Document:

Lease Agreement
                          Domestic Passengers Terminal
                          Bangkok International Airport

                                                         Agreement No. 1-06/2542

This agreement is made at the Airports Authority of Thailand on 18 February 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  0013853 dated 17 December 1998 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
souvenirs and miscellaneous items.

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. Krit Phakakit)                (Miss Sarinthon Chongchaidejwong)

<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 1,945 (One
                         Thousand  Nine  Hundred   Forty-Five   Baht  Only)  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  building  and land
                  taxes and other  taxes  incurred  from the  lease  under  this
                  agreement,  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,  building and
                  land taxes or other taxes, and various 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 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.

         1.4.3    As the leased  premises  under this agreement has already been
                  allocated properly,  if the Lessee  wishes  to have counter or
                  decorate or install equipment or adding  any  structure, these
                  shall be done at the  Lessee's  own  expense.  The  result  of
                  such   implementation  must  be  attractive  and  in   orderly
                  fashion,  and  the  materials  and  equipment  must be of good
                  quality and modern.  In  view of this, the Lessee shall submit
                  the plan, chart,  illustration  and  drawings of decoration of
                  the leased  premises,  including  the  relevant details to the
                  Lessor  for  consideration.  Only after  having  obtained  the
                  approval  in  writing  from  the  Lessor,  then the Lessee may
                  proceed   with  construction  or  decoration.   Thereby,   the
                  structure  and  component  shall  become  the  property of the
                  Lessor from the date of  commencement,  and  the  Lessee shall
                  not claim for any expense or indemnity from the Lessor.

                  With  regard to any  structure  having  been  approved  by the
                  Lessor according to the first paragraph,  the Lessee shall not
                  renovate  or alter it,  unless a written  permission  has been
                  obtained  from the  Lessor  first.  If the  Lessee  wishes  to
                  renovate or  constructing  any structure  additionally  in the
                  leased premises,  besides obtaining a written  permission from
                  the Lessor,  the Lessee shall comply with the first  paragraph
                  as well.

         1.4.4    During the process of  renovation  or decoration of the leased
                  premises,  the  Lessee  or any  person  whom  the  Lessee  has
                  appointed  or assigned or hired or ordered to perform  various
                  tasks in the Lessee's business, shall strictly comply with the
                  concerned  conditions  of the  agreement.  Should there be any
                  damage to the reputation or property of the Lessor, or that of
                  other  person,  in any case,  the Lessee shall be  responsible
                  therefor.

<PAGE>

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

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

         1.4.7    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.

         1.4.8    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 Use of the Lease Premises, Adjustment of Rent and Charges

         1.5.1    During  validity of this  agreement,  if the Lessor  wishes to
                  change, relocate, add or decrease or request for return of the
                  leased space which deviates from this agreement,  resulting in
                  the Lessee having to renovate,  change, alter,  redecorate the
                  leased premises to be suitable,  such implementation  shall be
                  at the  Lessee's own  expense.  Thereby,  the Lessee shall not
                  claim for any expense or indemnity from the Lessor.

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

         1.5.3    The area of the leased premises prescribed in Appendix A is an
                  approximate  for computing the rent and the relevant  charges.
                  After the Lessee has  constructed,  renovated or decorated the
                  leased premises,  the Lessor shall inspect the leased premises
                  to ascertain  the actual space for  computing the rent and the
                  relevant charges. In this respect,  the Lessor shall forward a
                  letter to the Lessee informing the actual space in due course,
                  which shall be deemed part of this agreement.

1.6      Termination of Agreement

         1.6.1    During  validity,  if the  Lessor  wishes  to  terminate  this
                  agreement  prior to the expiration date prescribed in Appendix
                  A, the Lessor is  entitled to do so;  provided  that a written
                  notice  must be given to the Lessee 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.

<PAGE>

                  If the Lessee wishes to terminate this agreement  prior to the
                  expiration  date  prescribed  in  Appendix  A, the  Lessee  is
                  entitled  to do so;  provided  that a written  notice  must be
                  given to the Lessor at least 90 days in  advance  and that the
                  Lessee has no outstanding payment to 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  date 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.

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

1.10     Dispute

         In case any dispute has arisen in connection with this agreement,  both
         parties  agree  that it  shall be  presented  to the  court in  Bangkok
         Metropolis.

