Document:

Duplicate
                             Memorandum of Amendment
                  Contract of Permission for Operating Business
         Selling Duty Free Merchandise and Leasing Spaces for Operation
              Bangkok International Airport, and Regional Airports
                    Contract No. 6-04/2539 dated 6 March 1996
                                   Amendment 1

This  memorandum is made at the Airports  Authority of Thailand on 11 July 2000,
between the Airports  Authority of Thailand,  represented  by Flight  Lieutenant
Usar  Borisuth,  Deputy  Managing  Director,  Acting  Managing  Director  of the
Airports Authority of Thailand, hereinafter called "AAT" of one part, and J.M.T.
Duty Free Co., Ltd.,  registered as a juristic  person Company Limited under the
Civil and Commercial  Code,  which thereafter has changed the name to King Power
Duty Free Co.,  Ltd. on 9  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 Duty Free Co.,  Ltd.
according to the Certificate No. Phor.Hor. 0009829 dated 15 June 2000, issued by
the Office of Partnership/Company Registration,  Bangkok, hereinafter called the
"Operator" of the other part.

Whereas AAT has granted a permission  to the Operator to operate the business of
selling duty free  merchandise  and to lease the  premises for  operation at the
Bangkok  International  Airport and the regional airports,  for a period of five
years,  from 1 January 1997 to 31 December  2001,  according to the Contract No.
6-04/2539 dated 6 March 1996,

And  whereas  AAT has  examined  the  actual  space  of  operation,  the  actual
commencement date of operation, the zones, additional leased space, cancellation
of  certain  leased  premises,  change  of name of  juristic  person,  change of
remuneration and performance  guarantee,  and permission for selling  additional
items of merchandise, according to the following details :

1.       Additional Lease

         1.1      To  lease  zone No.  3265 P,  covering  an area of 246  square
                  metre, in the International  Passenger Terminal 1, the Bangkok
                  International Airport, from 6 January 1997 to 29 January 1997;
                  and the space in front of the Operator's  business premises in
                  Terminal  2,  covering  an area of 200  square  metre,  from 1
                  January 1997 to 23 January 1997;

<PAGE>

         1.2      To lease  zone No.  3715 B,  covering  an area of 6.30  square
                  metre, in the International  Passenger Terminal 2, the Bangkok
                  International Airport, effective 24 January 1997;

         1.3      To  lease  zone No. 1 A 230 ,  covering  an area of 39  square
                  metre, in the Passenger Terminal, the Chiang Mai International
                  Airport,  from 25 June 1997;  and zone 116 A, covering an area
                  of 160 square metre, in the Warehouse Building, the Chiang Mai
                  International Airport, effective 1 January 1997;

         1.4      To lease Room No. 334, covering an area of 22.09 square metre,
                  in the Passenger Terminal,  the Phuket International  Airport,
                  effective 1 January 1997;

         1.5      To lease  zone No.  3715 C,  covering  an area of 8.50  square
                  metre, in the International  Passenger Terminal 2, the Bangkok
                  International Airport, effective 12 September 1997;

         1.6      To lease zone No. 3342 A/2,  covering an area of 45.50  square
                  metre, in the International  Passenger Terminal 1, the Bangkok
                  International Airport, effective 24 November 1997;

         1.7      To relocate  zone No. 3715 B,  covering an area of 6.30 square
                  metre to the new location,  under the same zone number, and to
                  increase  the  space  to  29.50  square  metre,  effective  26
                  December 1997;

         1.8      To lease Room No. 102, covering an area of 96 square metre, in
                  the Warehouse Building, the Phuket International Airport, from
                  1 January 1998 to 31 December  2000; and to lease out Room No.
                  101,  covering an area of 45.60 square metre, in the Warehouse
                  Building,  the  Phuket  International  Airport,  effective  15
                  September 1999;

         1.9      To lease the space on the 3rd Floor of the  Departure  Lounge,
                  the  International  Passenger  Terminal 1, covering an area of
                  17.50 square  metre,  which is designated as zone No. 3342 A/1
                  (downstairs), effective 6 February 1998;

                  The  existing  zone No.  3342 A/1  under the  existing  lease,
                  covering an area of 340.50 square metre, is designated as zone
                  3342 A/1 (upstairs).

