Document:

SIAM CITY BANK PUBLIC COMPANY LIMITED

                                Letter of Consent
                                (Juristic Person)

                                                             Made at Head Office

                                                                  23 August 2000

We, King Power Duty Fee Co.,  Ltd.,  registered as a juristic  person under Thai
laws, with offices at 26th-27th Floor,  Siam Tower, 989, Rama I Road, Pathum Wan
Sub-district,     Pathum    Wan    District,     Bangkok    Metropolis,     with
 .............................................  the Director  empowered to act on
behalf of the juristic person,  hereinafter  called the "consent giver," whereby
the consent  giver has filed an  application  for loan to the bank and have made
this Letter of Consent to Siam City Bank Public Company Limited, with offices at
1101, New Phetchaburi Road, Makkasan Sub-district, Ratchathewi District, Bangkok
Metropolis, (hereinafter called the "bank"), as follows :

In analyzing  information for  consideration of granting the loan to the consent
giver,  the consent giver  consents the bank to examine and use  information  on
debt burden and/or the loans the consent  giver has with the members,  financial
institutions  and other  juristic  persons,  in accordance  with the  definition
stipulated in the Credit  Information  Business Act to be enacted in the future,
including  the credit  information  of the consent giver having been compiled at
Central Information System Co., Ltd. or Thai Credit Information Co., Ltd. or any
credit information  company in accordance with the Credit  Information  Business
Act to be  enacted  in the  future,  including  the debt  burden  and/or  credit
facilities  the  consent  giver has had in the past and/or at present and in the
future,  disregarding the fact that the consent giver has obtained approval from
the bank or not.

Moreover,  the consent giver consents  Central  Information  System Co., Ltd. or
Thai Credit  Information Co., Ltd., or other juristic persons to be announced by
Central  Information  System Co., Ltd. or Thai Credit  Information Co., Ltd., to
examine  accuracy  of the credit  information  of the consent  giver  related to
credit information  business and/or to facilitate in coordination for correcting
credit   information   of  the  consent  giver  with  the  concerned   financial
institutions  when  the  consent  giver  files  an  application,  together  with
evidence,  requesting  for  correction  of credit  information  to the  members,
financial institutions or other juristic persons.

In giving the above consent, the consent giver agrees that it shall be deemed as
having given  consent to all members,  financial  institutions,  other  juristic
persons,   including  Central  Information  System  Co.,  Ltd.  or  Thai  Credit
Information Co., Ltd., or any credit information  company in accordance with the
Credit Information Business Act to be enacted in the future, to provide and make
use of the credit  information of the consent giver for the benefits of analysis
of granting of credit facilities,  including but not limited to loan, guarantee,
aval,  guarantee  of  promissory  note,  issuance  of  letter of credit or other
businesses the financial  institutions  have received a license from the Bank of
Thailand,  whereby the consent giver agrees not to revoke the said consent under
any  circumstances,  and the consent giver shall waive the right to claim or sue
in civil case, except in case of an intentional  misconduct or severe negligence
of the members,  financial  institutions  or other  juristic  persons  including
Central  Information  System Co., Ltd. or Thai Credit  Information Co., Ltd., or
any  credit  information  company  in  accordance  with the  Credit  Information
Business Act to be enacted in the future  concerned  with providing or making us
of the credit information of the consent giver according to the above consent.

<PAGE>

                          - signed -              - signed -       Consent Giver
(Seal of King Power Duty Fee Co., Ltd.) (King Power Duty Fee Co., Ltd.)

