Document:

Lease Agreement
                          Bangkok International Airport

                                                        Agreement No. 1-122/2541

This  agreement  is made at the  Airports  Authority of Thailand on 28 September
1999  between  the  Airports  Authority  of  Thailand,   represented  by  Flight
Lieutenant  Pradit  Mongkonapiban,  Deputy  Managing  Director,  Acting Managing
Director of the Airports Authority of Thailand,  hereinafter called the "Lessor"
of one part, and King Power Tax Free Co., Ltd.,  registered as a juristic person
Company  Limited under the Civil and  Commercial  Code,  with the head office at
26th-27th Floors,  Siam Tower, 989 Rama I Road, Pathum Wan Sub-district,  Pathum
Wan District, Bangkok Metropolis,  represented by Mr. Viratana Suntaranond,  the
person  empowered to enter  juristic  act binding King Power Tax Free Co.,  Ltd.
according to the Certificate No. Phor.Hor. 0011128 dated 4 August 1999 issued by
the Office of Partnership/Company Registration,  Bangkok Metropolis, hereinafter
called the "Lessee" of the other part.

Whereas  the  Lessor  agrees  to lease  out and the  Lessee  agrees to lease the
property  of the  Lessor  for the  purpose  of  operating  business  of  selling
merchandize and souvenirs promoting tourism of Thailand.

Therefore, both parties agree to enter into an agreement, as follows :

The  Lessor  agrees to lease  out and the  Lessee  agrees to lease the  property
according to the "Terms and  Conditions of Lease" and the  following  Appendixes
which shall be deemed part of this agreement.

         Appendix A       Details of the leased  property,  lease period, rents,
                          fees and charges, chart showing location of the leased
                          premises

         Appendix B       Performance Guarantee

         Appendix C       Documents showing juristic person  registration of the
                          Lessee, and the person empowered to sign as the Lessee

         Appendix D       Others (if any)

<PAGE>

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

               The Lessor                                The Lessee

               - signed -                                - signed -
(Flight Lieutenant Pradit Mongkonapiban)        (Mr. Viratana Suntaranond)
                                         (Seal of King Power Tax Free Co., Ltd.)

                 Witness                                   Witness

                - signed -                                - signed -
          (Mr. Sukwat Chayakorn)                     (Mr. Krit Phakakit)

<PAGE>

                          Terms and Conditions of 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  property  of the  Lessor,  hereinafter
         called the "leased  premises"  according to the details  prescribed  in
         Appendix A.

1.2      Lease Period

         The  Lessor  agrees to  permit  the  Lessee  to make use of the  leased
         premises under this agreement for the period prescribed in Appendix A.

1.3      Fee and Rents and Method of Payment

         1.3.1    The  Lessee  agrees  to pay the fee and rents to the Lessor as
                  follows :

                  (a)      Fee for entering into this  agreement,  Baht 3,334.00
                          (Three  Thousand Three Hundred  Thirty-Four  Baht) not
                           including the value added tax

                  (b)      Rents, service  fees and charges are as prescribed in
                           Appendix A

         1.3.2    Payment of the fee under  Clause 1.3.1(a) shall be made to the
                  Lessor on the signing date of this agreement.

         1.3.3    For the rents,  services  fees and  charges as  prescribed  in
                  Appendix A, the Lessee  agrees to make monthly  payment to the
                  Lessor in advance by the 5th of every 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 pay them to the Lessor within the due date  indicated in
                  the invoices.

         1.3.5    The Lessee agrees to be responsible for the  taxes/duties  and
                  fees incurred from the lease under this  agreement such as the
                  value added tax payable  according  to the existing and future
                  provisions of laws, on behalf of the Lessor.

                  The monthly  building  and land taxes  indicated in Appendix A
                  are  estimates,  based on an average of each year's rents.  If
                  the authorities assess and collect the building and land taxes
                  more than the  amount  indicated  by the  Lessor,  the  Lessee
                  agrees to pay the  difference to the Lessor within 30 (thirty)
                  days from the date of receiving the Lessor's notice.

<PAGE>

         1.3.6    All  payment  under  this  agreement  shall be made to Finance
                  Division,  Finance Department, of the Lessor. After the Lessee
                  has made payment to the Lessor,  a receipt  shall be issued to
                  the Lessee as evidence.  The receipt shall have the signatures
                  of the Director,  Finance Division, Finance Department, of the
                  Lessor or the designated  person,  jointly with the cashier of
                  Finance Division, Finance Department, or the designated person
                  who must be a financial staff of the Lessor.