         1.10     To  lease  zone No.  3265 P,  covering  an area of 246  square
                  metre, in the International  Passenger Terminal 1, the Bangkok
                  International Airport, effective 28 January 1998;

<PAGE>

         1.11     To lease zone No. 3772/1, covering an area of 31 square metre,
                  in  the  International   Passenger  Terminal  2,  the  Bangkok
                  International Airport, effective 7 April 1998;

         1.12     To lease  zone No.  3715 D,  covering  an area of 7.50  square
                  metre;  and zone No. 3715 E,  covering an area of 91.50 square
                  metre in the International  Passenger  Terminal 2, the Bangkok
                  International Airport, effective 18 May 1998;

         1.13     To lease  zone No.  3342 E, 3342  E/1,  3342 E/2 and 3342 E/3,
                  covering  the  total  area  of  298.50  square  metre,  in the
                  International  Passenger Terminal 1, the Bangkok International
                  Airport, which were original the leased premises of King Power
                  Tax Free Co., Ltd., effective 5 September 1998;

         1.14     To lease zone No.  3265 P/1,  covering  an area of 4.50 square
                  metre, in the International  Passenger Terminal 1, the Bangkok
                  International Airport, effective 16 June 1998;

         1.15     To  lease  zone No.  3265  P/2,  covering  an area of 1 square
                  metre, in the International  Passenger Terminal 1, the Bangkok
                  International Airport, effective 16 August 1998;

         1.16     To lease  zone  Nos.  3266 D and  3266 E in the  International
                  Passenger  Terminal  1;  and  zone  Nos.  3266 F 3266 G in the
                  International  Passenger Terminal 2, the Bangkok International
                  Airport,  covering  an area of 5 square  metre for each  zone,
                  effective 1 May 1999;

         1.17     To lease  zone Nos.  3266 H, 3266 J, 3266 K, 3266 L and 3266 M
                  in the International Passenger Terminal 1; and zone No. 3266 N
                  in  the  International   Passenger  Terminal  2,  the  Bangkok
                  International Airport,  covering an area of 5 square metre for
                  each zone, effective 1 June 1999;

         1.18     To lease  zone No.  3735 A/1,  covering  an area of 103 square
                  metre, in the International  Passenger Terminal 2, the Bangkok
                  International Airport, effective 1 April 2000; and

         1.19     To lease zone No. DI 208,  covering  an area of 106.32  square
                  metre;  zone No.  AI 108,  covering  an area of  42.50  square
                  metre;  and zone No. AI 109,  covering an area of 42.50 square
                  metre;  in the Passenger  Terminal,  the Phuket  International
                  Airport, effective 1 December 1999.

<PAGE>

2.       Cancellation of Lease, Decrease of Leased Area

         2.1      To cancel the lease of zone No.  1349 E,  covering  an area of
                  7.50 square metre, in the International  Passenger Terminal 1,
                  the Bangkok International Airport, effective 1 February 1997;

         2.2      To cancel the lease of zone Nos.  233, 234 and 161 A, covering
                  the total  area of 71 square  metre,  in the Hat Yai  Airport,
                  effective 1 February 1999;

         2.3      To cancel the lease of zone Nos.  237,  239, 247, 248, 135 and
                  145,  in the  Passenger  Terminal,  the  Phuket  International
                  Airport, effective 1 December 1999;

         2.4      To decrease the area of zone No. 3715 C, in the  International
                  Passenger Terminal 2, the Bangkok International  Airport, from
                  8.50 square metre to 2.50 square metre, effective 18 May 1998;
                  and

         2.5      To relocate  the  business  premises in the Arrival  Lounge of
                  International Passenger, the Chiang Mai International Airport,
                  covering  the  total  area  of 20  square  metre,  to the  new
                  location nearby,  and the area has been decreased to 15 square
                  metre, effective 9 January 1999.

3.       AAT has  permitted  the Operator to change the name of juristic  person
         from "J.M.T.  Duty Free Co.,  Ltd." to "King Power Duty Free Co., Ltd."
         effective 9 September 1997.

