Document:

Siam Tower
                               The Lease Agreement

     This lease  agreement is made at the Bangkok  Intercontinental  Hotels Co.,
Ltd. on November 23rd, 1997.

                                     Between

     Bangkok  Intercontinental  Hotels  Co.,  Ltd.  located  at 979 Rama I Road,
Pathumwan Sub-District,  Pathumwan District, Bangkok Metropolis. Herein referred
to as "The Lessor" of one part.

                                      With

     King Power Tax Free Co., Ltd. located at 989 Siam Tower 26-27 Floors,  Rama
I Road,  Pathumwan  Sub-District,  Pathumwan District,  Bangkok Metropolis.  The
leased  area is 26th Floor of Siam  Tower.  The  authorized  director  acting on
behalf of the company is Mr.  Viratana  Suntaranond.  Herein referred to as "The
Lessee" of the other part.

Whereas:

(A) The Lessor is  the owner of the tower named  "Siam  Tower".  The  address is
989 Rama I Road, Pathumwan Sub-District,  Pathumwan District, Bangkok Metropolis
(Herein after referred to as "Office Building") and

(B) The  Lessee  wishes to lease and The  Lessor  agree to let lease the  Office
Building area.

     Both parties have read and  understood  all the rules and conditions of the
lease, as attached within this agreement,  and accept as part of this agreement.
The scope of this agreement is as follows;

1.   The  Lessor  agrees to let lease and The  Lessee  agree to lease the Office
     Building area on 27th Floor, consisting of 1,364 Sq.m. of space, where both
     parties have inspected the said area,  (herein  referred to as "the Leasing
     Space").  The location plan has been highlighted as attached within is part
     of this agreement.

2.   The duration of this agreement  starts from January 1st, 1998 until October
     31st, 2000, at the rent rate of 148 Baht/Sq.m.

3.   The Lessee agrees to pay the rent to The Lessor from January 1st,  1998, at
     the monthly rate of 148 Baht/Sq.m. (One hundred and forty eight baht only).
     The total amount of 201,872  Baht/month (Two hundred and one thousand eight
     hundred and seventy two baht only).

4.   The Lessee agrees to utilize the space for office use only.

5.   The  Lessee  shall  furnish  the  leased  space  and  start  occupation  by
     _________________.  If The Lessee is unable to occupy  the leased  space as
     scheduled due to factors  beyond The Lessee's  control as stated in section
     13 of the lease  conditions,  and The  Lessee  shall  notify  The Lessor in
     writing within 3 days. If The Lessor grants approval of the notification or
     if the hand  over of the  leased  space to The  Lessee is late as stated in
     section 2 of the lease conditions,  The Lessor shall postpone collection of
     the rent and fees until the matters are resolved.

<PAGE>

6.   As lease agreement  guarantee  against default of The Lessee and damages to
     The  Lessor,  a deposit of the amount of highest  rent rate,  for 3 (three)
     months will be submitted to The Lessor.  Totaling 605,616 Baht (Six hundred
     and five  thousand six hundred and sixteen  baht only).  On the date of the
     lease  agreement,  The Lessee has already  deposited  the  guarantee to The
     Lessor  at the sum of  605,616  Baht (Six  hundred  and five  thousand  six
     hundred and sixteen baht only).

7.   Prior to any decoration for the lease space,  The Lessee must deposit a sum
     of 80,000  baht(Eighty  thousand  baht only) against any damages due to the
     lease space  being  furnished.  Check  payment  must be honored  before any
     decoration commences.

8.   All  check  payments  to  The  Lessor  must be honored before  payments are
     received in full.

     This lease agreement is made in two duplicates.  Both parties have read and
acknowledged the agreement to be two of the same, and affix their signatures and
corporate seal (if any) in the presence of the witnesses.

The Lessor:                                        The Lessee:
Bangkok Intercontinental Hotels Co., Ltd.          King Power Tax Free Co., Ltd.

