Document:

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IMPORTANT NOTICE

Dear Customer:

Please read this document carefully to understand its contents.  Should you need
any clarification or have any question, please feel free to contact our official
responsible  for  this  document  or seek  proper  advice  from any  advisor  or
consultant as you deem appropriate.

CITIBANK, N.A.
BANGKOK BRANCH
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                     CONTINUING COMMERCIAL CREDIT AGREEMENT

Citibank, N.A.

Bangkok, Thailand                                      Date: 15 November 2000

         In  consideration of the Bank's opening,  at my/our request,  or any of
us,  under  the  Application  for  Opening  Commercial  Letter  of  Credit  (the
"Application"),  from time to time, at the Bank's option, one or more Commercial
Letter(s) of Credit (each such being  hereinafter  referred to as the "Credit"),
I/we hereby (jointly and severally) agree as follows:

         1. On demand to accept on  presentation  and pay at  maturity  all time
drafts,  and to pay upon  presentation all sight drafts drawn or purported to be
drawn pursuant to the Credit; in case any such drafts shall be in currency other
than that which is legal tender of the place of payment at the Bank's office, to
pay the equivalent of the amount of such drafts in currency which shall be legal
tender at the place of payment at the current drawing rate on the date of actual
payment  for  CITIBANK  drafts  at  sight on the  place at which  cover is to be
provided,  together with interest at the current rate  prevailing at the time of
negotiation  of such  drafts  from the date  thereof  to the date of  payment or
arrival date of remittance at the place where cover is to be provided;  also, to
pay on demand all charges and expenses incurred by the Bank or the Bank's branch
or correspondent in connection with and/or arising out of advising or confirming
or amending the terms of the letter of credit and/or the relative drawings under
the Credit and/or relative property or otherwise, howsoever incurred in relation
to this  transaction.  Such  charges and  expenses may be included in the drafts
and/or  invoices  or  billed  separately  to  me/us.  I/we  hereby  accept  this
transaction  and  agree  that all the said  drafts  with  interest  and the said
charges and expenses shall be immediately paid in full.

         2. I/We will comply with any and all governmental  exchange regulations
now or  hereafter  applicable  to the purchase of foreign  exchange  relative to
drafts drawn under the Credit,  or purporting to be so drawn and will  indemnify
and hold the Bank harmless from any failure to so comply.

         3. That,  if the  aforesaid  Application  requests the inclusion in the
Credit  of  any  provision  for  clean  advance(s)   ("Clean  Advance")  to  the
beneficiary,  the Bank may place in the Credit such a provision  in that respect
as the Bank may deem  appropriate,  under which any bank  entitled to  negotiate
drafts under the Credit,  acting in its discretion in each instance and upon the
request and receipt in writing  from the  beneficiary,  may make any one or more
Clean  Advances  at any time on or prior to the date by which  bills of exchange
(or  drafts)  are to be  negotiated  under the  Credit.  The  aggregate  of such
advance(s)  shall  in no  event  be  more  than  the  amount  specified  in  the

<PAGE>

application  for Clean Advances or any other  documents in relation to the Clean
Advance,  and in no event  shall any such  advance  exceed the amount  remaining
available  under the Credit at the time of the advance.  While it is expected by
me/us  that  each such  advance  will be  repaid  to the  bank(s)  that made the
advance(s) by the beneficiary  from the proceeds of any draft(s) drawn under the
Credit,  should any such advance(s) not be thus repaid,  I/we will on demand pay
the Bank the amount(s)  thereof as if such advance(s) were evidenced by draft(s)
drawn  under the  Credit,  together  with  interest  on each such amount for the
period  that  the same  shall be  outstanding  at the  prevailing  rate or rates
charged by the Bank on providing  such  advance(s)  as  permitted by  applicable
laws.  It is  understood  that neither the Bank nor any bank(s) which makes such
advances(s)  shall be obligated to inquire into the use that may be made thereof
by the  beneficiary  and  that the Bank and  each  such  bank  shall be  without
liability for any wrongful use that may be made by the  beneficiary of any funds
so advanced.

         4. To pay the Bank on demand,  with respect to the Credit, a commission
at the rate  prescribed  by the Bank on  providing  the Credit,  and any and all
charges and  expenses  which may be paid or  incurred by the Bank in  connection
with the Credit.

