<PAGE>
 
                                                                   EXHIBIT 10.21


                           MASTER FRANCHISE AGREEMENT


                                    BETWEEN:



                      KENTUCKY FRIED CHICKEN PTY. LIMITED



                                      AND



                          COLLINS FOODS INTERNATIONAL

                                  PTY. LIMITED
<PAGE>
 
      AGREEMENT dated               day of                           1996



BETWEEN:  KENTUCKY FRIED CHICKEN PTY LIMITED, A.C.N. 000 587 780 having its
          registered office at 20 Rodborough Road, Frenchs Forest, NSW, 2086
          ("PRI")



AND:      COLLINS FOODS INTERNATIONAL PTY. LIMITED, ARBN 009 980 250, a Nevada
          corporation having its principal executive office at 12655 West
          Jefferson Boulevard, Los Angeles, California, 90066 and its registered
          Australian office at 16 Edmondstone Street, Newmarket, Queensland,
          4051 ("Franchisee")



BACKGROUND FACTS:


PRI and Franchisee have agreed to vary the terms of their franchise relationship
on the following terms and conditions.


THE PARTIES AGREE:


1.   DEFINITIONS


1.1  In this Agreement, unless the context requires otherwise:

     "CO-OP AGREEMENT DATE" means the date of execution by Franchisee of the
     agreement establishing the National Ad Co-op.

     "CPI INDEXED" means adjusted in line with the percentage increase in the
     Consumer Price Index (All Groups - Sydney) from the Effective Date.

     "DEVELOPMENT AGREEMENT" means the development agreement executed by the
     parties contemporaneously with this Agreement.

     "EFFECTIVE DATE" means the earlier of the date of execution of this
     Agreement or 30 September, 1996.

     "FORMER FRANCHISE AGREEMENTS" means the agreements documenting the pre-
     existing franchise arrangements between PRI and Franchisee in respect of
     the Outlets.

     "FRANCHISE AGREEMENT" means a franchise agreement in the form of the
     agreement set out in Schedule 3.

     "NATIONAL AD CO-OP" means the national advertising co-operative which PRI
     intends to establish after the Effective Date.

     "OUTLETS" means the 93 KFC outlets listed in Schedules 1 and 2.

1.2  All other capitalised terms in this Agreement will have the meanings
     specified in Schedule A of the Franchise Agreement.
<PAGE>
 
                                      -2-

2.   PAYMENT

     In consideration of the rights and benefits granted by PRI under this
     Agreement, Franchisee will pay to PRI the sum of $A836,000 on the date of
     execution of this Agreement. The operation of this Agreement is subject to
     and conditional upon this payment.

3.   FRANCHISE AGREEMENTS

3.1  As from the Effective Date, PRI will grant to Franchisee and Franchisee
     will accept 93 single-site franchises to operate the Outlets on the terms
     and conditions of the Franchise Agreement.

3.2  Upon the execution of this Agreement, a Franchise Agreement will be deemed
     to have been executed in respect of each Outlet.  Schedule B of the
     Franchise Agreement will be deemed to be completed in respect of each
     Outlet as follows:

          (a) the Outlet address will be as specified in Schedule 1 or Schedule
          2 (whichever is applicable);

          (b) the Term and the Renewal Term will be as specified in Schedule 1
          or Schedule 2 (whichever is applicable); and

          (c) the Date of Grant will be the Effective Date.

3.3  The Franchise Agreement for each Outlet will be deemed to be amended as set
     out in Clauses 4, 5, 6 and 7 for the currency of its term.

4.   ADVERTISING CONTRIBUTIONS

     Notwithstanding the provisions of Clause 6.1 of the Franchise Agreement:

          (a) The operation of Clauses 6.1(a) and 6.1(b) of the Franchise
          Agreement will be suspended between the Effective Date and the earlier
          of the Co-Op Agreement Date and 1 February 1996 and, during this
          suspension period, Franchisee will continue to spend, on local
          advertising and promotions, the amount currently spent by Franchisee
          on local and national advertising and promotions; and

          (b) As from the Co-Op Agreement Date, Clause 6.1(a) of the Franchise
          Agreement will be deleted.