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

                  The Lessee agrees that the first  paragraph is a separate part
                  and it shall not impair the Lessor's  right to terminate  this
                  agreement and claim for damages.

1.4      Duties and Responsibilities of the Lessee

         1.4.1    The Lessee  shall not make use of the leased  premises for any
                  business  other than  prescribed in this  agreement,  unless a
                  written permission has been obtained from the Lessor first.

         1.4.2    The  Lessee  must  sell  the   merchandize  and  souvenirs  at
                  reasonable  prices  (similar  to the prices in the  department
                  stores).

         1.4.3    The Lessee must have price tags visibly displayed,  and prices
                  shall be in Baht.  If the Lessee  wishes to have price tags in
                  other  currency  along with Baht,  the Lessee may do so taking
                  into consideration the  appropriateness and using the exchange
                  rates of the bank in the Bangkok  International  Airport shall
                  apply.  In case  the  Lessee  has  received  payment  in other
                  foreign  currency,  the  exchange  rates  of the  bank  in the
                  Bangkok  International  Airport  shall  apply.  Moreover,  the
                  currency exchange rates must be visibly displayed.

         1.4.4    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,
                  unless a written  permission has been obtained from the Lessor
                  first.

         1.4.5    The  Lessee  shall not alter,  change,  make  addition  to the
                  leased premises, unless a written permission has been obtained
                  from the Lessor first.

                  In case of any alteration,  change, addition or repair, either
                  major or minor,  to the  leased  premises  in any  case,  such
                  property   shall  belong  to  the  Lessor  from  the  date  of
                  commencement,  and the Lessee  shall not claim for any expense
                  or indemnity from the Lessor.

         1.4.6    The Lessee shall maintain the leased  premises to be in proper
                  condition  and  clean at all  times.  If the  leased  premises
                  appears to be dirty,  unbecoming or  deteriorated,  the Lessee
                  shall  arrange  for  cleaning  or repair at the  Lessee's  own
                  expense.

         1.4.7    The Lessee shall arrange to have fire extinguishers,  endorsed
                  by  the  Lessor,  available  in  the  leased  premises  at the
                  Lessee's own expense.

<PAGE>

         1.4.8    The  Lessee  shall  comply,   and  ensure  that  the  Lessee's
                  attendants  or the persons  whom the Lessee has  appointed  or
                  assigned or hired or ordered to perform  various  tasks in the
                  Lessee's   business,    shall   comply   with   the   relevant
                  instructions,  regulations and directives of the Lessor,  both
                  existing  and to be issued in the future and be  cautious  not
                  allowing  any person to take any illegal  action in the leased
                  premises,  or use  it as a  storage  or  hiding  place  of any
                  illegal item.  If any damage  occurred  therefrom,  the Lessee
                  shall be liable to the Lessor for the  consequences due to the
                  action of the said persons as if having been  committed by the
                  Lessee.

         1.4.9    Throughout  the lease,  the Lessee shall  facilitate and allow
                  the  Lessor  or the  Lessor's  staff  to  inspect  the  leased
                  premises from time to time during reasonable hours.

1.5      Rights on Adjustment of Rent and Charges

         During  validity of this  agreement,  the Lessor  reserves the right to
         adjust the rent and the  relevant  services  fees and charges as deemed
         appropriate,  and shall notify the Lessee in advance. The Lessee agrees
         to pay the newly adjusted rents, services fees and charges accordingly.

1.6      Termination of Agreement

         1.6.1    During  validity,  if the  Lessor  or  the  Lessee  wishes  to
                  terminate  this agreement  prior to the  expiration  date, the
                  Lessor or the Lessee is  entitled  to do so;  provided  that a
                  written  notice  must be  given  to the  other  party at least
                  thirty  (30) days in  advance.  In case the Lessor  terminates
                  this agreement prior to the expiration date, the Lessee agrees
                  not to sue or claim for indemnity from the Lessor.