         5. That,  except as  instructions  may be given to the Bank by me/us in
writing  expressly to the  contrary  with regard to, and prior to the opening of
the Credit: (a) the Bank and/or any of the Bank's correspondents may receive and
accept as "bills of lading"  relative to the Credit,  any document(s)  issued or
purporting  to be issued by or on behalf  of any  carrier  which  acknowledge(s)
receipt of property for transportation, whatever the specific provisions of such
document(s), the date of each such document shall be deemed the date of shipment
of the property mentioned  therein,  and any such bill of lading issued by or on
behalf  of an  ocean  carrier  may  be  accepted  by  the  Bank  or  the  Bank's
correspondents  as  an  "ocean  bill  of  lading"  whether  or  not  the  entire
transportation is by water. (b) part shipment(s),  and/or  shipment(s) in excess
of the quantity  called for in the credit may be made and the Bank or the Bank's
correspondents may honour the relative drafts, my/our liability to reimburse the
Bank for payments made or obligations  incurred on such drafts not being limited
to  the  amount  of  the  Credit;  (c)  if the  Credit  specifies  shipments  in
installments  within  stated  periods,  and  the  shipper  fails  to ship in any
designated period,  shipment of subsequent installments may nevertheless be made
in their respective designated periods and the Bank or the Bank's correspondents
may honour the relative  drafts,  (d) the Bank and/or the Bank's  correspondents
may  receive  and accept as  documents  of  insurance  under the  Credit  either
insurance policies or insurance  certificates which need not be for an amount of
insurance  greater  than the amount  paid by the Bank under or  relative  to the
Credit,  and (e) the Bank and/or any of the Bank's  correspondents  may receive,
accept or pay as  complying  with the terms of the  Credit,  any drafts or other
documents,  otherwise  in  order,  which may be signed  by,  or issued  to,  the
administrator  or executor of, or the trustee in bankruptcy  of, or the receiver
for any of the property of the party in whose name the Credit  provides that any
drafts or other documents should be drawn or issued.

         6. To procure promptly any essential  import,  export or other licenses
for the  import,  export or shipping of any and all  property  shipped  under or
pursuant  to or in  connection  with the Credit  and to comply  with any and all
foreign and domestic  governmental  regulations in regard to the shipment of any
and all such property or the financing thereof, and to furnish such certificates
in that  respect  as the  Bank  may at any  times(s)  require,  and to keep  the
property  covered by  insurance  satisfactory  to the Bank,  issued by  insurers
acceptable to the Bank, and to specify the Bank as the sole beneficiary and loss
payee and/or to assign the policies or certificates of insurance to the Bank, or
to make the loss or  adjustment,  if any,  payable  to the Bank,  at the  Bank's
option, and to furnish the Bank, if demanded, with evidence of acceptance by the
insurers of such assignment.

<PAGE>

         7.  That,  as  security  for any and all of my/our  obligations  and/or
liabilities  hereunder,  and  also  for  any and all  other  obligations  and/or
liabilities, absolute or contingent, due or to become due, which are now, or may
at any time(s)  hereafter be owing by me/us to the Bank,  I/we hereby  recognize
and admit the Bank's  ownership in and  unqualified  right to the possession and
disposal of any and all  shipping  documents,  warehouse  receipts,  policies or
certificates of insurance and other documents accompanying or relative to drafts
drawn  under the  Credit  and in and to any and all  property  shipped  under or
pursuant to or in connection with the Credit,  or in any way relative thereto or
to any of the drafts drawn thereunder  (whether or not such documents,  goods or
other property be released to or upon my/our order on trust or bailee  receipt),
and in and to the proceeds of each and all of the foregoing,  until such time as
all of my/our  obligations  and/or  liabilities to the Bank at any time existing
under or pursuant to this  Agreement,  or the Credit herein  referred to, or any
other  obligations  or  liabilities  of me/us,  to the  Bank,  now  existing  or
hereafter arising, have been fully paid and discharged.  That all or any of such
property  and/or  documents,  and the proceeds  thereof,  coming into the Bank's
possession,  or  that  of any of the  Bank's  correspondents,  may be  held  and
disposed of by the Bank as hereinafter  provided,  it being  understood that the
receipt  by the Bank,  or by any of the  Bank's  correspondents,  at any time of
other  security of  whatsoever  nature,  including  cash,  shall not be deemed a
waiver of any of the Bank's rights or powers hereunder.  Insofar as any property
and/or documents,  which may be held by the Bank, or for the Bank's account,  as
collateral  hereunder,  may be released  by the Bank to or upon my/our  order in
trust,  I/we will sign and deliver to the Bank on demand  such  form(s) of trust
receipt and/or statement(s) of trust receipt financing as may be satisfactory to
the Bank, and will pay any relative  filing fees, it being  understood  that the
Bank's rights as specified  herein or therein shall be in  furtherance or and/or
in addition to, but not in limitation of, the Bank's rights under any applicable
law. Upon any transfer, sale, delivery,  surrender or endorsement of any bill of
lading,  warehouse receipt or other document at any time(s) held by the Bank, or
held for the Bank's account by any of the Bank's correspondents, relative to any
draft(s),  accepted by the Bank in reliance hereon, I/we will indemnify and hold
the Bank harmless from and against each and every claim, demand,  action or suit
which  may  arise  against  the Bank,  or any such  correspondent(s),  by reason
thereof.