4.       Change or Remuneration

         4.1      AAT has reduced the minimum remuneration for year 1 (January -
                  December 1997) to Baht 592,240,000.00 (Five Hundred Ninety-Two
                  Million Two Hundred Forty Thousand Baht Only). Based on 30% of
                  the total  revenues for the period January - December 1997, as
                  compared to the minimum  remuneration for year 1, the Operator
                  shall pay whichever amount is higher to AAT.

         4.2      AAT has permitted the Operator to make use of zone Nos. 3342 E
                  (3342 E,  3342 E/1,  3342 E/2 and 3342 E/3) of King  Power Tax
                  Free  Co.,  Ltd.,  covering  the total  area of 298.50  square
                  metre,  whereby the monthly  rents shall be  increased at Baht
                  32,677.44  per  square  metre,  from 5  September  1998  to 28
                  February 1999.  Effective 1 March 1999 the remuneration  shall
                  be 15% of the total revenues of the duty free  merchandise for
                  that particular month,  before deduction of expenses,  and the
                  minimum remuneration for each year shall be :

<PAGE>

                  -  From 1 March 1999 to 31 December 1999,  Baht  82,027,655.73
                     (Eighty-Two  Million  Twenty-Seven   Thousand  Six  Hundred
                     Fifty-Five Baht Seventy-Three Satang)

                  -  From  1   January   2000   to  31   December   2000,   Baht
                     101,937,408.32  (One  Hundred and One Million  Nine Hundred
                     Thirty-Seven   Thousand   Four   Hundred   and  Eight  Baht
                     Thirty-Two Satang)

                  -  From  1  January   2001   to   31   December   2001,   Baht
                     105,444,055.17  (One  Hundred and Five Million Four Hundred
                     Forty-Four Thousand Fifty-Five Baht Seventeen Satang)

         4.3      AAT has  permitted  the Operator to lease 10 spots for setting
                  cart for selling duty free merchandise,  covering an area of 5
                  square  metre  per  spot,   in  the  Departure   Lounge,   the
                  International  Passenger  Terminal  1  and  the  International
                  Passenger Terminal 2, the Bangkok International  Airport, with
                  the  remuneration  at 15%  of  the  total  revenues  for  that
                  particular  month,  before  deduction  of  expenses,  and  the
                  monthly minimum remuneration shall be :

                  Year 1999 Baht  26,898.62  (Twenty Six Thousand  Eight Hundred
                  Ninety-Eight Baht Sixty-Two Satang) per square metre/month

                  Year 2000 Baht  28,458.56  (Twenty Eight Thousand Four Hundred
                  Fifty-Eight Baht Fifty-Six Satang) per square metre/month

                  Year 2001 Baht  29,437.25  (Twenty Nine  Thousand Four Hundred
                  Thirty-Seven Baht Twenty-Five Satang) per square metre/month

                  The  Operator  may  commence  making  use of the  four  spots,
                  covering  the total area of 20 square  metre,  effective 1 May
                  1999, and commence making use of the six spots in the Terminal
                  2,  covering  the total area of 30 square  metre,  effective 1
                  June 1999

         4.4      AAT has  permitted  the  Operator  to lease zone No. 3735 A/1,
                  covering  an area of 103 square  metre,  in the  International
                  Passenger  Terminal  2,  the  Bangkok  International  Airport,
                  effective 1 April 2000,  with the  remuneration  at 15% of the
                  total  revenues  the sales of duty free  merchandise  for that
                  particular  month,  before  deduction  of  expenses,  and  the
                  monthly minimum remuneration shall be :

                  Year  2000,  from 1  April  2000  to 31  December  2000,  Baht
                  2,931,231.68 (Two Million Nine Hundred Thirty-One Thousand Two
                  Hundred Thirty-One Baht Sixty-Eight Satang)

<PAGE>

                  Year  2001,  from 1 January  2001 to 31  December  2001,  Baht
                  3,032,036.75  (Three Million  Thirty-Two  Thousand  Thirty-Six
                  Baht Seventy-Five Satang)

5.       AAT has  changed  amount  of the  performance  guarantee,  thereby  the
         performance  guarantee for  operating the business  under this contract
         shall be six times of the monthly minimum  remuneration  (an average of
         the minimum  remuneration per year),  for the minimum  remuneration the
         Operator has to pay AAT commencing in the year 2 of operation onwards.

