Document:

Application for Credit Facilities

           Made at Krung Thai Bank Public Company Limited Head Office

                                13 September 2001

We, King Power Duty Free Co.,  Ltd.,  Thai  nationality,  with offices at 26th &
27th Floors,  Siam Tower, No. 989, Rama I Road, Pathum Wan Sub-district,  Pathum
Wan District,  Bangkok Metropolis,  tax payer ID card No. 3011695180,  operating
the business of duty free retail,  a customer of Krung Thai Bank Public  Company
Limited, Head Office,  having the current account No. 000-6-11662-0,  would like
to request credit  facilities from Krung Thai Bank Public Company Limited,  Head
Office, as follows :

1.       Forward Contract for Baht 150,000,000.00 (One Hundred and Fifty Million
         Baht);

2.       for the purpose of reducing risks due to exchange rate fluctuation.

3.       In requesting  these credit  facilities,  we consent to have King Power
         International  Co.,  Ltd.,  Mr. Vichai  Raksriaksorn  and Mr.  Viratana
         Suntaranond, be the Guarantors for the full amount.

         At present, we are the debtor and have obligations with Krung Thai Bank
         Public Company Limited and other Banks, as follows :

         ------------------ -------------------- -------------- ----------------
                Bank         Type of Facilities      Amount        Collateral
         ------------------ -------------------- -------------- ----------------

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

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

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

We certify  that the above is true in all  respects.  If the Bank  approves  the
credit  facilities  to us,  we  consent  to  comply  with  the  regulations  and
requirements of the Bank in all respects.

(Company Seal Affixed)               - Signed -                        Applicant
                           (King Power Duty Free Co., Ltd.)

<PAGE>

                               Guarantee Contract

           Made at Krung Thai Bank Public Company Limited Head Office

                                13 September 2001

I, Mr. Viratana Suntaranond, aged 60 years, residing at No. 96/2, Village No. 4,
Anusawari  Sub-district,  Bang Khen District,  Bangkok  Metropolis,  hereinafter
called the "Guarantor,"  agree to make this contract with Krung Thai Bank Public
Company Limited, hereinafter called the "Bank" as evidence that :

1.       Whereas the Bank has granted credit  facilities to King Power Duty Free
         Co., Ltd. in the form of Forward Contract for Baht  150,000,000.00 (One
         Hundred and Fifty Million  Baht).  The Guarantor  consents to guarantee
         performance  of  obligations  incurred from the damages that King Power
         Duty Free Co.,  Ltd.  is  unable  to make use of the  foreign  currency
         purchased  from  the Bank in full  according  to the  Forward  Contract
         within the period stipulated therein,  together with interest at a rate
         of 14.50% p.a., to the Bank until the Bank has received  performance of
         obligations in full. In case the debtor has to pay interest at a higher
         rate,  the Guarantor  consents to pay interest at the new interest rate
         to the Bank accordingly.

2.       If King Power Duty Free Co.,  Ltd.  fails to  perform  the  obligations
         incurred from such transaction  under Clause 1 due to whatever reasons,
         causing the Bank not to receive  performance  of  obligations  incurred
         from such transaction and as indicated herein,  the Guarantor  consents
         to  be  liable  as  a  joint  debtor  for  performance  of  obligations
         forthwith.

3.       If the Bank extends  period of performance of obligations to King Power
         Duty Free Co., Ltd., with or without notifying the Guarantor,  it shall
         be deemed that the Guarantor consents to the same on every occasion and
         shall not cite such extension as a reason for relieving the Guarantor's
         liability.

4.       In case the debtor is in default of payment,  the Guarantor  waives the
         right to demand the Bank to enforce payment from the debtor's  property
         before demanding  payment from the Guarantor,  without prejudice to the
         right of the Bank to demand or enter an action  against King Power Duty
         Free Co.,  Ltd. or the subrogee of rights and duties of King Power Duty
         Free  Co.,  Ltd.,  to  perform  the   obligations  as  the  Bank  deems
         appropriate.  In this case, if the Bank has not received performance of
         obligations  in full,  the  Guarantor  consents that such action of the
         Bank shall be deemed for the benefit of the  Guarantor,  therefore  the
         Guarantor  agrees to immediately pay the  outstanding  amount and shall
         reimburse  all  fees  and  expenses  paid by the  Bank in this  regard,
         together with  interest at a rate of 14.50% p.a.,  whether the Bank has
         notified the  Guarantor  in advance or not and though not  demanding or
         taking legal action against the Guarantor  jointly with King Power Duty
         Free Co., Ltd. or the subrogee or rights and duties.