5.   TRANSFER FEE

     Notwithstanding the Transfer Fee payable under the Franchise Agreement for
     each Outlet, in the event of a PRI approved sale by Franchisee of its
     interests under one or more of the Franchise Agreements prior to 30
     September, 2019, the Transfer Fees payable by Franchisee to PRI will be as
     follows:

          (a) in the event of a sale prior to 1 December, 1996: $35,000 per
          Outlet up to a total cumulative cap of $2.5 million;  or

          (b) in the event of a sale on or after 1 December, 1996 and prior to
          30 September, 2019: $35,000 CPI Indexed per Outlet up to a total
          cumulative cap of $3.5 million CPI 
<PAGE>
 
                                      -3-

          Indexed.

6.   COMPETITIVE BUSINESS APPROVALS

6.1  PRI acknowledges that, as a result of the ownership, operation and
     licensing of a number of existing "Sizzler" and "The Italian Oven"
     restaurants in Australia by one or more of Franchisee's Affiliated
     Companies, Franchisee may directly or indirectly have an interest or be
     engaged in businesses involving the preparation, marketing or sale of food
     products covered by Clause 13(a) of the Franchise Agreement.

6.2  Pursuant to Clause 13(a) of the Franchise Agreement, as from the Effective
     Date, the following approvals will apply:

          (a) PRI approves the current involvement of Franchisee's Affiliated
          Companies in the existing Sizzler Restaurants in Australia and waives
          any right under Clause 13(a) to disapprove any preparation, marketing
          or sale of food products in connection with the ownership, operation,
          licensing and/or management by Franchisee and/or its Affiliated
          Companies of any new Sizzler Restaurants in Australia, or the
          alteration, remodelling or repositioning of any existing Sizzler
          Restaurants in Australia, provided that such new or altered,
          remodelled, or repositioned restaurants do not predominantly involve
          the preparation, marketing or sale of any one of the following food
          types (each a "Designated Product"):  pizza and pasta collectively;
          chicken; Mexican; or burgers.

               For the purpose of this provision, a "Sizzler Restaurant" is any
          restaurant operated in whole or in part under the "Sizzler" mark
          (including but not limited to Sizzler Steak Seafood, Salad, Sizzler
          Cafe, Sizzler Express, Sizzler Flame Grill), whether or not in
          association with other marks, provided that the association with the
          other marks is not of itself covered by Clause 13(a) of the Franchise
          Agreement.

               For the purpose of this provision, a Sizzler Restaurant shall not
          be "predominantly" involved in the preparation, marketing or sale of a
          Designated Product so long as gross sales of that Designated Product
          do not exceed 50% of the gross food sales, excluding beverage sales,
          of that restaurant.

          (b) PRI grants Franchisee a 3 year limited approval in respect of its
          current involvement in Australia in the "The Italian Oven" business,
          on the basis that Franchisee agrees to divest its interest in that
          business to an entity other than an Affiliated Company within 3 years
          from the Effective Date. Franchisee acknowledges that if Franchisee
          has failed to so divest its interest in that business within 3 years
          from the Effective Date, Franchisee will be in breach of the Franchise
          Agreement and any new franchise agreements and, without prejudice to
          any other rights and remedies PRI may have, it will be PRI's intention
          to terminate all franchise agreements relating to the new KFC outlets
          opened by Franchisee from the Effective Date.

7.   UPGRADES

     In the event of PRI requiring Franchisee, pursuant to Clause 4 of the
     Franchise Agreement, to implement an upgrade or renovation of the Outlets
     which is similarly to be implemented by PRI across any KFC outlets operated
     by PRI in Australia, PRI will not require any such upgrade or renovation to
     be implemented by Franchisee across the Outlets within a period which
     involves a rate of implementation faster than the rate of implementation by
     PRI across any PRI company-
<PAGE>
 
                                      -4-

     operated stores.

8.   TACO BELL

     During the currency of the Development Agreement, subject to Franchisee not
     being in default of any term or condition of the Franchise Agreement or the
     Development Agreement, Franchisee will have a first right of refusal in
     respect of TACO BELL in Queensland as follows:

          (a) PRI will not itself commence developing, or franchise to a third
          party the right to develop, TACO  BELL in Queensland without first
          offering to Franchisee in writing the right to develop TACO BELL under
          the terms of PRI's then current franchise agreement and/or development
          agreement, including the then current fees applicable to the type of
          development opportunity being offered;

          (b) Franchisee will have 90 days from its receipt of the written offer
          to accept the offer by executing and delivering to PRI the franchise
          agreement and/or development agreement and any other documents
          required by PRI;

          (c) If Franchisee fails to accept PRI's offer pursuant to paragraph
          (b), PRI will be entitled itself or by franchise to a third party to
          pursue the development of TACO BELL in Queensland.


