Document:

Contract of Permission for Operating Business
             Selling Medicines, Medical Supplies and Health Products
                        at Bangkok International Airport

                                                          Contract No. 6-24/2542

This  contract  is made at the  Airports  Authority  of Thailand on 29 July 1999
between the Airports  Authority of Thailand,  represented  by Flight  Lieutenant
Pradit Mongkonapiban,  Deputy Managing Director, Acting Managing Director of the
Airports  Authority of Thailand,  hereinafter called "AAT" of one part, and King
Power Tax Free Co., Ltd.,  registered as a juristic person Company Limited under
the Civil and Commercial  Code,  with the head office at 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.
004250   dated  12  May  1999  issued  by  the  Office  of   Partnership/Company
Registration, Bangkok Metropolis, hereinafter called the "Operator" of the other
part.

Whereas  AAT is  desirous  of having a  business  operation  selling  medicines,
medical  supplies and health  products in the departure hall on the 3rd Floor in
the area  connecting  Building 1 and Building 2 of the  International  Passenger
Terminals, the Bangkok International Airport

and the Operator is competent and desirous of operating the said business.

Therefore, AAT and the Operator agree to enter into a contract, as follows :

1.       Business Operation

         AAT agrees to grant a permission and the Operator agrees to receive the
         permission  for  operating the business of selling  medicines,  medical
         supplies and health  products in the departure hall on the 3rd Floor in
         the area  connecting  Building 1 and  Building  2 of the  International
         Passenger Terminals,  the Bangkok  International  Airport, from 24 June
         1999 to 31 July 2002.

2.       Fee, Remuneration, Taxes/Duties, Other Expenses and Method of Payment

         2.1      The  Operator  agrees  to pay a fee  for  entering  into  this
                  contract and  remuneration  for receiving the  permission  for
                  operating business of selling medicines,  medical supplies and
                  health products under this contract to AAT, as follows :

                  2.1.1   Fee for entering  into this  contract,  Baht  5,278.00
                          (Five  Thousand Two Hundred  Seventy-Eight  Baht Only)
                          not including the value added tax.

                  2.1.2   Regarding the remuneration for receiving permission to
                          operate the business under this contract, the Operator
                          agrees to make  monthly  payment to AAT in advance for
                          an amount  equivalent  to 15 percent  (fifteen) of the
                          total sales  volume  before  deduction  of expenses of
                          that  particular  month  (the total  sales  volume are
                          inclusive  of the value  added  tax),  or the  minimum
                          remuneration  the  Operator  agrees  to  pay  to  AAT,
                          whichever is higher,  whereby such remuneration  shall
                          be  deemed  the  ram of  that  particular  month.  The
                          minimum remuneration are as follows :

<PAGE>

                          -       For  the first  year,  from 24 June 1999 to 31
                                  July  2000,   Baht   178,000.00  (One  Hundred
                                  Seventy-Eight Thousand Baht Only) per month

                          -       For the second year, from 1 August 2000 to  31
                                  July  2001,   Baht  195,800.00  (One   Hundred
                                  Ninety-Five Thousand  Eight Hundred Baht Only)
                                  per month

                          -       For the third year,  from 1 August 2001  to 31
                                  July  2002,   Baht   215,380.00  (Two  Hundred
                                  Fifteen  Thousand  Three Hundred  Eighty  Baht
                                  Only) per month

                          The  remuneration  the Operator  agrees  to pay to AAT
                          does  not  include  the  value  added  tax  which  the
                          Operator has a duty to pay at the rate  stipulated  by
                          law.

         2.2      The Operator agrees to pay the minimum  remuneration to AAT on
                  monthly basis,  by the 5th of every month  according to Clause
                  2.1.2.  If the  remuneration  at 15 percent  (fifteen)  of the
                  total sales volume before  deduction of expenses appears to be
                  higher than the specified minimum  remuneration,  the Operator
                  agrees  to pay  the  difference  to AAT  by  the  20th  of the
                  following month.

         2.3      The  Operator  shall be  responsible  for payment of the taxes
                  and/or other  expenses  incurred  from the business  operation
                  under this contract at the rates  stipulated by law and/or set
                  forth in directives of AAT.

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

                  If the Operator is in default of any payment to AAT under this
                  contract,  the  Operator  consents  to pay penalty to AAT at a
                  rate  of  1.5  percent  (one  point  five)  per  month  of the
                  outstanding  amount.  A fraction  of month shall be counted as
                  one month.