Therefore, AAT and the Operator agree to enter into this memorandum, as follows:

1.       AAT agrees to reduce the minimum  remuneration  for year 1 of operation
         (January  -  December  1997)  to  Baht  592,240,000.00   (Five  Hundred
         Ninety-Two  Million Two Hundred Forty Thousand Baht Only). Based on 30%
         of the total  revenues  for the  period  January -  December  1997,  as
         compared to the minimum remuneration for year 1, the Operator shall pay
         whichever amount is higher to AAT.

2.       AAT has permitted the Operator to lease  additional space for operating
         the business of selling duty free merchandise,  covering the total area
         of 298.50 square metre,  whereby the remuneration has been increased at
         Baht  32,677.44  (Thirty-Two  Thousand Six Hundred  Seventy-Seven  Baht
         Forty Four Satang) per square metre/month,  from 5 September 1998 to 28
         February  1999; and effective 1 March 1999 the  remuneration  at 15% of
         the total  revenues  of that  particular  month,  before  deduction  of
         expenses, and the minimum remuneration for each year shall be :

         -   From  1  March  1999  to  31  December  1999,  Baht   82,027,655.73
             (Eighty-Two  Million  Twenty-Seven  Thousand Six Hundred Fifty-Five
             Baht Seventy-Three Satang)

         -   From 1 January 2000 to 31 December 2000, Baht  101,937,408.32  (One
             Hundred and One Million Nine  Hundred  Thirty-Seven  Thousand  Four
             Hundred and Eight Baht Thirty-Two Satang)

         -   From 1 January 2001 to 31 December 2001, Baht  105,444,055.17  (One
             Hundred  and  Five  Million Four Hundred Forty-Four Thousand Fifty-
             Five Baht Seventeen Satang)

 3.      AAT has permitted the Operator to lease  additional space for operating
         the  business  of  selling  duty  free   merchandise   at  the  Bangkok
         International  Airport,  covering  the total  area of 20 square  metre,
         effective 1 May 1999,  and addition 30 square  metre,  effective 1 June
         1999,  with  the  remuneration  at 15% of the  total  revenues  of that
         particular month, before deduction of expenses, and the monthly minimum
         remuneration  shall be increased in proportion  of the space  effective
         the commencement date of making use of the above spaces, as follows :

<PAGE>

         Year  1999  Baht   26,898.62   (Twenty  Six  Thousand   Eight   Hundred
         Ninety-Eight Baht Sixty-Two Satang) per square metre/month

         Year  2000  Baht   28,458.56   (Twenty  Eight   Thousand  Four  Hundred
         Fifty-Eight Baht Fifty-Six Satang) per square metre/month

         Year  2001  Baht   29,437.25   (Twenty  Nine   Thousand   Four  Hundred
         Thirty-Seven Baht Twenty-Five Satang) per square metre/month

4.       AAT has permitted the Operator to lease  additional space for operating
         the  business  of  selling  duty  free   merchandise   at  the  Bangkok
         International  Airport,  covering  the total area of 103 square  metre,
         effective  1 April  2000,  with the  remuneration  at 15% of the  total
         revenues of that particular  month,  before deduction of expenses,  and
         the monthly minimum remuneration shall be, as follows :

         Year 2000,  from 1 April 2000 to 31 December  2000,  Baht  2,931,231.68
         (Two Million Nine Hundred  Thirty-One  Thousand Two Hundred  Thirty-One
         Baht Sixty-Eight Satang)

         Year 2001, from 1 January 2001 to 31 December 2001,  Baht  3,032,036.75
         (Three Million Thirty-Two Thousand Thirty-Six Baht Seventy-Five Satang)

5.       Appendix A of the  Contract No.  6-04/2539  dated 6 March 1996 shall be
         repealed and replaced with Appendix A of this memorandum.

6.       Appendix B of the  Contract No.  6-04/2539  dated 6 March 1996 shall be
         repealed and replaced with Appendix B of this memorandum.

7.       In the  Contract  No.  6-04/2539  dated  6  March  1996,  where  it was
         indicated  J.M.T.  Duty Free Co., Ltd. is the Operator shall be changed
         to King Power Duty Free Co., Ltd., effective 9 September 1997.