           -Signature-                                      -Signature-
---------------------------------                  -----------------------------
(Mr. Panas Simasathien)                            (Mr. Viratana Suntaranond)

           -Signature-
---------------------------------
(Mrs. Chadatip Jutrakoon)

Witnesses

-Signature-
-------------------------------
(Mrs. Parnjai Tongurai)

-Signature-
-------------------------------
(Mr. Narunard Numahud)Hiring Contract
           Study, Analysis and Implementation of Marketing Strategies

This contract is made at King Power Duty Free Co., Ltd. on 2 May 1999, between

              King Power Duty Free Co., Ltd. by Mr. Viratana Suntaranond
              with the Head Office at 26th-27th Floors, Siam Tower
              989 Rama I Road, Pathum Wan Sub-district,
              Pathum Wan District, Bangkok Metropolis,
              hereinafter called "KPD"

              King Power Tax Free Co., Ltd. by Mr. Viratana Suntaranond
              with the Head Office at 26th-27th Floors, Siam Tower
              989 Rama I Road, Pathum Wan Sub-district,
              Pathum Wan District, Bangkok Metropolis,
              hereinafter called "KPT"

and  hereinafter,  if not called either name,  shall be called  collectively the
"Employer" of one part, and

              Downtown D.F.S. (Thailand) Co., Ltd., by Mr. Sombat Dechapanichkun
              with the Head Office at 888/60-62 Ploenchit Road
              Pathum Wan District, Bangkok Metropolis
              hereinafter called "DDC"

and/or the "Contractor" of the other part.

The Employer  and the  Contractor  agree to enter into this Hiring  Contract for
Study, Analysis and Implementation of Marketing Strategies, as follows :

1.   Scope of Works and Hiring Period

     1.1      The Employer agrees to hire and the Contractor agrees  to be hired
              for study,  analysis and  implementation of  marketing  strategies
              according  to the  details  and  job  description  appear  in  the
              Appendix, which shall be deemed part of this contract.

     1.2      The Employer agrees to hire the Contractor to perform according to
              Clause 1.1 for the period from 1 July 1999 to 31 December 2000.

2.   Remuneration

     The remuneration of the hired works under this contract shall be :

     2.1      KPD  agrees to  pay  remuneration  to  the  Contractor  for   Baht
              67,500,000 (Sixty-Seven Million Five Hundred Thousand Baht  Only),
              not including the value added tax, which has been paid  in advance
              in full on 30 June 1999.

     2.2      KPT  agrees  to  pay  remuneration  to  the  Contractor  for  Baht
              67,500,000 (Sixty-Seven  Million Five Hundred Thousand Baht Only),
              not including the value added tax, which has been paid  in advance
              in full on 30 June 1999.

<PAGE>

     2.3      The Employer  agrees to pay the  remuneration  according to Clause
              2.1 and 2.2 to the Contractor at the Contractor's office indicated
              in this contract.

3.   Covenant of the Contractor

     3.1      The Contractor and his  representatives  shall not  disclose to or
              allow other persons to make use of  the  confidential  information
              of  the Employer known to the Contractor while  performing  study,
              analysis  and  implementation  of  marketing  strategies  for  the
              Employer  or  thereafter,  unless  a written  permission  has been
              obtained from the Employer.

     3.2      The  Contractor  and his  representatives  shall  not  commit  any
              wrongdoing  or action  which may be  detrimental  to  the property
              and/or reputation of the Employer.

     3.3      The  Contractor  and  his   representatives   shall   perform  the
              necessary  tasks,  under the scope of works, at the best of  their
              abilities for benefits and prosperity of the Employer.

4.   Transfer of the Rights

     The  Contractor  agrees not to transfer  the rights and  duties,  either in
     whole or in part,  under this  contract to a third party,  unless a written
     permission has been obtained from the Employer.

5.   Termination of Contract

     During its validity,  either party may terminate this contract prior to the
     expiration  date,  provided that a written  notice must be forwarded to the
     other party at least 30 days in advance.

6.   Notice

     All notices between both parties, if having been forwarded to the person at
     the site or  office  of the other  party,  shall be  deemed as having  been
     forwarded legally.

7.   Breach of Contract

     7.1      If  either  party is in breach of any  clause  herein,  the  other
              party shall forward a written notice  informing the said party  to
              take corrective  action within 30 days from the date of  receiving
              the notice. If the party breaching the contract fails to  take the
              corrective  action within the specified  date, it shall be  deemed
              that the said party is in breach of this  contract  and the  other
              party is entitled to immediately terminate this contract.