                  The Operator agrees that this clause is a separate part and it
                  shall not impair  AAT's right to terminate  this  contract and
                  claim for damages.

3.       Duties and Responsibilities of the Operator

         3.1      The Operator  shall  operate the business as specified in this
                  contract only.

         3.2      In operating the business  under this  contract,  the Operator
                  agrees to invest in decoration of the premises  which shall be
                  attractive  and  modern  as well  as  acquiring  articles  and
                  equipment at the Operator's own expense.

         3.3      The  Operator  shall not  transfer  the  business  under  this
                  contract  or permit a third  party to  operate  the  business,
                  either in part or in whole,  unless a written  permission  has
                  been  obtained  from AAT first.  Though  having  obtained  the
                  permission from AAT, the Operator  remains to be liable to the
                  business operation under this contract.

<PAGE>

         3.4      The Operator  shall  operate the business  under this contract
                  with expertise,  caution and competence in accordance with the
                  standards of this type of business, whereby the Operator shall
                  take into consideration AAT's reputation and image.

         3.5      The  Operator  shall not use the word  "Airports  Authority of
                  Thailand," "AAT" or other word concerning with AAT or the logo
                  of  the  Airports  Authority  of  Thailand  as  trading  name,
                  characteristics or logo of the Operator's business or juristic
                  person name, to such an extent that others would think that it
                  is the business of AAT.

         3.6      The  Operator  must  provide  the  services  and sell only the
                  merchandize on the list  submitted to AAT at the bidding.  The
                  said list is an  Appendix  and  shall be  deemed  part of this
                  contract.   If  the   Operator   wishes  to  sell   additional
                  merchandize,  a list of merchandize  and prices (in Baht) must
                  be submitted to AAT for consideration on every occasion.  Only
                  after a written  permission  has been  obtained  from AAT that
                  such merchandize can be placed for sale.

         3.7      The  merchandize  being sold by the Operator  shall not be the
                  same as  those  under  concessions  given  to  other  business
                  operators in the Bangkok  International  Airport. AAT reserves
                  the  right to have the  Operator  refrain  from  selling  such
                  merchandize and AAT's consideration shall be final.

         3.8      The  Operator  must  have seasonal  merchandise  available  as
                  informed by AAT from time to time.

         3.9      The merchandize shall be made in Thailand  products,  or those
                  made  abroad  with  permission  for  sale in  Thailand.  Their
                  quality must be as good as the same type of merchandize  being
                  sold in the leading department stores of Thailand.

         3.10     AAT reserves the right to have more  specific  merchandize  or
                  "brand  name"  merchandize   available  in  the  International
                  Passengers Terminal, the Bangkok International Airport.

         3.11     AAT reserves the right to specify the types of  merchandise or
                  notify the  Operator  to  refrain  from  selling  the types of
                  merchandise AAT deems  inappropriate,  with which the Operator
                  shall strictly comply.

         3.12     The  Operator  must  possess  a license  to sell  conventional
                  medicines,  whereby having  obtained it from the Food and Drug
                  Administration, the Ministry of Public Health.

         3.13     The  Operator  must arrange to have a pharmacist  stationed at
                  the  premises  throughout  the business hours.

         3.14     The Operator must submit the license for selling  conventional
                  medicines  together  with a copy or  photo  copy,  and copy or
                  photo copy of license of the pharmacist who shall be stationed
                  at the  premises,  to AAT not less than  seven  days  prior to
                  opening of the business.  For additional pharmacist at a later
                  date, the Operator shall proceed in the same manner.

         3.15     The Operator  shall  have selling price tags visibly displayed
                  and in Baht only.

         3.16     In case the Operator  receives payment in foreign  currencies,
                  the  prevalent  daily  exchange  rates  of  the  Bank  in  the
                  International Passengers Terminal shall apply accordingly. The
                  currencies exchange rates shall be visibly displayed.

<PAGE>

         3.17     Should there be any  complaint  regarding  price or quality of
                  merchandise,  AAT  reserves the right to order the Operator to
                  adjust   the  price  and   improve   the   quality  as  deemed
                  appropriate. In this respect, AAT's decision shall be final.

         3.18     The Operator  shall open the business  under this  contract on
                  daily basis - close of business   on any day is not permitted.
                  The business hours shall be at least 06.00 - 24.00 hrs. daily.