         1.6.2    Each and every clause of this agreement is deemed substantial.
                  If it  appears  that  the  Lessee  acts  or  omits  to  act in
                  violation  of  or  non-compliance  with  any  clause  of  this
                  agreement,  or becomes  bankrupted,  the Lessor is entitled to
                  immediately terminate this agreement,  claim for indemnity and
                  forfeit the performance guarantee.

1.7      Return of the Leased Premises

         1.7.1    Upon expiration or termination of this agreement by the Lessor
                  or the Lessee  according  to Clause  1.6,  as the case may be,
                  this agreement  immediately becomes extinct.  The Lessee shall
                  remove 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 date, as the case may be.

         1.7.2    In failing to comply with Clause  1.7.1,  the Lessee  consents
                  the Lessor to  immediately  repossess the leased  premises and
                  remove  the  Lessee's   property  from  the  leased  premises.
                  Furthermore, the Lessee consents to reimburse the expenses the
                  Lessor has to pay in doing so, and should any damage  occurred
                  the Lessee shall not claim for indemnity.

         1.7.3    Besides consenting the Lessor to repossess the leased premises
                  according to Clause  1.7.2,  the Lessee also consents to pay a
                  daily fine to the Lessor at the rate prescribed in Appendix A,
                  from the supposed date of return of the leased premises to the
                  date on which the  Lessee  and  attendants  have  vacated  the
                  leased premises and return the same  accordingly or the Lessor
                  has carried out according to Clause 1.7.2, as the case may be.

<PAGE>

1.8      Performance Guarantee

         Unless otherwise  specified in Chapter 2 of the Terms and Conditions of
         Lease, in entering into this  agreement,  the Lessee shall deposit cash
         or  submit  a  Letter  of  Guarantee  of a local  bank  for the  amount
         equivalent  to three (3) times of the rent  plus the  relevant  service
         fees and monthly  building and land taxes, to the Lessor as performance
         guarantee.

         The above performance  guarantee shall be returned after the Lessee has
         been relieved from all obligations under this agreement.

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

1.9      Notice

         All notices  under this  agreement  shall be made in writing and deemed
         legally forwarded if having been forwarded by one of the following :

         -        hand delivery to the concerned person of each party; or

         -        registered mail to the addresses indicated by both parties  in
                  Chapter 2 of this agreement

<PAGE>

Chapter 2         Special Terms and Conditions

Notices

         Name and address of the Lessor

                                    Airports Authority of Thailand
                                    Vibhavadi Rangsit Road
                                    Don Muang District
                                    Bangkok Metropolis 10210

                                    Tel.    535-1405, 535-1815
                                    Fax     535-6062

         Name and address of the Lessee

                                    King Power Tax Free Co., Ltd.
                                    26th-27th Floors, Siam Tower
                                    989 Rama I Road
                                    Pathum Wan Sub-district, Pathum Wan District
                                    Bangkok Metropolis

                                    Tel.    658-0020-41 ext. 524
                                    Fax     658-0050

<PAGE>

<TABLE>

<CAPTION>

Details of Rents and Chart Showing Location of Lease Premises      Appendix A
Lease Agreement No. 1-122/2541, dated 28 September 1999         (Total 3 Sheets)
                                                                    Sheet #1
<S>                                                                             <C>     <C>     <C>   <C>   <C>

-------------------------------------------------------------------------------------------------------------------
                                                                                               Lease  Period
                                                                                          -------------------------
Leased Premises      Space       Rent        Rent     Service Fee  Building &     Fine       From           To
                 Square Metre  Baht/Sqm.  Baht/Month  Baht/Month     Land       Baht/Day
                     (Sqm.)    per month                             Taxes
                                                                   Baht/Month
---------------  ------------  ---------  ----------  -----------  ----------  ---------  -----------  ------------
Domestic Passengers Terminal, Bangkok International Airport
-----------------------------------------------------------
- Zone 3265 A       310.00       750.00   232,500.00    34,875.00   29,062.50  19,762.50  1 Jan. 1998  31 Dec. 1999
- Zone 3712 B        40.00       750.00    30,000.00     4,500.00    3,750.00   2,550.00  1 Jan. 1998  31 Dec. 1999
- Zone 3712 C        63.00       750.00    47,250.00     7,087.50    5,906.25   4,016.25  1 Jan. 1998  31 Dec. 1999
-------------------------------------------------------------------------------------------------------------------

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

              - signed -                                - signed -
(Flight Lieutenant Pradit  Mongkonapiban)       (Mr. Viratana  Suntaranond)
                                       (Seal of King  Power  Tax Free Co., Ltd.)