                                                  - signed -       Witness
                                            (Mr. Chanwut Amnuaisin)

                                                  - signed -       Witness
                                            (Mr. Sathian Sanelaksana)SIAM CITY BANK PUBLIC COMPANY LIMITED

                 Letter of Consent for Deduction of Bank Deposit

                                                             Made at Head Office

                                                                28 December 2000

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

       ( / )         Fixed Deposits Account, Passbook No. 001-3-09768-5
                                                              Baht 79,867,822.20

       Totaling      Baht  79,867,822.20
                     (Seventy-Nine Million Eight Hundred Sixty-Seven Thousand
                     Eight Hundred Twenty-Two Baht Twenty Satang),

hereinafter  called the  "Deposit,"  hereby  make the  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 obligations  that
       the consent giver and/or - , hereinafter  called "the said debtor" owe to
       the bank at present  and/or the future debts  including  interest,  stamp
       duties,  fees,  expenses,  damages  or  compensation  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  disregarding  whether  it is due date for
       payment or not,  without  having to notify  the  consent  giver,  and the
       consent  giver  agrees not to object or dispute or take legal  action for
       claiming the money back or cite the right of claim against the bank.

       If  deduction  for  payment  or  debit  into  the said  bank  account  is
       insufficient to perform the obligations,  the consent giver agrees to pay
       the remaining amount to the bank accordingly.

2.     In case the above  deposit  account  becomes  due  without  deduction  to
       perform the  obligations  under Clause 1, the consent giver  consents the
       bank to extend the  validity of deposit  continuously  with no  condition
       whatsoever,  and the consent giver agrees that the extended deposit shall
       be  binding,  whereby the bank is  entitled  to make  deduction  or debit
       payment of the  obligations  under Clause 1 in all  respects,  though the
       Consent giver may not indicate the consent or endorse the new one.

<PAGE>

3.     The consent of the rights  under this  Letter of Consent  shall also bind
       the  subrogee of the rights of the consent  giver  until  performance  of
       obligations has been made in full.

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

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

                 - signed -       Witness           - signed -     Witness
           (Mr. Chaowana Sae Tae)             (Mr. Chanwut Amnuaisin)THAI MILITARY BANK PUBLIC COMPANY LIMITED

                      Agreement for Pledge of Bank Deposit

                                                           10 November 2000

We, King Power Duty Free Co., Ltd.,  hereinafter called the "Pledgor," have made
this  agreement and  submitted  the same to Thai  Military  Bank Public  Company
Limited,  Head Office,  hereinafter  called the  "Pledgee."  The Pledgee and the
Pledgor agree as follows :

1.     The Pledgor agrees to submit and pledge the right of the bank deposit and
       all rights  existing at present and in the future.  The Pledgee agrees to
       accept the pledge of bank deposit with the evidence of right, namely

       [/]  Passbook of Fixed Deposit, Account No. 001-3-45475-6
                                             Baht  58,796,902.78

       Total Pledge of Bank Deposit          Baht  58,796,902.78    (Fifty-Eight
       Million  Seven  Hundred  Ninety-Six  Thousand  Nine  Hundred and Two Baht
       Seventy-Eight Satang)

2.     The Pledgor  agree to pledge the rights of bank deposit under Clause 1 as
       security  for the  existing  obligations  of the  Pledgor and those to be
       incurred in the future,  for the  principal  amount of Baht  2,060,000.00
       (Two Million  Sixty  Thousand Baht Only) and all  accessories  thereof as
       stipulated in Section 748 of the Civil and  Commercial  Code. The Pledgor
       agree to pay interest at a rate 14.25% p.a.,  and if  enforcement  of the
       pledge is insufficient to perform the  obligations,  the Pledgor agree to
       pay the remaining amount to the Pledgee accordingly.

3.     The Pledgor  agree not to exercise the right to withdraw the pledged bank
       deposit,  unless for  performance of obligations  under the pledge to the
       Pledgee.

4.     In case the Pledgor have deposited any additional amount into the pledged
       deposit  account,  or the amount has been increased due to interest,  the
       Pledgor agree that the increased amount shall become the pledged property
       under this agreement as well, but without  prejudice to the rights of the
       Pledgee as stipulated in Section 761 of the Civil and Commercial Code.