<PAGE>

5.       This  guarantee  shall bind the Guarantor  completely  though it may be
         cited that King Power Duty Free Co.,  Ltd.  has  entered  into the said
         agreement  due to  misunderstanding  or  whatsoever,  and  whether  the
         Guarantor  has  known of the same or not.  The  Guarantor  shall not be
         released from  liabilities due to the fact that the Bank may have taken
         any action  causing the  Guarantor to be unable to subrogate in full or
         in part of any  right,  which has been  given or may have been given to
         the Bank  prior  to or at the  time of  entering  into  this  Guarantee
         Contract.  The Guarantor  agrees to not revoke this Guarantee  Contract
         until the duties  and  liabilities  of King  Power Duty Free Co.,  Ltd.
         under  Clause 1 shall  end or until the  Guarantor  has  performed  the
         obligations and the expenses as described above accordingly.

6.       As security for compliance with this Guarantee Contract,  the Guarantor
         agrees to  personal  guarantee  for the full  amount to Krung Thai Bank
         Public Company Limited.

7.       In this  respect,  the Bank may exercise the right through the court in
         enforcing the Guarantor to perform the obligations under this Guarantee
         Contract, and the Guarantor consents the Bank to enter an action at any
         civil court in Bangkok.

The Guarantor has understood  this Guarantee  Contract  entirely,  and hereunder
sign his name in the presence of witnesses on the date indicated above.

                                   - Signed -                          Guarantor
                           (Mr. Viratana Suntaranond)

                                   - Signed -                          Witness
                            (Mrs. Piyanut Sriphichit)

                                   - Signed -                          Witness
                        (Mrs. Bunraksa Khongratanasombun)

<PAGE>

                               Guarantee Contract

           Made at Krung Thai Bank Public Company Limited Head Office

                                13 September 2001

I, Mr.  Vichai  Raksriaksorn,  aged 43 years,  residing at No. 20,  Sukhumvit 64
Road,  Bang  Chak  Sub-district,  Phra  Khanong  District,  Bangkok  Metropolis,
hereinafter  called the "Guarantor," agree to make this contract with Krung Thai
Bank Public Company Limited, hereinafter called the "Bank" as evidence that :

1.       Whereas the Bank has granted credit  facilities to King Power Duty Free
         Co., Ltd. in the form of Forward Contract for Baht  150,000,000.00 (One
         Hundred and Fifty Million  Baht).  The Guarantor  consents to guarantee
         performance  of  obligations  incurred from the damages that King Power
         Duty Free Co.,  Ltd.  is  unable  to make use of the  foreign  currency
         purchased  from  the Bank in full  according  to the  Forward  Contract
         within the period stipulated therein,  together with interest at a rate
         of 14.50% p.a., to the Bank until the Bank has received  performance of
         obligations in full. In case the debtor has to pay interest at a higher
         rate,  the Guarantor  consents to pay interest at the new interest rate
         to the Bank accordingly.

2.       If King Power Duty Free Co.,  Ltd.  fails to  perform  the  obligations
         incurred from such transaction  under Clause 1 due to whatever reasons,
         causing the Bank not to receive  performance  of  obligations  incurred
         from such transaction and as indicated herein,  the Guarantor  consents
         to  be  liable  as  a  joint  debtor  for  performance  of  obligations
         forthwith.

3.       If the Bank extends  period of performance of obligations to King Power
         Duty Free Co., Ltd., with or without notifying the Guarantor,  it shall
         be deemed that the Guarantor consents to the same on every occasion and
         shall not cite such extension as a reason for relieving the Guarantor's
         liability.

4.       In case the debtor is in default of payment,  the Guarantor  waives the
         right to demand the Bank to enforce payment from the debtor's  property
         before demanding  payment from the Guarantor,  without prejudice to the
         right of the Bank to demand or enter an action  against King Power Duty
         Free Co.,  Ltd. or the subrogee of rights and duties of King Power Duty
         Free  Co.,  Ltd.,  to  perform  the   obligations  as  the  Bank  deems
         appropriate.  In this case, if the Bank has not received performance of
         obligations  in full,  the  Guarantor  consents that such action of the
         Bank shall be deemed for the benefit of the  Guarantor,  therefore  the
         Guarantor  agrees to immediately pay the  outstanding  amount and shall
         reimburse  all  fees  and  expenses  paid by the  Bank in this  regard,
         together with  interest at a rate of 14.50% p.a.,  whether the Bank has
         notified the  Guarantor  in advance or not and though not  demanding or
         taking legal action against the Guarantor  jointly with King Power Duty
         Free Co., Ltd. or the subrogee or rights and duties.