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

               - signed -                                - signed -
         (Mr. Sukwat  Chayakorn)                    (Mr. Krit  Phakakit)

</TABLE>Memorandum Attached to
                  Contract of Permission for Operating Business
                      of Selling Merchandize and Souvenirs
                        at Bangkok International Airport
                       No. 6-01/2541 dated 2 October 1997
                                   Amendment 1

This  memorandum  is made at the Airports  Authority of Thailand on 28 September
1999  between  the  Airports  Authority  of  Thailand,   represented  by  Flight
Lieutenant  Pradit  Mongkonapiban,  Deputy  Managing  Director,  Acting Managing
Director of the Airports Authority of Thailand,  hereinafter called "AAT" of one
part,  and J.M.T.  Group Co.,  Ltd.,  registered  as a juristic  person  Company
Limited under the Civil and Commercial  Code,  which has change its name to King
Power Tax Free Co., Ltd. on 30 September 1997, with the head office at 26th-27th
Floors,  Siam  Tower,  989 Rama I Road,  Pathum  Wan  Sub-district,  Pathum  Wan
District,  Bangkok  Metropolis,  represented by Mr.  Viratana  Suntaranond,  the
person  empowered to enter  juristic  act binding King Power Tax Free Co.,  Ltd.
according to the Certificate No. Phor.Hor. 0011128 dated 4 August 1999 issued by
the Office of Partnership/Company Registration,  Bangkok Metropolis, hereinafter
called the "Company" of the other part.

Whereas  AAT has agreed to granted a  permission  and the  Company has agreed to
received  the  permission  for  operating  business of selling  merchandize  and
souvenirs at the Bangkok International  Airport,  according to the Agreement No.
6-01/2541 dated 2 October 1997, for a period of five years, from 1 April 1998 to
31 March 2003

and whereas the Company has changed its name from  "J.M.T.  Group Co.,  Ltd." to
"King  Power Tax Free Co.,  Ltd." on 30  September  1997,  and AAT has agreed to
adjust  remuneration  for  granting the  permission  for  operating  business of
selling merchandize and souvenirs at the Bangkok  International  Airport, and to
change the performance guarantee of the said contract.

Therefore, AAT and the Company agree to enter into his Memorandum as follows :

1.   In the Contract No. 6-01/2541 dated 2 October 1997, where J.M.T. Group Co.,
     Ltd. is indicated as a party to the  contract,  it is changed to King Power
     Tax Free Co., Ltd.

2.   AAT agrees to grant a discount the remuneration for granting the permission
     for operating business of selling  merchandize and souvenirs at the Bangkok
     International  Airport,  according to the Contract  No.  6-01/2541  dated 2
     October  1997,  to the Company by Baht  9,754,215.84  (Nine  Million  Seven
     Hundred  Fifty-Four  Thousand Two Hundred Fifteen Baht Eighty-Four  Satang)
     per month,

     not including the value added tax,  retroactive to 1 September  1998.  This
     shall be in effect  until AAT has  arranged  and handed over the new leased
     premises  as  replacement  of Zone No.  3342 E. AAT has leased out Zone No.
     3342 E to the Company  according to the  Agreement  No.  1-01/2541  dated 2
     October 1997, and the lease was  subsequently  cancelled  since 1 September
     1998.  After AAT has arranged and handed over the new leased  premises,  if
     the  space  appears  not to be the  same as  previous,  AAT  shall  collect
     additional  remuneration  at  the  rates  specified  in  the  Contract  No.
     6-01/2541 effective the date of handing over.