                  If the Operator wishes to change the business hours, a written
                  permission must be obtained from AAT on every occasion.

         3.19     It  is  prohibited  to have a juke box, audio equipment or any
                  article making noise.

         3.20     The Operator  shall  arrange to have compact boxes or packages
                  for  containing  the  merchandize  which are suitable for hand
                  carrying onto an airplane.

         3.21     Advertisement in the premises is permitted for the merchandize
                  on sales only, and a written  permission must be obtained from
                  AAT first.

         3.22     The  Operator  shall  oversee  that every  staff and  employee
                  wearing the uniform with name tag as endorsed by AAT, and that
                  they  strictly  comply with the  regulations,  directives  and
                  instructions  of AAT. In case of any  violation,  the Operator
                  consents AAT to proceed as deemed appropriate.

         3.23     The Operator  shall comply with the provisions of the existing
                  and future laws governing this type of business operation.

         3.24     The Operator shall facilitate AAT staff members, who have been
                  appointed  and  assigned  to oversee the  Operator's  business
                  under this  contract,  to inspect the  premises,  merchandise,
                  selling prices and the relevant documents,  including auditing
                  of the Operator's books of accounts.

         3.25     In operating the business under this  contract,  if any damage
                  occurred to the  property or  reputation  of AAT by any act of
                  the  Operator  or that of the  person  whom the  Operator  has
                  appointed,  assigned,  hired or requested to perform any task,
                  the Operator shall be  responsible  for  compensation  of such
                  damage.

         3.26     The Operator  shall declare the total sales volume and prepare
                  monthly  sales  account and submit the same to AAT by the 20th
                  of the following month.

         3.27     For each  fiscal  year,  the  Operator  shall  arrange  at the
                  Operator's own expense to have the Certified Public Accountant
                  of the Operator to certify and confirm the total sales volume,
                  before  deduction  of expenses,  at the Bangkok  International
                  Airport,  and notify  AAT in writing  within 150 days from the
                  end of the fiscal year.

         3.28     In case  fails to comply  with the  contract  or has taken any
                  action  besides the contract  and AAT has  forwarded a written
                  notice to the Operator,  the Operator ignores it. Thereby, the
                  Operator has not complied with the contract or remains to take
                  any action besides the contract, AAT shall impose a daily fine
                  at a rate of 0.1 percent of the monthly remuneration, from the
                  date of taking such action, and the Operator agrees to pay the
                  fines as notified by AAT.

<PAGE>

4.       Performance Guarantee

         In entering into this  contract,  the Operator has submitted the Letter
         of  Guarantee  No.  029-42/088  dated 23 June 1999,  issued by the Siam
         Commercial  Bank  Public  Company  Limited,  Lak Si  Branch,  for  Baht
         1,421,508.00 (One Million Four Hundred Twenty-One Thousand Five Hundred
         and Eight Baht Only) to AAT as performance guarantee.  AAT shall return
         the said Letter of Guarantee  after the Operator has been relieved from
         all obligations under this contract.

5.       Termination of Contract

         5.1      During  validity,  if AAT wishes to  terminate  this  contract
                  prior to the  expiration  date  prescribed in Clause 1, AAT is
                  entitled  to do so;  provided  that a written  notice  must be
                  given to the  Operator at least 30 days in  advance.  Thereby,
                  the  Operator  agrees not to sue or claim for  indemnity  from
                  AAT.

                  In case the Operator  wishes to terminate  this contract prior
                  to the expiration date prescribed in Clause 1, the Operator is
                  entitled  to do so;  provided  that a written  notice  must be
                  given to AAT at least 90 days in advance and that the Operator
                  has no outstanding payment to AAT.

         5.2      If  there  is any  reasonable  grounds  to  believe  that  the
                  Operator   shall  not  be  able  to   operate   the   business
                  successfully,  or the  Operator  is in  breach  of any  clause
                  herein,  AAT is entitled to terminate this contract and permit
                  a third  party to operate  the  business  under this  contract
                  thereafter; thereby the Operator shall be subject to indemnity
                  to AAT as well.