5.     In case the rights of the  pledged  property  becomes  due before the due
       date of performance of  obligations,  the Pledgor  consent the Pledgee to
       withdraw  or  accept  the  money  plus   interest  and  retain  the  same
       continuously or to extend the validity of deposit thereof, as the Pledgee
       shall select to do so, and it shall be deemed as  continued  pledge under
       this agreement  until the Pledgor have  performed the  obligations to the
       Pledgee accordingly.

<PAGE>

6.     Due to the fact that  Pledgee  is the  debtor  according  to the  deposit
       agreement  and must return the money in full amount plus  interest to the
       Pledgor, and at the same time the Pledgee is the Pledgee of the pledge of
       the  deposit,  therefore  the  Pledgee  and the  Pledgor  agree that this
       agreement  shall be deemed  as a notice of the  Pledgee  to  enforce  the
       pledge according to law.

7.     It is understood  clearly that the pledge under this agreement  shall not
       prejudice  the right of the Pledgee to offset the debt without  having to
       notify the Pledgor first,  thought the debt may not be due, and it is not
       necessary to auction the pledged property first.

The Pledgor have read and understood this agreement  entirely and found it to be
in accordance  with their  intention,  and hereunder sign his name and submitted
the same to the Pledgee for retention.

                                                   - signed -            Pledgor
(Seal of King Power Duty Free Co., Ltd.)   (Mr. Viratana Suntaranond)
                                  Director empowered to sign binding the Company

                                                   - signed -            Witness
                                           (Mr. Kulawat Roekphalaphon)

                                                   - signed -            Witness
                                             (Miss Siriwan Kittithon)

<PAGE>

                    THAI MILITARY BANK PUBLIC COMPANY LIMITED

                                Letter of Consent

                                               Made at Thai Military Bank Public
                                               Company Limited

                                                                10 November 2000

We, King Power Duty Free Co., Ltd., with offices at 26th-27th Floor, Siam Tower,
989,  Rama I  Road,  Pathum  Wan  Sub-district,  Pathum  Wan  District,  Bangkok
Metropolis,  hereby  make this  Letter of Consent to Thai  Military  Bank Public
Company Limited to indicate that :

1.     Whereas we have borrowed  money or withdrew  overdraft,  sold  promissory
       note at a discount,  opened letter of credit, made trust receipt, packing
       credit,  or  requested  the bank to issue  Letter of Guarantee or oval or
       guarantee  promissory note or use of Visa credit card, Master Card credit
       card and/or any item  incurring an obligation  between  ourselves and the
       bank, existing at present and those to be incurred in the future,

2.     As security for performance of obligations  under Clause 1, we, the owner
       of the Fixed  Deposit  Account  No.  001-3-45475-6,  agree to submit  the
       deposit plus the interest to be incurred according to the Passbook for an
       amount of Baht 2,060,000.00 (Two Million Sixty Thousand Baht Only), which
       shall be deemed as a pledge to the bank effective today.

3.     If we fail to  perform  of  obligations  under  Clause 1 due to  whatever
       reasons  or under  any  circumstances  causing  the  bank not to  receive
       perform of  obligations in full, we consent the bank to deduct money from
       the said bank account plus the interest to be incurred for performance of
       obligations under Clause 1 and the accessories  thereof in full,  without
       having to  notify us in  advance.  We  hereby  confirm  that we shall not
       object or dispute or cite any right of claim against the bank in any way.

4.     We consent that for as long as the bank has not received  performance  of
       obligations under Clause 1 in full, we shall not withdraw the deposit and
       the interest,  and shall not take any action which may prejudice the said
       security,  and should such action occurred it shall be deemed as void and
       shall not affect the said security in any way.

<PAGE>

As  evidence,  we  hereunder  sign our name and  affix  the seal (if any) in the
presence of witnesses.

                                                     - signed -          Pledgor
(Seal of King Power Duty Free Co. Ltd.)      (Mr. Viratana Suntaranond)
                                  Director empowered to sign binding the Company

                                                     - signed -          Witness
                                             (Mr. Kulawat Roekphalaphon)

                                                     - signed -          Witness
                                               (Miss Siriwan Kittithon)

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