<PAGE>

<TABLE>

<CAPTION>

Details of Rents and Chart Showing Location of Lease Premises      Appendix A
Lease Agreement No. 1-06/2542, dated 18 February 1999           (Total 3 Sheets)
                                                                    Sheet #1

----------------------------------------------------------------------------------------------------------------------
                                                                                                  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
-------------------  ------------  ---------  ----------  -----------  ----------  --------  -----------  ------------
<S>                  <C>           <C>        <C>         <C>          <C>         <C>       <C>          <C>
Domestic Passengers Terminal, Bangkok International Airport
-----------------------------------------------------------
 - Arrival Hall, ground floor of old building
   ------------------------------------------
   Zone 101 B           30.00       750.00     22,500.00    3,375.00    2,812.50   1,912.50  1 Feb. 1999  17 Mar. 2000

 - On 2nd Floor of old building and expansion
   ------------------------------------------
   Zone 2653            40.00       750.00     30,000.00    4,500.00    3,750.00   2,550.00  1 Feb. 1999  17 Mar. 2000
   Zone 2654            50.00       750.00     37,500.00    5,625.00    4,687.50   3,187.50  1 Feb. 1999  17 Mar. 2000
----------------------------------------------------------------------------------------------------------------------

</TABLE>

             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)                (Miss Sarinthon Chongchaidejwong)

<PAGE>

                BANGKOK METROPOLITAN BANK PUBLIC COMPANY LIMITED
                    No. 2 Chaloem Khet 4, Bangkok Metropolis
                              Tel. 2230561, 2259999
                                                               L/G No. L 42-0081
                               Letter of Guarantee

                                                             1 February 1999

We, Bangkok Metropolitan Bank Public Company Limited,  with offices at 2 Chaloem
Khet 4 Road,  Thepsirin  Sub-district,  Pom Prap Sattru Phai  District,  Bangkok
Metropolis,  issue  this  Letter  of  Guarantee  to the  Airports  Authority  of
Thailand, as follows :

1.   Whereas King Power Tax Free Co., Ltd. has entered into the Lease  Agreement
     No. 1-06/2542 for space in a building of the Bangkok  International Airport
     with the  Airports  Authority  of  Thailand,  and a Letter of  Guarantee is
     required as performance  guarantee for an amount of Baht 348,300.00  (Three
     Hundred Forty-Eight Thousand Three Hundred Baht Only).

2.   By means of this letter,  Bangkok Metropolitan Bank Public Company Limited,
     guarantee  that if King Power Tax Free Co.,  Ltd.  fails to comply with the
     agreement or is in breach of any clause of the said agreement,  thereby the
     Airports  Authority of Thailand is entitled to impose fines to and/or claim
     for indemnity from King Power Tax Free Co., Ltd.,  Bangkok  Metropolis Bank
     Public Company  Limited shall pay an amount not exceeding  Baht  348,300.00
     (Three  Hundred  Forty-Eight  Thousand  Three  Hundred  Baht  Only)  to the
     Airports Authority of Thailand on behalf of King Power Tax Free Co., Ltd.

This Letter of Guarantee  is valid from 29 January  1999 to 28 July 2000,  after
which Bangkok  Metropolitan  Bank Public Company  Limited shall be relieved from
the  responsibility  or  obligation  as  indicated  herein.  As evidence of this
guarantee,  Bangkok  Metropolitan Bank Public Company Limited hereunder sign our
names in the presence of witnesses.

              For Bangkok Metropolitan Bank Public Company Limited

                  - signed -     Guarantor            - signed -     Guarantor
         (Mr. Passakorn Tiensaweitakul)           (Ms. Chompunuch Saranuntawat)
      Assistant Manager, Credit Operation

                  - signed -      Witness             - signed -      Witness
             (Mr. Sontaya Sakonwong)            (Mr. Prapat Ungcharoen)Lease Agreement
                          Bangkok International Airport

                                                        Agreement No. 1-104/2541

This agreement is made at the Airports  Authority of Thailand on 8 February 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,  and branch office at the International Passengers Terminal,
the Bangkok International Airport,  Vibhavadi Rangsit Road, Si Kan Sub-district,
Don Muang 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.  0009497 dated 20 August 1998 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 use as offices.

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 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.

         If the Lessee  wishes to renew this lease  agreement,  the Lessee shall
         notify the Lessor in writing at least forty-five (45) days prior to the
         expiration date. The Lessor reserves the right to consider it as deemed
         appropriate.

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 5,000
                           (Five Thousand 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,  service  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.

<PAGE>

                  The monthly  building  and land taxes  indicated in Appendix A
                  are estimates.  In case of any change of the building and land
                  tax rates,  the Lessee  consents  the Lessor to collect at the
                  new rates accordingly.