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

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

                     AAT                               The Operator
                     ---                               ------------

                  - 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>

          THE SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITEDLak Si Branch
99/50  Chaeng  Wattana  Road,  Talat Bang Khen  Sub-district,  Lak Si  District,
Bangkok

                               Letter of Guarantee

No. 029-42/088                                                     23 June 1999

We, the Siam Commercial Bank Public Company Limited, Lak Si Branch, with offices
at 99/50 Chaeng  Wattana Road,  Talat Bang Khen  Sub-district,  Lak Si 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  Contract of
     Permission  for  Operating  the  Business  of  Selling  Medicines,  Medical
     Supplies and Health Products,  No. 6-24/2542,  and performance guarantee is
     required  by the  Airports  Authority  of  Thailand  for an  amount of Baht
     1,421,508.00 (One Million Four Hundred Twenty-One Thousand Five Hundred and
     Eight Baht Only).

2.   We consent to bind  ourselves as the  guarantor of King Power Tax Free Co.,
     Ltd. to the Airports Authority of Thailand for an amount not exceeding Baht
     1,421,508.00 (One Million Four Hundred Twenty-One Thousand Five Hundred and
     Eight Baht Only). That is, if King Power Tax Free Co., Ltd. fails to comply
     with the contract entered with the Airports Authority of Thailand, or is in
     breach of any clause of the said contract,  thereby the Airports  Authority
     of Thailand is entitled  to forfeit  the  performance  guarantee  or impose
     fines to and/or claim for indemnity  from King Power Tax Free Co., Ltd., we
     shall promptly make the payment on behalf and without requesting King Power
     Tax Free Co., Ltd. to make such payment first.

3.   We acknowledge  and consent in case the Airports  Authority of Thailand has
     given an  extension or leniency  for  compliance  with the contract to King
     Power Tax Free Co., Ltd.,  provided that the Airports Authority of Thailand
     shall notify us without delay.

This Letter of Guarantee is valid from 24 June 1999 to 23 December 2002.

As evidence, we, the Siam Commercial Bank Public Company Limited, Lak Si Branch,
by the  undersigned  who are  empowered to enter  juristic act binding the bank,
hereunder sign our names and affixed the seal.

              - signed -                    - signed -               Guarantor
     (Mr. Suchart Wongwipusana)     (Mr. Worawit  Phungrunrom)

                                            - signed -                Witness
                                     (Mr. Thitiporn Suksomjit)

                                            - signed -                Witness
                                      (Miss Kamonthip Sopapon)

Each Letter of Guarantee is under for an amount not exceeding 3 Million Baht

<PAGE>

                                 Lease Agreement
                          Bangkok International Airport

                                                         Agreement No. 1-24/2542

This  agreement  is made at the  Airports  Authority of Thailand on 29 July 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 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.
004250   dated  12  May  1999  issued  by  the  Office  of   Partnership/Company
Registration,  Bangkok Metropolis,  hereinafter called the "Lessee" of the other
part.

Whereas  the  Lessor  agrees  to lease  out and the  Lessee  agrees to lease the
property  of the  Lessor  for the  purpose  of  operating  business  of  selling
medicines, medical supplies and health products.

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>

<TABLE>

<CAPTION>

Details of Rents and Chart Showing Location of Lease Premises       Appendix A
Lease Agreement No. 1-24/2542, dated 29 July 1999               (Total 2 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>
Departure Hall on 3rd
Floor in Area Connecting      12.50       750.00    9,375.00     1,406.25    1,171.88    796.88   24 June 1999  23 June 2002
International Passengers
Terminal 1 and 2 Bangkok
International Airport
----------------------------------------------------------------------------------------------------------------------------

</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>

                 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
                                  Lak Si Branch
99/50  Chaeng  Wattana  Road,  Talat Bang Khen  Sub-district,  Lak Si  District,
Bangkok

                               Letter of Guarantee

No. 029-42/086                                                  23 June 1999

We, the Siam Commercial Bank Public Company Limited, Lak Si Branch, with offices
at 99/50 Chaeng  Wattana Road,  Talat Bang Khen  Sub-district,  Lak Si 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 has entered into the
     Lease  Agreement  No.  1-24/2542  for space in a  building  of the  Bangkok
     International  Airport,  and  performance  guarantee  is  required  by  the
     Airports Authority of Thailand for an amount of Baht 36,282.00  (Thirty-Six
     Thousand Two Hundred Eighty-Two Baht Only).