3.   AAT agrees to grant a discount the remuneration for granting the permission
     for operating business of selling  merchandize and souvenirs at the Bangkok
     International  Airport,  according to the Contract  No.  6-01/2541  dated 2
     October  1997,  to the Company by Baht  5,840,609.77  (Five  Million  Eight
     Hundred Forty Thousand Six Hundred and Nine Baht Seventy-Seven  Satang) per
     month, not including the value added tax, retroactive to 1 March 1999 until
     construction  of the  extension  of the  arrival  lounge and the  departure
     lounge of the International  Passengers  Terminal  (AIRSIDE) of the Bangkok
     International Airport has been completed and AAT has handed over an area of
     not less than 298.50 sqm. to the Company  accordingly.  After  handing over
     the said area, AAT shall collect remuneration for the additional space (not
     including the value added tax) as follows :

<PAGE>

     -         From 1 April 1998 to 31 March 1999, Baht 38,125.93  (Thirty-Eight
               Thousand One Hundred  Twenty-Five Baht  Ninety-Three  Satang) per
               square metre per month

     -         From 1  April  1999  to 31  March  2000,  Baht  40,032.23  (Forty
               Thousand  Thirty-Two Baht  Twenty-Three  Satang) per square metre
               per month

     -         From 1 April 2000 to 31 March  2001,  Baht  42,033.84  (Forty-Two
               Thousand  Thirty-Three Baht Eighty-Four  Satang) per square metre
               per month

     -         From 1 April 2001 to 31 March 2002,  Baht  44,555.87  (Forty-Four
               Thousand Five Hundred  Fifty-Five Baht  Eighty-Seven  Satang) per
               square metre per month

     -         From 1 April 2002 to 31 March 2003,  Baht 47,229.22  (Forty-Seven
               Thousand  Two Hundred  Twenty-Nine  Baht  Twenty-Two  Satang) per
               square metre per month

4.   The  Company  agrees  to pay  additional  remuneration  for  receiving  the
     permission for operating  business of selling  merchandize and souvenirs at
     the Bangkok International Airport,  according to the Contract No. 6-01/2541
     dated 2 October 1997, to AAT by Baht  2,000,000.00  (Two Million Baht Only)
     per month,  not including the value added tax, from 1 March 1999 to 23 June
     1999.

5.   Clause 4 of the  Contract  No.  6-01/2541  dated 2  October  1997  shall be
     repealed and replaced with the following :

     "4.       Performance Guarantee

     The Company  shall  deposit  cash or submit  Letter of Guarantee of a local
     bank  to AAT  for  an  amount  equivalent  to  five  times  of the  monthly
     remuneration of each year of the contract under the following conditions :

     4.1       Performance Guarantee for each year shall be

----------------------------------------------------------------------------
Year                         Validity                             Amount
----  ------------------------------------------------------  --------------
         Validity of Contract        Validity of Guarantee       (Baht)
----  --------------------------  --------------------------  --------------
1     1 April 1998-31 March 1999  1 April 1998-31 March 2003  232,500,000.00
2     1 April 1999-31 March 2000  1 April 1999-31 March 2003  244,125,000.00
3     1 April 2000-31 March 2001  1 April 2000-31 March 2003  256,331,250.00
4     1 April 2001-31 March 2002  1 April 2001-31 March 2003  271,711,125.00
5     1 April 2002-31 March 2003  1 April 2002-31 March 2003  288,013,792.50
----------------------------------------------------------------------------

     4.2       The Company shall submit the first performance guarantee with the
               same validity as the contract and submit the  subsequent one with
               the increased  amount at least 30 days prior to  commencement  of
               the contract of that particular year.

<PAGE>

     4.3       During  validity of the contract,  if the  remuneration  shall be
               increased in any year,  the Company shall submit the  performance
               guarantee  additional  to be  equivalent  to  five  times  of the
               monthly  remuneration of that particular  year, and increasing by
               5%,  5%,  6% and 6% in  year  2,  3,  4 and 5  respectively.  The
               validity of the Letter of Guarantee  shall be the same as that of
               the contract.

     The above performance guarantee shall be returned  after  the  Company  has
     been relieved from all obligations under the contract."

     The effective date is retroactive to 22 December 1998.

6.   The contents of the Contract No.  6-01/2541  dated 2 October 1997,  besides
     having  been  amended  in  Clause 1 to Clause 5 of this  memorandum,  shall
     remain in force.

7.   The effective date of this memorandum is retroactive to 1 April 1998.

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

                    AAT                                 The Company

                - signed -                               - signed -
(Flight Lieutenant Pradit Mongkonapiban)        (Mr. Viratana Suntaranond)
                                         (Seal of King Power Tax Free Co., Ltd.)

                   Witness                                Witness

                - signed -                               - signed -
          (Mr. Sukwat Chayakorn)                     (Mr. Krit Phakakit)

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