9.   DUAL-BRANDED OUTLETS

     During the currency of the Development Agreement, subject to Franchisee not
     being in default of any term or condition of the Franchise Agreement or the
     Development Agreement, PRI will give Franchisee 90 days notice before
     opening any "dual-branded" outlet under the KFC and PIZZA HUT brands in
     Queensland.

10.  TERMINATION AND RELEASE OF FORMER FRANCHISE AGREEMENTS

     The parties agree that the Former Franchise Agreements will be terminated
     with effect on and from the Effective Date.  Each party hereby releases and
     forever discharges the other party from and against all actions, claims,
     damages and liabilities which it may have against the other party arising
     out of the Former Franchise Agreements, provided that PRI's release of
     Franchisee is subject to and conditional upon payment by Franchisee of all
     fees and other amounts payable by Franchisee to PRI in respect of the
     Outlets up to and including the Effective Date.

11.  TERM AND TERMINATION OF THIS AGREEMENT

11.1 The term of this Agreement will commence on the Effective Date and will
     continue until the expiration or termination of the last operative
     Franchise Agreement in respect of an Outlet, unless earlier terminated
     pursuant to Clause 11.2.

11.2 PRI may terminate this Agreement by notice to Franchisee effective
     immediately upon receipt if any of the following events occur:

     (a)  Franchisee breaches any term or condition of this Agreement; or

     (b)  any of the Franchise Agreements in respect of the Outlets or any other
     franchise agreement between PRI and Franchisee is terminated for any
     reason.

11.3 The provisions of Clauses 5, 6 and 7 will survive the expiration of this
     Agreement, and Clauses 
<PAGE>
 
                                      -5-

     6.1 and 6.2 (a) will survive the termination of this Agreement, in respect
     of and during the currency of the Franchise Agreements between PRI and
     Franchisee still in existence at the time of expiration or termination.

12.  TRANSFER

12.1 Except as specified in Clause 12.2, Franchisee may not transfer or assign
     this Agreement to any other party without PRI's prior written approval,
     which may be withheld in PRI's sole discretion.

12.2 In the event of an approved transfer by Franchisee of all the KFC outlets
     operated by Franchisee to a single transferee in a single transaction,
     Franchisee may transfer this Agreement, subject to compliance by Franchisee
     with, and PRI granting approval pursuant to, Clause 14 of the Franchise
     Agreement.

13.  MISCELLANEOUS

13.1 Nothing in this Agreement applies to any KFC outlet developed by Franchisee
     pursuant to the Development Agreement, or renewed by PRI after the
     Effective Date and during the currency of the Development Agreement, except
     Clauses 5, 6 and 7.

13.2 This Agreement, the Development Agreement and the Franchise Agreements
     constitute the entire agreement between the parties with respect to their
     subject matter and supersede all prior negotiations, agreements or
     understandings.

13.3 This Agreement will inure to the benefit of PRI, its successors and assigns
     and may be transferred or assigned by PRI to any party without Franchisee's
     prior approval.

13.4 The terms and conditions of this Agreement may be changed only in writing
     signed by both parties.

13.5 This Agreement will be governed by and construed in accordance with the law
     of New South Wales and the parties submit to the non-exclusive jurisdiction
     of the courts of New South Wales.

13.6 The currency of the amounts referred to in this Agreement will be
     Australian dollars.

13.7 References to clauses and schedules are to clauses and schedules of this
     Agreement and the Schedules form part of this Agreement.

13.8 Any notice or other communication required or permitted under this
     Agreement will be in writing and properly addressed to the addressee at the
     address specified in this Agreement (or any other address notified by the
     addressee) and will be deemed received by the addressee on the earlier of
     the date of delivery, the date of transmission if sent by facsimile with
     receipt confirming completion of transmission, or 3 days after the date of
     posting if sent by pre-paid security or registered post.
<PAGE>
 
                                      -6-

EXECUTED AS AN AGREEMENT


THE COMMON SEAL of KENTUCKY    )
FRIED CHICKEN PTY LIMITED was  )
affixed in the presence of:    )