8.       The contents of the Contract No. 6-04/2539 dated 6 March 1996,  besides
         Clause 1 - Clause 7 of this memorandum, shall remain valid.

9.       This memorandum is effective retroactively to 1 January 1997.

<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.

                                        (Seal of King Power Duty Free Co., Ltd.)

                     AAT                                   Opertor
                     ---                                   -------

                  - signed -                              - signed -
     (Flight Lieutenant Usar Borisuth)            (Mr. Viratana Suntaranond)

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

                  - signed -                              - signed -
             (Mr. Krit Phakhakit)             (Miss Sarinthon Chongchaidejwong)

<PAGE>
<TABLE>
<CAPTION>

                                                                      Appendix A
                                                                     (39 sheets)
                   Details of Location of the Leased Premises,          Page 1
                   -------------------------------------------
                     Rents, Charges, Lease Period and Chart
                     --------------------- ----------------
             Memorandum of Amendment of Contract for Permission for
             ------------------------------------------------------
         Selling Duty Free Merchandise and Lease of Business Premises at
          --------------------------------------------------------------
               Bangkok International Airport and Regional Airports
               ---------------------------------------------------
                    Contract No. 6-04/2539 dated 6 March 1996

---------------------------------------------------------------------------------------------------------------------
                                 Area    Rents       Rent      Service Fee  Building/          Lease Period
       Leased Premises           Sqm.   Baht/Sqm.  Baht/Month  Baht/Month   Land Tax
                                        Per month                           Baht/Month      From              To
------------------------------  ------  ---------  ----------  -----------  ----------  -------------  -------------
<S>                             <C>     <C>        <C>         <C>          <C>         <C>            <C>
Bangkok International Airport
-----------------------------
-  Zone No. 1349 E                7.50    750.00     5,625.00      843.75       703.13   16 Jan. 1997   31 Jan. 1997
-  Zone No. 1363 A               43.50    750.00    32,625.00    4,893.75     4,078.13   16 Jan. 1997   31 Dec. 2001
-  Zone No. 1363 B                7.20    750.00     5,400.00      810.00       675.00   16 Jan. 1997   31 Dec. 2001
-  Zone No. 1749 A               75.00    750.00    56,250.00    8,437.50     7,031.25   16 Jan. 1997   31 Dec. 2001
-  Zone No. 2237 A              133.50    750.00   100,125.00   15,018.75    12,515.63   1  Jan. 1997   31 Dec. 2001
-  Zone No. 3303 C               36.00    750.00    27,000.00    4,050.00     3,375.00   16 Jan. 1997   31 Dec. 2001
-  Zone No. 3342 A              646.00    750.00   484,500.00   72,675.00    60,562.50   30 Jan. 1997   31 Dec. 2001
-  Zone No. 3342 A/1, Upstairs  340.50    750.00   255,375.00   38,306.25    31,921.88   21 Feb. 1995   31 Dec. 2001
-  Zone No. 3715 A              295.00    750.00   221,250.00   33,187.50    27,656.25   24 Jan. 1997   31 Dec. 2001
-  Zone No. 3715 B                6.30    750.00     4,725.00      708.75       590.63   24 Jan. 1997   25 Dec. 1997
                                 29.50    750.00    22,125.00    3,318.75     2,765.63   26 Dec. 1997   31 Dec. 2001
-  Zone No. 3265 P              246.00    750.00   184,500.00   27,675.00    23,062.50    6 Jan  1997   29 Jan. 1997
                                246.00    750.00   184,500.00   27,675.00    23,062.50   28 Jan. 1998   31 Dec. 2001
-  Zone No. 3715 C                8.50    750.00     6,375.00      956.25       796.88   12 Sep. 1997   17 May  1998
                                  2.50    750.00     1,875.00      281.25       234.38   18 May  1998   31 Dec. 2001