         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 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.

         1.4.3    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.

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

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

         1.4.6    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.

<PAGE>

         1.4.7    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  date 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.

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.

<PAGE>

         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

1.10     Dispute

         In case any dispute has arisen in connection with this agreement,  both
         parties  agree  that it  shall be  presented  to the  court in  Bangkok
         Metropolis.

<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
Lease Agreement No. 1-104/2541, dated 8 February 1999              Appendix A
                                                                (Total 4 Sheets)
                                                                    Sheet #1

-------------------- ------------- ------------ ------------- ------------- ---------------- ---------- ------------- --------------
<S>                   <C>           <C>           <C>          <C>           <C>             <C>         <C>          <C>

                                                                                                               Lease  Period

                                                                                                        ------------- --------------
   Leased Premises       Space        Rent           Rent      Service Fee   Building & Land    Fine          From           To
                      Square Metre  Baht/Sqm.     Baht/Month    Baht/Month        Taxes       Baht/Day
                         (Sqm.)     per month                                  Baht/Month

-------------------- ------------- ------------ ------------- ------------- ---------------- ---------- ------------- --------------
Rooms in Bangkok International Airport
--------------------------------------
 Room No. 3025            683.50       325.00    222,137.50     33,320.63       27,767.19    18,881.69   1 Apr. 1998   31 Mar. 2001
 Room No. 0316A and        58.50       325.00     19,012.50      2,851.88        2,376.56     1,616.06   1 Apr. 1998   31 Mar. 2001
  0316B
 Room No. 2096, 2097,     226.00       325.00     73,450.00     11,017.50        9,181.25     6,243.25   1 Apr. 1998   31 Mar. 2001
  2098 and 2099
-------------------- ------------- ------------ ------------- ------------- ---------------- ---------- ------------- --------------
</TABLE>

                   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>

                             Memorandum Attached to
                             ----------------------
                                 Lease Agreement
                          Bangkok International Airport
                      No. 1-104/2541 dated 8 February 1999
                                   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 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  has agreed to lease out and the Lessee has agreed to lease
rooms in the Bangkok  International  Airport,  according  to the  Agreement  No.
1-104/2541 dated 8 February 1999, for a period of three years, from 1 April 1998
to 31 March  2001 and the  Lessor  has  granted  permission  to the  Lessee  for
cancelling the lease of Room Nos. 2098 and 2099,  totalling 75 sqm., since 1 May
1999.

Therefore,  the  Lessor and the Lessee  agree to enter  into his  Memorandum  as
follows :

1.        Appendix A to the Agreement No. 1-104/2541 dated 8 February 1999 shall
          be repealed and replace with Appendix A to this memorandum.

2.        The contents of the Agreement No.  1-104/2541  dated 8 February  1999,
          besides  having  been  amended in Clause 1 of this  memorandum,  shall
          remain in force.

3.        The effective date of this memorandum is retroactive to 1 May 1999.

<PAGE>

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.

                  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>

<TABLE>

<CAPTION>

Details of Rents and Chart Showing Location of Lease Premises
Lease Agreement No. 1-104/2541, dated 8 February 1999                Appendix A
Amendment 1                                                     (Total 4 Sheets)
                                                                        Sheet #1

------------------- -------------- ------------- ----------- ------------- ----------------- ---------- -------------- -------------
<S>                  <C>              <C>         <C>         <C>           <C>              <C>         <C>           <C>

                                                                                                                 Lease  Period
                                                                                                        -------------- -------------
  Leased Premises       Space           Rent         Rent     Service Fee   Building & Land     Fine          From           To
                     Square Metre     Baht/Sqm.   Baht/Month   Baht/Month        Taxes        Baht/Day
                        (Sqm.)        per month                               Baht/Month
------------------- -------------- ------------- ----------- ------------- ----------------- ---------- -------------- -------------

                           683.50         325.00  222,137.50    33,320.63       27,767.19     18,881.69   1 May  1999   31 Mar. 2001
                            58.50         325.00   19,012.50     2,851.88        2,376.56      1,616.06   1 May  1999   31 Mar. 2001
                           151.00         325.00   49,075.00     7,361.25        6,134.38      4,171.38   1 May  1999   31 Mar. 2001
------------------- -------------- ------------- ----------- ------------- ----------------- ---------- -------------- -------------
</TABLE>

            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)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00006-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00006-of-00352.parquet"}]]