2.   We consent to bind  ourselves as the  guarantor of King Power Tax Free Co.,
     Ltd. to the Airports Authority of Thailand for an amount not exceeding Baht
     36,282.00  (Thirty-Six Thousand Two Hundred Eighty-Two Baht Only). That is,
     if King Power Tax Free Co., Ltd. fails to comply with the agreement entered
     with the Airports  Authority of Thailand,  or is in breach of any clause of
     the said agreement,  thereby the Airports Authority of Thailand is entitled
     to forfeit the  performance  guarantee  or impose fines to and/or claim for
     indemnity  from King Power Tax Free Co.,  Ltd., we shall  promptly make the
     payment on behalf and without  requesting  King Power Tax Free Co., Ltd. to
     make such payment first.

3.   We acknowledge  and consent in case the Airports  Authority of Thailand has
     given an extension or leniency for  compliance  with the  agreement to King
     Power Tax Free Co., Ltd.,  provided that the Airports Authority of Thailand
     shall notify us without delay.

This Letter of Guarantee is valid from 24 June 1999 to 23 December 2002.

As evidence, we, the Siam Commercial Bank Public Company Limited, Lak Si Branch,
by the  undersigned  who are  empowered to enter  juristic act binding the bank,
hereunder sign our names and affixed the seal.

              - signed -                         - signed -            Guarantor
      (Mr. Suchart Wongwipusana)         (Mr. Worawit  Phungrunrom)

                                                 - signed -             Witness
                                          (Mr. Thitiporn Suksomjit)

                                                 - signed -             Witness
                                           (Miss Kamonthip Sopapon)

Each Letter of Guarantee is under for an amount not exceeding 3 Million BahtContract of Permission for Operating Business
                    Selling Souvenirs and Miscellaneous Items
                         at Domestic Passengers Terminal
                          Bangkok International Airport

                                                          Contract No. 6-06/2542

This contract 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 "AAT" 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
"Operator" of the other part.

Whereas AAT is desirous of having a business  operation  selling  souvenirs  and
miscellaneous   items  at  the  Domestic   Passengers   Terminal,   the  Bangkok
International Airport

and the Operator is competent and desirous of operating the said business.

Therefore, AAT and the Operator agree to enter into a contract, as follows :

1.       Business Operation

         AAT agrees to grant a permission and the Operator agrees to receive the
         permission   for   operating   business   of  selling   souvenirs   and
         miscellaneous items to the passengers and service users at the Domestic
         Passengers Terminal, the Bangkok International Airport, from 1 February
         1999 to 17 March 2000.

2.       Fee, Remuneration, Taxes/Duties, Other Expenses and Method of Payment

         2.1      The  Operator  agrees  to pay a fee  for  entering  into  this
                  contract  and  remuneration   for  receiving   permission  for
                  operating  business  of selling  souvenirs  and  miscellaneous
                  items under this contract to AAT, as follows:

                  2.1.1   Fee for entering  into this  contract,  Baht  1,945.00
                          (One Thousand Nine Hundred  Forty-Five  Baht Only) not
                          including the value added tax.

                  2.1.2   Regarding the  remuneration  for receiving  permission
                          for  operating   business  of  selling  souvenirs  and
                          miscellaneous items under this contract,  the Operator
                          agrees to make  monthly  payment  to AAT in advance by
                          the  5th of  every  month  at Baht  1,010,000.00  (One
                          Million  and  Ten  Thousand   Baht  Only).   The  said
                          remuneration does not include the value added tax that
                          the Operator has a duty to pay at the rate  stipulated
                          by law.

         2.2      The  Operator  shall be  responsible  for payment of the taxes
                  and/or other  expenses  incurred  from the business  operation
                  under this contract at the rates  stipulated by law and/or set
                  forth in directives of AAT.

<PAGE>

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

                  If the Operator is in default of any payment to AAT under this
                  contract,  the  Operator  consents  to pay penalty to AAT at a
                  rate  of  1.5  percent  (one  point  five)  per  month  of the
                  outstanding  amount.  A fraction  of month shall be counted as
                  one month.

                  The Operator agrees that this clause is a separate part and it
                  shall not impair  AAT's right to terminate  this  contract and
                  claim for damages.

3.       Duties and Responsibilities of the Operator

         3.1      In operating the business  under this  contract,  the Operator
                  agrees to invest in decoration of the premises  which shall be
                  attractive  and  modern  as well  as  acquiring  articles  and
                  equipment at the Operator's own expense.

         3.2      The  Operator  shall not  transfer  the  business  under  this
                  contract  or permit a third  party to  operate  the  business,
                  either in part or in whole,  unless a written  permission  has
                  been  obtained  from AAT first.  Though  having  obtained  the
                  permission from AAT, the Operator  remains to be liable to the
                  business operation under this contract.