<PAGE>

5.       This  guarantee  shall bind the Guarantor  completely  though it may be
         cited that King Power Duty Free Co.,  Ltd.  has  entered  into the said
         agreement  due to  misunderstanding  or  whatsoever,  and  whether  the
         Guarantor  has  known of the same or not.  The  Guarantor  shall not be
         released from  liabilities due to the fact that the Bank may have taken
         any action  causing the  Guarantor to be unable to subrogate in full or
         in part of any  right,  which has been  given or may have been given to
         the Bank  prior  to or at the  time of  entering  into  this  Guarantee
         Contract.  The Guarantor  agrees to not revoke this Guarantee  Contract
         until the duties  and  liabilities  of King  Power Duty Free Co.,  Ltd.
         under  Clause 1 shall  end or until the  Guarantor  has  performed  the
         obligations and the expenses as described above accordingly.

6.       As security for compliance with this Guarantee Contract,  the Guarantor
         agrees to  personal  guarantee  for the full  amount to Krung Thai Bank
         Public Company Limited.

7.       In this  respect,  the Bank may exercise the right through the court in
         enforcing the Guarantor to perform the obligations under this Guarantee
         Contract, and the Guarantor consents the Bank to enter an action at any
         civil court in Bangkok.

The Guarantor has understood  this Guarantee  Contract  entirely,  and hereunder
sign his name in the presence of witnesses on the date indicated above.

                                   - Signed -                          Guarantor

                            (Mr. Vichai Raksriaksorn)

                                   - Signed -                          Witness
                            (Mrs. Piyanut Sriphichit)

                                   - Signed -                          Witness
                        (Mrs. Bunraksa Khongratanasombun)

<PAGE>

                               Guarantee Contract

           Made at Krung Thai Bank Public Company Limited Head Office

                                13 September 2001

We, King Power  International Co. Ltd., with offices at the 26th and 27th Floor,
Siam Tower, No. 989, Rama I Road, Pathum Wan Sub-district,  Pathum Wan District,
Bangkok  Metropolis,  hereinafter  called  the  "Guarantor,"  agree to make this
contract with Krung Thai Bank Public  Company  Limited,  hereinafter  called the
"Bank" as evidence that :

1.       Whereas the Bank has granted credit  facilities to King Power Duty Free
         Co., Ltd. in the form of Forward Contract for Baht  150,000,000.00 (One
         Hundred and Fifty Million  Baht).  The Guarantor  consents to guarantee
         performance  of  obligations  incurred from the damages that King Power
         Duty Free Co.,  Ltd.  is  unable  to make use of the  foreign  currency
         purchased  from  the Bank in full  according  to the  Forward  Contract
         within the period stipulated therein,  together with interest at a rate
         of 14.50% p.a., to the Bank until the Bank has received  performance of
         obligations in full. In case the debtor has to pay interest at a higher
         rate,  the Guarantor  consents to pay interest at the new interest rate
         to the Bank accordingly.

2.       If King Power Duty Free Co.,  Ltd.  fails to  perform  the  obligations
         incurred from such transaction  under Clause 1 due to whatever reasons,
         causing the Bank not to receive  performance  of  obligations  incurred
         from such transaction and as indicated herein,  the Guarantor  consents
         to  be  liable  as  a  joint  debtor  for  performance  of  obligations
         forthwith.

3.       If the Bank extends  period of performance of obligations to King Power
         Duty Free Co., Ltd., with or without notifying the Guarantor,  it shall
         be deemed that the Guarantor consents to the same on every occasion and
         shall not cite such extension as a reason for relieving the Guarantor's
         liability.

4.       In case the debtor is in default of payment,  the Guarantor  waives the
         right to demand the Bank to enforce payment from the debtor's  property
         before demanding  payment from the Guarantor,  without prejudice to the
         right of the Bank to demand or enter an action  against King Power Duty
         Free Co.,  Ltd. or the subrogee of rights and duties of King Power Duty
         Free  Co.,  Ltd.,  to  perform  the   obligations  as  the  Bank  deems
         appropriate.  In this case, if the Bank has not received performance of
         obligations  in full,  the  Guarantor  consents that such action of the
         Bank shall be deemed for the benefit of the  Guarantor,  therefore  the
         Guarantor  agrees to immediately pay the  outstanding  amount and shall
         reimburse  all  fees  and  expenses  paid by the  Bank in this  regard,
         together with  interest at a rate of 14.50% p.a.,  whether the Bank has
         notified the  Guarantor  in advance or not and though not  demanding or
         taking legal action against the Guarantor  jointly with King Power Duty
         Free Co., Ltd. or the subrogee or rights and duties.