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

<PAGE>
<TABLE>
<CAPTION>

-----------------------------------------------------------------------------------------------------------------------
                                   Area    Rents       Rent      Service Fee  Building/          Lease Period
       Leased Premises             Sqm.   Baht/Sqm.  Baht/Month  Baht/Month   Land Tax
                                          Per month                           Baht/Month      From              To
--------------------------------  ------  ---------  ----------  -----------  ----------  -------------  -------------
<S>                               <C>     <C>        <C>         <C>          <C>        <C>             <C>
- Temporary area                  200.00    750.00   150,000.00   22,500.00    18,750.00    1 Jan. 1997   23 Jan. 1997
- Temporary area                  150.00    750.00   112,500.00   16,875.00    14,062.50    1 Jan. 1997    5 Jan. 1997
- Zone No. 3342 A/2                45.50    750.00    34,125.00    5,118.75     4,265.63   24 Nov. 1997   31 Dec. 2001
- Zone No. 3342 A/1                17.50    750.00    13,125.00    1,968.75     1,640.63    6 Feb. 1998   31 Dec. 2001
- Zone No. 3772/1                  31.00    750.00    23,250.00    3,487.50     2,906.25    7 Apr. 1998   31 Dec. 2001
- Zone No. 3342 E (3342 E,
  3342 E/1, 3342 E/2, 3342 E/3)   298.50    750.00   223,875.00   33,581.25    27,984.38    5 Sep. 1998   31 Dec. 2001
- Zone No. 3715 D                   7.50    750.00     5,625.00      843.75       703.13    18 May 1998   31 Dec. 2001
- Zone No. 3715 E                  91.50    750.00    68,625.00   10,293.75     8,578.13    18 May 1998   31 Dec. 2001
- Zone No. 3265 P/1                 4.50    750.00     3,375.00      506.25       421.88   16 Jun. 1998   31 Dec. 2001
- Zone No. 3265 P/2                 1.00    750.00       750.00      112.50        93.75   16 Aug. 1998   31 Dec. 2001
- Zone No. 3266 D, 3266 E,
  3266 F, and 3266 G               20.00    750.00    15,000.00    2,250.00     1,875.00    1 May  1999   31 Dec. 2001
- Zone No. 3266 H, 3266 J, 3266
  K, 3266 L, 3266 M, 3266 N,       30.00    750.00    22,500.00    3,375.00     2,812.50    1 Jun. 1999   31 Dec. 2001
- Zone No. 3735 A/1               103.00    750.00    77,250.00   11,587.50     9,656.25    1 Apr. 2000   31 Dec. 2001
Chiang Mai International Airport
--------------------------------
-  Zone No. 1 B 109                20.00    450.00     9,000.00    1,350.00     1,125.00    1 Jan. 1997   8  Jan. 1999
                                   15.00    450.00     6,750.00    1,012.50       843.75    9 Jan. 1999   31 Dec. 2001
-  Zone No. 1 B 208                40.00    450.00    18,000.00    2,700.00     2,250.00    1 Jan. 1997   31 Dec. 2001
-  Zone No. 1 A 230                39.00    270.00    10,530.00    1,579.50     1,316.25   25 Jun. 1997   31 Dec. 2001
-  Zone No. 116 A                 160.00    150.00    24,000.00    3,600.00     3,000.00    1 Jan. 1997   31 Dec. 2001

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

<PAGE>

-----------------------------------------------------------------------------------------------------------------------
                                   Area    Rents       Rent      Service Fee  Building/          Lease Period
       Leased Premises             Sqm.   Baht/Sqm.  Baht/Month  Baht/Month   Land Tax
                                          Per month                           Baht/Month      From              To
--------------------------------  ------  ---------  ----------  -----------  ----------  -------------  -------------
<S>                               <C>     <C>        <C>         <C>          <C>        <C>             <C>

-  Zone No. 233                    24.00    450.00    10,800.00    1,620.00    1,350.00     1 Jan. 1977   31 Jan. 1999
-  Zone No. 234                    32.00    450.00    14,400.00    2,160.00    1,800.00     1 Jan. 1977   31 Jan. 1999
-  Zone No. 161 A                  15.00    450.00     6,750.00    1,012.50      843.75     1 Jan. 1977   31 Jan. 1999