/s/ John                            /s/ Peter Hearle
---------------------------         ---------------------------
Secretary                           Director



THE COMMON SEAL of             )
COLLINS FOODS INTERNATIONAL    )
PTY. LIMITED was affixed in    )
the presence of:               )

/s/ David J. Barton                 /s/ Kevin Perkins
--------------------------          ---------------------------
Secretary                           President
<PAGE>
 
                                      -7-

                            SCHEDULE 1 - 63 OUTLETS

<TABLE>
<CAPTION>
       OUTLET                                          TERM                              RENEWAL TERM
<S>                                    <C>                                                  <C> 
MACKAY, Nebo Rd & George Street         23 years commencing on the Date of Grant             Nil 
                                                       
MT ISA, Marion & Simpson Streets        23 years commencing on the Date of Grant             Nil 

CABOOLTURE, Morayfield Rd,
 Morayfield                             23 years commencing on the Date of Grant             Nil

BUNDABERG, 263 Bourbong Street          23 years commencing on the Date of Grant             Nil 

TOOWOOMBA 3, Ruthuen & Stennar          23 years commencing on the Date of Grant             Nil 
 Streets                              
                                      
CAIRNS, Martyn & Mulgrave Roads         23 years commencing on the Date of Grant             Nil 

TOWNSVILLE 2 (GARBUTT), Ingham Rd &
 Douglas Street                         23 years commencing on the Date of Grant             Nil 

IPSWICH (BOOVAL), Brisbane Rd &
 Station St                             23 years commencing on the Date of Grant             Nil

LOGAN CITY, Cnr. Wembley & Maves
 Roads, Woodridge                       23 years commencing on the Date of Grant             Nil 

TOOWOOMBA 2 (WILSONTON), Cnr.
 Bridge & Erin Streets                  22 years commencing on the Date of Grant             Nil  

NERANG (GOLD COAST), Hinkler Drive      22 years commencing on the Date of Grant             Nil  

SPRINGWOOD, Dennis St & Pacific
 Highway                                22 years commencing on the Date of Grant             Nil 

TOWNSVILLE 3 (CRANBROOK), Cnr. Ross     22 years commencing on the Date of Grant             Nil  
 River Rd & Alice Street, Cranbrook     

STRATHPINE, Cnr Station & Woodford
 Roads                                  22 years commencing on the Date of Grant             Nil 

ROCKHAMPTON 2 - STH, Cnr George &
 Archer Streets                         22 years commencing on the Date of Grant             Nil

INNISFALL, 121 Edit Street              22 years commencing on the Date of Grant             Nil  

EARLVILLE (CAIRNS 2), 532 Mulgrave Rd   22 years commencing on the Date of Grant             Nil  

REDBANK, Redbank Plaza Shopping         22 years commencing on the Date of Grant             Nil  
 Centre

ANNERLEY, 594-600 Ipswich Rd            21 years commencing on the Date of Grant             Nil   

MAROOCHYDORE, Cnr Aerodrome & First     21 years commencing on the Date of Grant             Nil   
 Ave    

CLAYFIELD, Sandgate Rd                  21 years commencing on the Date of Grant             Nil   

NAMBOUR, Cnr Currie & Arundel Drive     21 years commencing on the Date of Grant             Nil   

KEDRON, Gympie & Broughton Streets      21 years commencing on the Date of Grant             Nil   

ASPLEY, Bruce Highway                   21 years commencing on the Date of Grant             Nil   

BRASSALL, 68 Hunter Street, Brassall    21 years commencing on the Date of Grant             Nil  

LOGANLEA (MARSDEN), 92 Chambers
 Flat Rd                                21 years commencing on the Date of Grant             Nil 
</TABLE> 
<PAGE>
 
                                      -8-

                            SCHEDULE 1 - 63 OUTLETS
<TABLE> 
<S>                                    <C>                                                  <C> 
BROWNS PLAINS, Grand Plaza Shopping
 Centre, 25 Browns Plains Rd            21 years commencing on the Date of Grant             Nil

BEENLEIGH, Beenleigh Plaza City Rd      20 years commencing on the Date of Grant             Nil   

WYNNUM, Cnr. Wynnum Rd & Capri Lane     20 years commencing on the Date of Grant             Nil   

GLADSTONE, 57 Dawson Rd                 20 years commencing on the Date of Grant             Nil   