<PAGE>

5.       This  guarantee  shall bind the Guarantor  completely  though it may be
         cited that King Power Duty Free Co.,  Ltd.  has  entered  into the said
         agreement  due to  misunderstanding  or  whatsoever,  and  whether  the
         Guarantor  has  known of the same or not.  The  Guarantor  shall not be
         released from  liabilities due to the fact that the Bank may have taken
         any action  causing the  Guarantor to be unable to subrogate in full or
         in part of any  right,  which has been  given or may have been given to
         the Bank  prior  to or at the  time of  entering  into  this  Guarantee
         Contract.  The Guarantor  agrees to not revoke this Guarantee  Contract
         until the duties  and  liabilities  of King  Power Duty Free Co.,  Ltd.
         under  Clause 1 shall  end or until the  Guarantor  has  performed  the
         obligations and the expenses as described above accordingly.

6.       As security for compliance with this Guarantee Contract,  the Guarantor
         agrees to  personal  guarantee  for the full  amount to Krung Thai Bank
         Public Company Limited.

7.       In this  respect,  the Bank may exercise the right through the court in
         enforcing the Guarantor to perform the obligations under this Guarantee
         Contract, and the Guarantor consents the Bank to enter an action at any
         civil court in Bangkok.

The Guarantor has understood  this Guarantee  Contract  entirely,  and hereunder
sign his name in the presence of witnesses on the date indicated above.

(Company Seal Affixed)             - Signed -                          Guarantor
                       (King Power International Co. Ltd.)

                                   - Signed -                          Witness
                            (Mrs. Piyanut Sriphichit)

                                   - Signed -                          Witness
                        (Mrs. Bunraksa Khongratanasombun)SIAM CITY BANK PUBLIC COMPANY LIMITED

                    Pledge Agreement of Financial Instrument

                                                             Made at Head Office

                                                                 18 October 2001

We, King Power Duty Free Co.,  Ltd.,  Thai  nationality,  with offices at 26th &
27th Floors,  Siam Tower, 989, Rama I Road, Pathum Wan Sub-district,  Pathum Wan
District,  Bangkok Metropolis,  hereinafter called the "Pledgor," have made this
Pledge  Agreement of the Financial  Instrument  issued to the person by name and
given it to Siam City Bank Public Company Limited, hereinafter called the "Bank"
to indicate that the Pledgor has pledged and the Bank has accepted the pledge

         Passbook of Fixed Deposit Account No.         001-3-09768-5
         Amount                                        Baht  69,112,526.14

totaling Baht 69,112,526.14 (Sixty-Nine Million One Hundred Twelve Thousand Five
Hundred  Twenty-Six Baht and Fourteen  Satang) which is a "financial  instrument
issued  to the  person  by  name"  whereby  the Bank is the  debtor  of the said
financial instrument, hereinafter called the "Pledged Property" as follows :

1.       The Pledgor has pledged the Pledged  Property to the Bank as collateral
         for the  overdraft,  loan,  debts  related to letter of  credit,  trust
         receipt,  issuance  of all  types  of  letter  of  guarantee,  sale  of
         discounted  promissory  note,  aval,  guarantee of  promissory or other
         debts related to the promissory note, debts related to guarantee or any
         other  debt  the  Pledgor  and/or  -,  hereinafter  called  "the  above
         mentioned  debtor,"  owed to the Pledgee at the time of  entering  into
         this  agreement or the future debt for an amount of Baht  69,047,500.00
         (Sixty-Nine  Million  Forty-Seven  Thousand  Five Hundred Baht) and all
         accessories   thereof  according  to  Section  748  of  the  Civil  and
         Commercial Code. The Pledgor agrees to pay the maximum interest rate as
         announced by Siam City Bank Public Company Limited, which at present is
         14.00% p.a.
<PAGE>

2.       The Pledgor  confirms and promises that the Pledgor  owns/has the right
         on the Pledged Property legally and it is free of proprietary  interest
         or  preferential  right or right or encumbrance at the time of entering
         into this agreement.

3.       On the signing  date of this  agreement,  the Pledgor has  endorsed the
         pledge  on the  Pledged  Property  and  handed  it over to the Bank for
         retention.