     7.2      If any dispute has arisen in connection  with this  contract, both
              parties agree that it shall be  brought  to  a  court  in  Bangkok
              Metropolis.

<PAGE>

This contract is made in triplicate.  Both parties  having read,  understood and
found it to be in accordance with their intention, hereunder sign their names in
the presence of witnesses.

                                  /s/  Viratana Suntaranond             Employer
                                ------------------------------
                                King Power Duty Free Co., Ltd.
                                  (Mr. Viratana Suntaranond)
     (Seal of King Power Duty Free Co., Ltd.)

                                  /s/  Viratana Suntaranond             Employer
                                -----------------------------
                                King Power Tax Free Co., Ltd.
                                  (Mr. Viratana Suntaranond)
     (Seal of King Power Tax Free Co., Ltd.)

                                  /s/  Sombat Dechapanichkun      The Contractor
                                -----------------------------
                                Downtown D.F.S. (Thailand) Co., Ltd.
                                  (Mr. Sombat Dechapanichkun)
     (Seal of Downtown D.F.S. (Thailand) Co., Ltd.)

                                    /s/  Anocha Kamnerdngam              Witness
                                   -------------------------
                                   (Miss Anocha Kamnerdngam)

                                      /s/  Malee Awisuthi                Witness
                                     ---------------------
                                     (Miss Malee Awisuthi)

<PAGE>

                   Implementation Period and Budget of Study,
              Analysis and Implementation of Each Structure of KPD

1.   Analysis of work structures and basic marketing plans

     1.1      Analysis of work structures

              1.1.1   Analysis of sales and service structures

                      -        Implementation period, one month (Month 1)
                      -        Budget, Baht 250,000

              1.1.2   Analysis of procurement structure

                      -        Implementation period, one month (Month 1)
                      -        Budget, Baht 250,000

              1.1.3   Analysis of an organization structure suitable and in line
                      with business

                      -        Implementation period, one month (Month 2)
                      -        Budget, Baht 250,000

              1.1.4   Analysis of marketing structure

                      -        Implementation period, one month (Month 2)
                      -        Budget, Baht 250,000

              1.1.5   Analysis of accounting and finance structures

                      -        Implementation period, one month (Month 3)
                      -        Budget, Baht 250,000

              1.1.6   Analysis of storage structure at the Bonded Warehouse

                      -        Implementation period, one month (Month 3)
                      -        Budget, Baht 250,000

     1.2      Basic Marketing Plans

              1.2.1   Preliminary Public Relations Campaign

                      -        Implementation period, three months (Month 2-4)
                      -        Budget, Baht 1,500,000

              1.2.2   Preliminary Sales Promotion Campaign

                      -        Implementation period, two months (Month 2-3)
                      -        Budget, Baht 1,000,000

2.   Study and Analysis of basic data of Duty Free Operations

     2.1      Analysis of basic data on existing target groups

<PAGE>

              2.1.1   Analysis of purchasing behavior of each nationality target
                      group

                      -        Implementation period, two months (Month 3-4)
                      -        Budget, Baht 500,000

              2.1.2   Analysis of the  ratio  of  each  nationality of customers
                      travelling in and out of Thailand

                      -        Implementation period, two months (Month 4-5)
                      -        Budget, Baht 500,000

              2.1.3   Analysis  of  purchasing  power  of  each  nationality  of
                      customers

                      -        Implementation period, two months (Month 5-6)
                      -        Budget, Baht 500,000

     2.2      Analysis of basic data of new target groups

              2.2.1   Analysis of the ratio  of  each  nationality  of customers
                      other than the main target groups

                      -        Implementation period, two months (Month 3-4)
                      -        Budget, Baht 200,000

              2.2.2   Analysis of purchasing behavior of the new target groups

                      -        Implementation period, two months (Month 4-5)
                      -        Budget, Baht 200,000

              2.2.3   Analysis  of  purchasing  power  of  each  nationality  of
                      customers

                      -        Implementation period, two months (Month 5-6)
                      -        Budget, Baht 200,000

     2.3      Analysis of the competitors' markets and market share, both inside
              and outside the country

              2.3.1   Markets of direct competitors

                      -        Implementation period, two months (Month 2-3)
                      -        Budget, Baht 200,000

