Research Assistance Program
Contribution to Firms Agreement.
6.   MGA will assume all financial obligations relating to patent and
licensing issues, including past obligations by Naturol to the firm of Koppel
& Jacobs, patent counsel. MGA will provide Naturol with access to all the
benefits of the patents, copyrights, and other intellectual property rights
which are derived from or in relation to the technology referenced in the
Amended License Agreement.
7.   All parties to this Letter Agreement, including the individuals and or
entities executing this Letter Agreement in agreement thereof, waive any
rights to any claims each may have against the other in relation to either
the non-payment of any license fees or any other terms or conditions of the
License Agreement or purported default thereof, if any.

This  Letter Agreement is agreed to this 18th day of September, 2002, by  and
among the following parties:

MGA HOLDINGS, INC.

By: /s/Tobias A G Mathews
     Tobias A G Mathews, Director


WILLOW HOLDINGS, INC.

By: /s/ Patricia Jehan
     Director

<PAGE>



NATUROL HOLDINGS LTD.

By: /s/Isaac Moss
     Isaac Moss, President

Agreed to by:

     Naturol Canada Limited

     By: /s/Isaac Moss
          Isaac Moss

Agreed to individually by:

     /s/Isaac Moss
     Isaac Moss

     /s/Paul McClory
     Paul McClory