4.       The Pledgor agrees to not exercise the right to withdraw the money from
         the Pledged Property, except for performance of obligations to the Bank
         only.

5.       In case the right on the Pledged  Property becomes due prior to the due
         date of  performance  of  obligations,  the Pledgor  consents to extend
         validity of the deposit further, which shall be deemed the pledge under
         this agreement continuously.

6.       Should any problem has arisen regarding  ownership/right of the Pledgor
         in the  Pledged  Property  and/or  the said  debtor  is in  default  of
         performance of obligations or the Pledgor is in breach of any clause of
         this  agreement,   the  Bank  is  entitled  to  immediately   call  for
         performance of obligations and enforce the pledge.

7.       Due to the fact that the Bank is the debtor of the Pledged Property and
         also the Pledgee,  therefore  the Bank and the Pledgor  agree that this
         agreement  shall  serve as a notice of the  pledge to the debtor of the
         financial  instrument  as  stipulated  in Section  752 of the Civil and
         Commercial Code as well.

The  Pledgor,  having  understood  the  contents  of  this  agreement  entirely,
hereunder signs his name and affix seal, if any, in the presence of witnesses.

(Company Seal Affixed)             - signed -                            Pledgor
                        (King Power Duty Free Co., Ltd.)

                                   - signed -                            Witness
                            (Mr. Nophadon Seehapanya)

                                   - signed -                            Witness
                      (Miss Nanthiphon Phathanaphongsathit)

<PAGE>

                      SIAM CITY BANK PUBLIC COMPANY LIMITED

                  Letter of Consent for Bank Deposits Deduction

                                                             Made at Head Office

                                                                 18 October 2001

We, King Power Duty Free Co.,  Ltd.,  Thai  nationality,  with offices at 26th &
27th Floors,  Siam Tower, 989, Rama I Road, Pathum Wan Sub-district,  Pathum Wan
District, Bangkok Metropolis,  hereinafter called the "Consent Giver," the owner
of

         Passbook of Fixed Deposit Account No.           001-3-09768-5
         Amount  (Sixty-Nine Million One Hundred Twelve Thousand Five Hundred
         Twenty-Six Baht and Fourteen Satang)            Baht  69,112,526.14

totaling Baht 69,112,526.14 (Sixty-Nine Million One Hundred Twelve Thousand Five
Hundred Twenty-Six Baht and Fourteen Satang), hereinafter called the "Deposits,"
made this letter of consent to Siam City Bank Public Company Limited,
hereinafter called the "Bank," as follows :

1.       The Consent  Giver  consents the Bank to bring any or all types of debt
         that  the  Consent  Giver  and/or - ,  hereinafter  called  "the  above
         mentioned  debtor,"  owe to the Bank at present  and/or in the  future,
         including interests, stamp duties, fees, expenses, damages or indemnity
         and other  charges,  whether it is due for  payment  or not,  to deduct
         payment therefor from the deposits and/or debited into the above stated
         bank  account,  either  in  whole  or in  part,  at  any  time  whereby
         disregarding  whether it is due date for payment or not, without having
         to notify the Consent Giver, and the Consent Giver agrees to not object
         or  dispute  or enter an  action  claiming  refund or cite the right of
         claim to the Bank.

         If deduction for payment or debit into the said bank account appears to
         be insufficient  amount to perform the  obligations,  the Consent Giver
         agrees to pay the difference thereof to the bank accordingly.

2.       In case the above bank account becomes due while the obligations  under
         Clause 1 have not been  performed,  the Consent Giver consents the bank
         to extend the  validity  of  deposits  continuously  with no  condition
         whatsoever,  and the Consent  Giver agrees that the  extended  deposits
         shall be binding.  Thereby,  the Bank is entitled to make  deduction or
         debit  payment of the debt under Clause 1 in all  respects,  though the
         Consent Giver may not indicate the consent or endorse the new financial
         instrument.

3.       Giving of the rights  under this Letter of Consent  shall also bind the
         subrogee of the Consent Giver until performance of obligations has been
         made accordingly.

<PAGE>

The Consent  Giver,  having  understood  the  contents of this Letter of Consent
entirely,  hereunder  sign his name (and affix seal,  if any) in the presence of
witnesses.

          - signed -                   Consent Giver      (Company Seal Affixed)
(King Power Duty Free Co., Ltd.)

       - signed -           Witness                    - signed -        Witness
(Mr. Nophadon Seehapanya)                  (Miss Nanthiphon Phathanaphongsathit)

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