ROCKHAMPTON 1 (NORTH), Elizabeth        20 years commencing on the Date of Grant             Nil   
Drive

GREENSLOPES, Logan Rd                   20 years commencing on the Date of Grant             Nil   

WARWICK, Cnr. Wood & Gay Streets        20 years commencing on the Date of Grant             Nil   

SUNNYBANK, Mains Road & McCullough
 Street                                 20 years commencing on the Date of Grant             Nil

GYMPIE, Cnr Wickham & Channon
 Streets                                20 years commencing on the Date of Grant             Nil  

DALBY, Cnr. Drayton & Pratten
 Streets                                20 years commencing on the Date of Grant             Nil

TOWNSVILLE (HERMIT PARK), Charters
 Towers Rd                              19 years commencing on the Date of Grant             Nil  

GROVERLY, 161 Dawson Parade             19 years commencing on the Date of Grant             Nil    

KELVIN GROVE, Kelvin Grove & Park
 Streets                                19 years commencing on the Date of Grant             Nil    

MARGATE (REDCLIFFE), Oxley Street       19 years commencing on the Date of Grant             Nil    

BENOWA, Benowa Gds, Shop Ctr, Cnr,
 Benowa & Ashmore Rds                   19 years commencing on the Date of Grant             Nil    

CENTENARY, Centenary Shop, Ctr. 171
 Dandenong Rd, Mt Ommaney               19 years commencing on the Date of Grant             Nil    

ROMA, Cnr. Quinton & Bowden Streets     19 years commencing on the Date of Grant             Nil    

CLEVELAND, Shore St. Cleveland          19 years commencing on the Date of Grant             Nil    

SMITHFIELD, Cnr McGregor & Captain      
 Cook Hwy, Smithfield, Cairns           19 years commencing on the Date of Grant             Nil    

DEAGON, 8 Braun Street                  18 years commencing on the Date of Grant             Nil     

AYR, 212 Queen Street                   18 years commencing on the Date of Grant             Nil     

CAPALABA, Cnr. Old Cleveland Rd &
 Dollery Street                         18 years commencing on the Date of Grant             Nil     

TOOWOOMBA 1, Cnr. Margaret & Pugh
 Streets                                18 years commencing on the Date of Grant             Nil     

CALOUNDRA, 73 B Bowman Road             18 years commencing on the Date of Grant             Nil     

MORNINGSIDE, 583 Wynnum Rd              18 years commencing on the Date of Grant             Nil     

INGHAM, 82 Herbert Street               18 years commencing on the Date of Grant             Nil     
</TABLE> 
<PAGE>
 
                                      -9-
<TABLE> 
<S>                                    <C>                                                  <C> 
EMERALD, Emerald Vil Shop Ctre. Cnr
 Curt St & Hospital Rd                  18 years commencing on the Date of Grant             Nil     

RUNAWAY BAY, Runaway Bay Shop Centre    18 years commencing on the Date of Grant             Nil     

KALLANGUR, Anzac Ave                    17 years commencing on the Date of Grant             Nil      

PALM BEACH, The Pines Shopping
 Centre, Elanora                        17 years commencing on the Date of Grant             Nil      

ACACIA RIDGE, Cnr. Beaudesert Rd &
 O'Connell Street                       17 years commencing on the Date of Grant             Nil      

BEAUDESERT, Brisbane Street             17 years commencing on the Date of Grant             Nil      

MAREEBA, 114 Byrnes Street              17 years commencing on the Date of Grant             Nil      

COOLANGATTA, Showcase Shop. Ctr.
 Marine Parade                          17 years commencing on the Date of Grant             Nil      

MACKAY 2 (MT PLEASANT), Mt.
 Pleasant Shopping Centre, Phillip      
 Street                                 17 years commencing on the Date of Grant             Nil      
 
DECEPTION BAY, Cnr Park & Deception
 Bay Roads                              17 years commencing on the Date of Grant             Nil      

MT. GRAVATT, Logan Road & Creighton
 Street                                 17 years commencing on the Date of Grant             Nil      
</TABLE> 
<PAGE>
 
                                    -13-

                       SCHEDULE 3 - FRANCHISE AGREEMENT
<TABLE> 
<CAPTION> 
               OUTLET                                  TERM                                RENEWAL TERM
<S>                                     <C>                                                 <C> 
KENMORE, 906 Moggill Rd                  8 years commencing on the Date of Grant             12 years
                                                             