         3.3      The Operator  shall  operate the business  under this contract
                  with expertise,  caution and competence in accordance with the
                  standards of this type of business, whereby the Operator shall
                  take into consideration AAT's reputation and image.

         3.4      The  Operator  shall not use the word  "Airports  Authority of
                  Thailand," "AAT" or other word concerning with AAT or the logo
                  of  the  Airports  Authority  of  Thailand  as  trading  name,
                  characteristics or logo of the Operator's business or juristic
                  person name, to such an extent that others would think that it
                  is the business of AAT.

         3.5      The Operator must sell every item of  merchandise  at the same
                  price  and  quality  as those  being  sold in the same type of
                  shops located in the leading  department stores in the Bangkok
                  area.

                  If  AAT  finds  that  the   Operator  is  selling   overpriced
                  merchandise  than stipulated  under this clause,  a daily fine
                  shall be imposed at 100 times of the  overpriced  merchandise,
                  from the date of  discovery  to the date on which the  selling
                  price shall be adjusted to the same as those being sold in the
                  same type of shops located in the leading department stores in
                  the Bangkok  area.  If the Operator  fails to take  corrective
                  action and AAT has issued three written warnings, AAT reserves
                  the right to immediately terminate this contract. Thereby, the
                  Operator shall not sue AAT for damages.

         3.6      The Operator shall have selling price tags  visibly  displayed
                  and in Baht only.

         3.7      In case the Operator  receives payment in foreign  currencies,
                  the prevalent daily exchange rates of the bank in the Domestic
                  Passengers  Terminal shall apply  accordingly.  The currencies
                  exchange rates shall be visibly displayed.

<PAGE>

         3.8      The  Operator   shall  submit   written  price  lists  of  the
                  merchandise  to AAT 15 days before  opening the business.  The
                  Operator  shall  notify  AAT in  writing  of any change of the
                  merchandise item or price on every occasion.

         3.9      Should there be any  complaint  regarding  price or quality of
                  merchandise,  AAT  reserves the right to order the Operator to
                  adjust   the  price  and   improve   the   quality  as  deemed
                  appropriate. In this respect, AAT's decision shall be final.

         3.10     If the Operator has other income,  in terms of  advertisement,
                  such  advertisement must concern the merchandise being sold in
                  the shop only and a written  permission  must be obtained from
                  AAT first.

         3.11     AAT reserves the right to specify the types of  merchandise or
                  notify the  Operator  to  refrain  from  selling  the types of
                  merchandise AAT deems  inappropriate,  with which the Operator
                  shall strictly comply.

         3.12     The Operator shall open the business  selling the  merchandise
                  under this  contract on daily basis - close of business on any
                  day is not permitted. The business hours for selling souvenirs
                  and  miscellaneous  items shall be at least 06.00 - 24.00 hrs.
                  daily.

                  If the Operator wishes to change the business hours, a written
                  permission must be obtained from AAT on every occasion.

         3.13     The  Operator  must  have  seasonal merchandise  available  as
                  informed by AAT from time to time.

         3.14     The  souvenirs  and  miscellaneous  items  shall  be  made  in
                  Thailand  products,  or those made abroad with  permission for
                  sale in  Thailand.  Their  quality must be as good as the same
                  types of souvenirs and miscellaneous being sold in the leading
                  department stores of Thailand.

         3.15     The  prohibited   merchandise  in  the  premises  are  illegal
                  souvenirs and miscellaneous items, souvenirs and miscellaneous
                  items not being allowed for hand carry onto an airplane, food,
                  snack and all kinds of drink, including alcoholic beverages.

         3.16     The Operator  shall  arrange to have compact boxes or packages
                  for  containing  souvenirs and  miscellaneous  items which are
                  suitable for hand carry onto an airplane.

         3.17     The  Operator  shall not place  any  advertising  board in the
                  premises,  unless a written  permission has been obtained from
                  AAT.

         3.18     The  Operator  shall  oversee  that every  staff and  employee
                  wearing the uniform with name tag as endorsed by AAT, and that
                  they  strictly  comply with the  regulations,  directives  and
                  instructions  of AAT. In case of any  violation,  the Operator
                  consents AAT to proceed as deemed appropriate.