              2.3.2   Markets of indirect competitors

                      -        Implementation period, two months (Month 2-3)
                      -        Budget, Baht 200,000

     2.4      Analysis of strengths and weaknesses of the business operator

              -        Implementation period, two months (Month 2-3)
              -        Budget, Baht 100,000

<PAGE>

3.   Integration  of the analysis for use as  guidelines  for planning  suitable
     Sales Promotion Campaign in order to achieve the objectives

     3.1      Commissioning  of  strategies  for  increasing market share of the
              main target groups

              3.1.1   Maintaining the prevailing market share

                      -        Implementation period, 17 months (Month 2-18)
                      -        Budget, Baht 4,000,000

              3.1.2   Attracting or increasing the new market share

                      -        Implementation period, 15 months (Month 4-18)
                      -        Budget, Baht 4,000,000

     3.2      Commissioning of strategies for increasing new target groups

              -        Implementation period, 15 months (Month 4-18)
              -        Budget, Baht 3,500,000

     3.3      Commissioning  of  readiness for coping with demands of the target
              groups

              3.3.1   Readiness on merchanize and prices

                      -        Implementation period, 15 months (Month 4-18)
                      -        Budget, Baht 1,200,000

              3.3.2   Readiness on services and sales

                      -        Implementation period, 15 months (Month 4-18)
                      -        Budget, Baht 1,200,000

     3.4      Commissioning of strategies for boosting sales

              3.4.1   Decorations (designs  and  decorations  according  to  the
                      merchandize of each season)

                      -        Implementation period, 15 months (Month 4-18)
                      -        Budget, Baht 3,000,000

              3.4.2   Displaying  the  merchandize  according to the concept and
                      decorations

                      -        Implementation period, 15 months (Month 4-18)
                      -        Budget, Baht 1,500,000

              3.4.3   Organizing sales promotion activities

                      -        Implementation period, 15 months (Month 4-18)
                      -        Budget, Baht 5,000,000

<PAGE>

4.   Analysis of performance results in each quarter

     -        Implementation period, 15 months (Month 4-18)
     -        Budget, Baht 1,000,000

5.   Creating good image and brand awareness continuously

     5.1      Control of sales-related  standards  to be higher than that of the
              competitors

              5.1.1   Quality control of the merchandize and prices

                      -        Implementation period, 15 months (Month 4-18)
                      -        Budget, Baht 2,000,000

              5.1.2   Control on services and sales

                      -        Implementation period, 15 months (Month 4-18)
                      -        Budget, Baht 2,000,000

     5.2      Use  of advertising media  and  public  relations  to  remind  the
              customers

              5.2.1   Analysis,  planning   and   selection   of   the  suitable
                      advertising  media  and  public  relations  to attract the
                      target groups, both inside and outside the country

                      -        Implementation period, 15 months (Month 4-18)
                      -        Budget, Baht 2,000,000

              5.2.2   Employing  advertising and public relations  plan, divided
                      into

                      Advertising Media and Public Relations in the country

                      o        Billboard, Transparency

                               -  Implementation  period, 15 months (Month 4-18)
                               -  Budget, Baht 6,000,000

                      o        Radio, Television

                               -  Implementation period, 15 months (Month 4-18)
                               -  Budget, Baht 5,500,000

                      o        Direct  mail  to  the  target  groups,  such   as
                               brochure, leaflet, etc.

                               -  Implementation period, 15 months (Month 4-18)
                               -  Budget, Baht 6,000,000

                      Advertising Media and Public Relations outside the country

                      o        Direct  mail  to  the  target  groups,  such   as
                               brochure, leaflet, etc.

                               -  Implementation period, 15 months (Month 4-18)
                               -  Budget, Baht 5,000,000

<PAGE>

     5.3      Creating  good  image  jointly with the concerned organizations or
              agencies with the business

              5.3.1   Participation  and support in activities of the government
                      and private sector

                      -        Implementation period, 15 months (Month 4-18)
                      -        Budget, Baht 4,000,000

              5.3.2   Organizing activities  promoting tourism of Thailand, both
                      inside and outside the country

                      -        Implementation period, 15 months (Month 4-18)
                      -        Budget, Baht 4,000,000

     Total Implementation Period                               18 months
     Total Budget                                              Baht 67.5 million

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