Rooms & Space in Building of
----------------------------
Phuket International Airport
----------------------------
-  Zone No. 237 and 239            29.00    450.00    13,050.00    1,957.50    1,631.25     1 Jan. 1977   30 Nov. 1999
-  Zone No. 247                    51.00    450.00    22,950.00    3,442.50    2,868.75     1 Jan. 1977   30 Nov. 1999
-  Zone No. 248                    80.00    450.00    36,000.00    5,400.00    4,500.00     1 Jan. 1977   30 Nov. 1999
-  Zone No. 244                    15.00    450.00     6,750.00    1,012.50      843.75     1 Jan. 1977   30 Apr. 2000
-  Zone No. 135                    40.00    450.00    18,000.00    2,700.00    2,250.00     1 Jan. 1977   30 Nov. 1999
-  Zone No. 145                    36.50    450.00    16,425.00    2,463.75    2,053.13     1 Jan. 1977   30 Nov. 1999
-  Zone No. AI 108                 42.50    450.00    19,125.00    2,868.75    2,390.63     1 Dec. 1999   31 Dec. 2001
-  Zone No. AI 109                 42.50    450.00    19,125.00    2,868.75    2,390.63     1 Dec. 1999   31 Dec. 2001
-  Zone No. DI 208                106.32    450.00    47,844.00    7,176.60    5,980.50     1 Dec. 1999   31 Dec. 2001
-  Zone No. 334                    22.09    270.00     5,964.30      894.65      745.54     1 Jan. 1997   31 Dec. 2001
-  Zone No. 101                    45.60    180.00     8,208.00    1,231.20    1,026.00    15 Sep. 1999   31 Dec. 2001
-  Zone No. 102                    96.00    180.00    17,280.00    2,592.00    2,160.00     1 Jan. 1998   31 Dec. 2000

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

</TABLE>(Revenue Stamps)                    Duplicate
                             Memorandum of Amendment
                  Contract of Permission for Operating Business
         Selling Duty Free Merchandise and Leasing Spaces for Operation
              Bangkok International Airport, and Regional Airports
                    Contract No. 6-04/2539 dated 6 March 1996
                                   Amendment 2

This  memorandum  is made at the  Airports  Authority of Thailand on 10 November
2000,  between  the  Airports  Authority  of  Thailand,  represented  by  Flight
Lieutenant Usar Borisuth,  Deputy Managing Director, Acting Managing Director of
the Airports  Authority of Thailand,  hereinafter  called "AAT" of one part, and
King Power Duty 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 Duty Free Co., Ltd. according
to the Certificate No. Phor.Hor.  0014574 dated 7 September 2000,  issued by the
Office of  Partnership/Company  Registration,  Bangkok,  hereinafter  called the
"Operator" of the other part.

Whereas AAT has granted a permission  to the Operator to operate the business of
selling duty free merchandise and to lease the premises for operation at Bangkok
International  Airport and the  regional  airports,  for a period of five years,
from 1 January 1997 to 31 December 2001, according to the Contract No. 6-04/2539
dated 6 March 1996;

And whereas AAT has permitted  the Operator to lease  additional  space,  namely
zone No.  3267 B,  covering  an area of 11 square  metre,  and zone No.  3267 C,
covering an area of 11 square metre, in the International  Passenger Terminal 1,
the Bangkok  International  Airport,  for selling gold and jewelry  accessories,
effective 1 October 2000.

<PAGE>

Therefore, AAT and the Operator agree to enter into this memorandum, as follows:

1.       AAT  agrees to permit the  Operator  to lease  additional  space in the
         Bangkok  International  Airport for  operating  the business of selling
         imported  gold and jewelry  accessories,  covering the total area of 22
         square  metre,  whereby the Operator  agrees to pay the rents to AAT at
         Baht 750.00 per square metre/month, the service fee for use of services
         in the airport  building at 15% of the monthly rents,  and the building
         and land taxes at 12.5% of the monthly rents,  and the monthly  minimum
         remuneration  for  permission  to operate the  business of selling duty
         free merchandise  according to the Contract No. 6-04/2539 dated 6 March
         1996,  to AAT in proportion  to the  increased  area of  operation,  as
         follows :

         Year 2000,  from 1 January  2000 to 31 December  2000,  Baht  28,458.56
         (Twenty Eight Thousand Four Hundred  Fifty-Eight Baht Fifty-Six Satang)
         per square metre/month

         Year 2001,  from 1 January  2001 to 31 December  2001,  Baht  29,437.25
         (Twenty  Nine  Thousand  Four  Hundred  Thirty-Seven  Baht  Twenty-Five
         Satang) per square metre/month

2.       Sheet No. 2 of Appendix A of the Contract No.  6-04/2539  dated 6 March
         1996, which has been amended by the Memorandum of Amendment No. 1 dated
         11 July  2000,  shall be  repealed  and  replaced  with  Sheet No. 1 of
         Appendix A of this memorandum, and the attached Chart shall be added as
         Sheet No. 40 of Appendix A of the Contract No.  6-04/2539 dated 6 March
         1996.