         3.19     In operating the business under this  contract,  if any damage
                  occurred to the  property or  reputation  of AAT by any act of
                  the  Operator  or that of the  person  whom the  Operator  has
                  appointed,  assigned,  hired or requested to perform any task,
                  the Operator shall be  responsible  for  compensation  of such
                  damage.

         3.20     The Operator shall facilitate AAT staff members, who have been
                  appointed  and  assigned  to oversee the  Operator's  business
                  under this  contract,  to inspect the  premises,  merchandise,
                  selling prices and the relevant documents,  including auditing
                  of the Operator's books of accounts.

<PAGE>

         3.21     The Operator  shall comply with the provisions of the existing
                  and future laws governing this type of business operation.

         3.22     AAT  reserves  the  right to add  conditions  to the  contract
                  and/or amend this  contract  where it is deemed  beneficial to
                  AAT without having to give an advance  notice,  with which the
                  Operator shall comply.

         3.23     The  Operator  shall be  responsible  and  compensate  for all
                  damages occurred in the Bangkok  International  Airport due to
                  the Operator's business in the Bangkok  International  Airport
                  as well as indemnity for lack of income to AAT.

4.       Performance Guarantee

         In entering into this  contract,  the Operator has submitted the Letter
         of Guarantee  No. L 42-0080  dated 1 February  1999,  issued by Bangkok
         Metropolitan  Bank Public Company Limited,  for Baht  6,666,000.00 (Six
         Million Six Hundred Sixty-Six Thousand Baht Only) to AAT as performance
         guarantee.  AAT shall  return the said  Letter of  Guarantee  after the
         Operator has been relieved from all obligations under this contract.

5.       Termination of Contract

         5.1      During  validity,  if AAT wishes to  terminate  this  contract
                  prior to the  expiration  date  prescribed in Clause 1, AAT is
                  entitled  to do so;  provided  that a written  notice  must be
                  given to the  Operator at least 30 days in  advance.  Thereby,
                  the  Operator  agrees not to sue or claim for  indemnity  from
                  AAT.

                  In case the Operator  wishes to terminate  this contract prior
                  to the expiration date prescribed in Clause 1, the Operator is
                  entitled  to do so;  provided  that a written  notice  must be
                  given to AAT at least 90 days in advance and that the Operator
                  has no outstanding payment to AAT.

         5.2      If  there  is any  reasonable  grounds  to  believe  that  the
                  Operator   shall  not  be  able  to   operate   the   business
                  successfully,  or the  Operator  is in  breach  of any  clause
                  herein,  AAT is entitled to terminate this contract and permit
                  a third  party to operate  the  business  under this  contract
                  thereafter; thereby the Operator shall be subject to indemnity
                  to AAT as well.

         5.3      Each of every clause of this contract is deemed essential.  If
                  it appears that the Operator acts or omits to act in violation
                  of or  non-compliance  with any  clause of this  contract,  or
                  becomes bankrupted,  AAT is entitled to immediately  terminate
                  this contract, claim for indemnity and forfeit the performance
                  guarantee.

<PAGE>

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

                   AAT                                 The Operator
                   ---                                 ------------

               - 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>

                BANGKOK METROPOLITAN BANK PUBLIC COMPANY LIMITED
                  No. 2, Chaloem Khet 4 Rd., Bangkok Metropolis
                              Tel. 2230561, 2259999
                                                               L/G No. L 42-0080
                               Letter of Guarantee

                                                             1 February 1999

We, Bangkok Metropolitan Bank Public Company Limited,  with offices at 2 Chalerm
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 received a permission to operate
     the business of selling souvenirs and  miscellaneous  items at the Domestic
     Passengers  Terminal,  Bangkok  International  Airport,  according  to  the
     Contract No. 6-06/2542 entered with the Airports Authority of Thailand, and
     a Letter of Guarantee is required as performance guarantee for an amount of
     Baht 6,666,000.00 (Six Million Six Hundred Sixty-Six Thousand 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
     contract  or is in breach of any clause of the said  contract,  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 Metropolitan Bank
     Public Company Limited shall pay an amount not exceeding Baht  6,666,000.00
     (Six  Million Six Hundred  Sixty-Six  Thousand  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. Pongcharoen Sanguansak)               (Miss Nipapan  Ekintumat)
Director, Dept and Security Department          Deputy Director, Dept and
                                                   Security Department

              - signed -          Witness              - signed -       Witness
      (Mr. Sontaya  Sakonwaree)                 (Mr. Prapat Ungcharoen)

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"}]]