MIAMI, Gold Coast Hwy, & Oak Street      8 years commencing on the Date of Grant             12 years
                                                             
BILOELA, 10 Gladstone Road               8 years commencing on the Date of Grant             12 years
                                                             
HERVEY BAY, Cnr. Torquay Road &
 Taylor Streets                          8 years commencing on the Date of Grant             12 years
                                                                    
SOUTHPORT, 3 Frank Street                8 years commencing on the Date of Grant             12 years
                                                             
EVERTON PARK, Cnr. Strathpine &
 Griffin                                 8 years commencing on the Date of Grant             12 years
                                                             
HELENSVALE, Lot 18, Siganto Drive        9 years commencing on the Date of Grant             11 years
                                                             
MERMAID BEACH, 2505-2516 Gold Coast
 Highway                                 9 years commencing on the Date of Grant             11 years
                                                             
CHARTERS TOWERS, 58 Gill Street          9 years commencing on the Date of Grant             11 years
                                                             
INDOOROOPILLY 1, Standford & Mogill
 Roads                                   9 years commencing on the Date of Grant             11 years
                                                             
KINGAROY, Cnr Young & Alfred Streets     9 years commencing on the Date of Grant             11 years
                                                             
MARYBOROUGH, Cnr Walker & Ferry
 Streets                                 9 years commencing on the Date of Grant             11 years
                                                             
NOOSA, 5 Sunshine Beach Rad             10 years commencing on the Date of Grant             10 years
                                                             
SURFERS PARADISE, Pacific Highway       10 years commencing on the Date of Grant             10 years
                                                             
MORANBAH, Moranbah Fair Shopping
 Centre, Moranbah                       10 years commencing on the Date of Grant             10 years
                                                             
YEPPOON, Cnr. Adelaide St &
 Normanby Road                          10 years commencing on the Date of Grant             10 years
                                                             
SUNNYBANK FOOD COURT, Shop 107,
 Sunnybank Plaza. Cnr. Mains &                                                                        
 McCullough                             10 years commencing on the Date of Grant             10 years 
 
AUSTRALIA FAIR, Aust Fair Shop                                                                        
 Ctr., Southport, Gold Coast            10 years commencing on the Date of Grant             10 years 
                                                             

LOGANHOLME, Pacific Hwy & Bryants
 Road                                   11 years commencing on the Date of Grant              9 years
                                                             
TRANSIT CENTRE, Shop 3.01, A
 Foodcourt, Roma Street, Brisbane       11 years commencing on the Date of Grant              9 years
                                                             
CAPALABA, Central F/C, Shop F8,
 Capalaba, Moreton Bay Road             11 years commencing on the Date of Grant              9 years
                                                             
WATERFRONT PLACE, Shop 8,
 Waterfront Pl, Eagle Street,                                                                         
 Brisbane                               11 years commencing on the Date of Grant              9 years 
 
ROBINA, Shop TG4.57 Robina Town
 Centre, Robina Parkway, Robina         11 years commencing on the Date of Grant              9 years
                                                             
KANGAROO POINT, 6000 Main Street        11 years commencing on the Date of Grant              9 years
</TABLE> 
<PAGE>
 
                                     -13-

                       SCHEDULE 3 - FRANCHISE AGREEMENT
<TABLE> 
<S>                                    <C>                                                  <C> 
MYER CENTRE, Cinema Lev Myer Ctr,
 Albert Street, Brisbane                12 years commencing on the Date of Grant              8 years
                                                             
NATHAN PLAZA, Shop 164, S'land Shop
 Cent. Ross River Rd, Townsville        12 years commencing on the Date of Grant              8 years
                                                             
EARLVILLE FOOD COURT, Earlville
 Shopping Centre, Earlville             12 years commencing on the Date of Grant              8 years
                                                             
INDOOROOPILLY 2, Shop 228, F/C
 Westfield Shop Twn, 318 Moggill                                                                      
 Road                                   12 years commencing on the Date of Grant              8 years 
 
PACIFIC FAIR, Shop 363, Pac Fair
 Nerang - Broadbeach Rad, Broadbeach    12 years commencing on the Date of Grant              8 years
                                                             
TOOMBUL, Shop 161, Westfield
 Shopping Centre, Landpate Road         12 years commencing on the Date of Grant              8 years
</TABLE>