3.       The contents of the Contract No. 6-04/2539 dated 6 March 1996,  besides
         Clause 1 and Clause 2 of this memorandum, shall remain valid.

4.       This memorandum is effective retroactively to 1 October 2000.

<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.

                                        (Seal of King Power Duty Free Co., Ltd.)

                     AAT                                   Operator
                     ---                                   --------

                  - signed -                              - signed -
       (Flight Lieutenant Usar Borisuth)          (Mr. Viratana Suntaranond)

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

                  - signed -                              - signed -
             (Mr. Krit Phakhakit)             (Miss Sarinthon Chongchaidejwong)

<PAGE>
<TABLE>
<CAPTION>

                                                                      Appendix A
                                                                     (40 sheets)
              Details of Location of the Leased Premises, Rents,        Page 1
              --------------------------------------------------
                        Charges, Lease Period and Chart
                        -------------------------------
             Memorandum of Amendment of Contract for Permission for
             -------------------------------------------------------
         Selling Duty Free Merchandiseand Lease of Business Premises at
         --------------------------------------------------------------
               Bangkok International Airport and Regional Airports
               ---------------------------------------------------
                    Contract No. 6-04/2539 dated 6 March 1996
                    -----------------------------------------
                                   Amendment 2
                                   -----------

-----------------------------------------------------------------------------------------------------------------------
                                   Area    Rents       Rent      Service Fee  Building/          Lease Period
       Leased Premises             Sqm.   Baht/Sqm.  Baht/Month  Baht/Month   Land Tax
                                          Per month                           Baht/Month      From              To
--------------------------------  ------  ---------  ----------  -----------  ----------  -------------  -------------
<S>                               <C>     <C>        <C>         <C>          <C>        <C>             <C>

-  Zone No. 1363 A                 43.50    750.00    32,625.00     4,893.75    4,078.13   1 Oct. 2000    31 Dec. 2001
-  Zone No. 1363 B                  7.20    750.00     5,400.00       810.00      675.00   1 Oct. 2000    31 Dec. 2001
-  Zone No. 1749 A                 75.00    750.00    56,250.00     8,437.50    7,031.25   1 Oct. 2000    31 Dec. 2001
-  Zone No. 2237 A                133.50    750.00   100,125.00    15,018.75   12,515.63   1 Oct. 2000    31 Dec. 2001
-  Zone No. 3267 B                 11.00    750.00     8,250.00     1,237.50    1,031.25   1 Oct. 2000    31 Dec. 2001
-  Zone No. 3267 C                 11.00    750.00     8,250.00     1,237.50    1,031.25   1 Oct. 2000    31 Dec. 2001
-  Zone No. 3303 C                 36.00    750.00    27,000.00     4,050.00    3,375.00   1 Oct. 2000    31 Dec. 2001
-  Zone No. 3342 A                646.00    750.00   484,500.00    72,675.00   60,562.50   1 Oct. 2000    31 Dec. 2001
-  Zone No. 3342 A/1, Upstairs    340.50    750.00   255,375.00    38,306.25   31,921.88   1 Oct. 2000    31 Dec. 2001
-  Zone No. 3715 A                295.00    750.00   221,250.00    33,187.50   27,656.25   1 Oct. 2000    31 Dec. 2001
-  Zone No. 3715 B                 29.50    750.00    22,125.00     3,318.75    2,765.63   1 Oct. 2000    31 Dec. 2001
-  Zone No. 3265 P                246.00    750.00   184,500.00    27,675.00   23,062.50   1 Oct. 2000    31 Dec. 2001
-  Zone No. 3715 C                  2.50    750.00     1,875.00       281.25      234.48   1 Oct. 2000    31 Dec. 2001

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

</TABLE>

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