         8. To pledge, and do hereby pledge, to the Bank as security for any and
all  of  my/our  obligations  and/or  liabilities  hereinbefore  or  hereinafter
referred to, now or hereafter existing, any and all of my/our property now or at
any time(s) hereafter in the Bank's possession or control,  or that of any third
party acting in the Bank's behalf, whether for the express purpose of being used
by the Bank as  collateral  security  or for  safe-keeping  or for any  other or
different  purpose,  including  such  property  as may be in  transit by mail or
carrier to or from the Bank, a lien being hereby given the Bank upon any and all
such property for the aggregate  amount of any and all such  obligations  and/or
liabilities;  and I/we hereby  authorize the Bank, at the Bank's option,  at any
time(s), whether or not the property then held by the Bank as security hereunder
is deemed by the Bank to be adequate,  to appropriate and apply upon any and all
of the said obligations and/or liabilities, whether or not then due, any and all
moneys now or  hereafter  with the Bank on deposit or otherwise to the credit of
or belonging to me/us and/or, in the Bank's discretion,  to hold any such moneys
as security  for any such  obligations  or  liabilities  until the exact  amount
thereof, if any, shall have been definitely  ascertained by the Bank. The Bank's
rights and liens  hereunder  shall  continue  unimpaired,  and I/we shall be and
remain   obligated  in  accordance   with  the  terms  and  provisions   thereof
notwithstanding the release or substitution of any property which may be held as
collateral  hereunder at any time(s) or of any rights or interests  therein,  or
any delay, extension of time, renewal, compromise or other indulgence granted by
the Bank in reference to any of the aforesaid obligations and/or liabilities, or
any promissory note,  draft, bill of exchange or other instrument given the Bank
in connection with any of the aforesaid  obligations  and/or  liabilities,  I/we
hereby  waive  notice  of any  such  delay,  extension,  release,  substitution,
renewal,  compromise or other indulgence, and hereby consent to be bound thereby
as fully and effectually as if I/we had expressly agreed thereto in advance.

<PAGE>

         9. At any time and from time to time,  on demand,  to deliver,  convey,
transfer,  or  assign  to the  Bank,  as  security  for any  and  all of  my/our
obligations  and/or  liabilities  hereunder  and  also  for any  and  all  other
obligations and/or  liabilities,  absolute or contingent,  due or to become due,
which  are now,  or may at any time  hereafter,  be owing by me/us to the  Bank,
additional  security of a value and  character  satisfactory  to the Bank, or to
make such cash payment(s) as the Bank may require.

         10. The Bank is hereby authorised, at the Bank's option and without any
obligation to do so, to transfer to and/or register in the name(s) of the Bank's
nominee(s)  all or any  part of the  property  which  may be held by the Bank as
security at any time(s) hereunder,  and to do so before or after the maturity of
any of the said  obligations  and/or  liabilities  and with or without notice to
me/us.

         11. Cross Collateralization:  Any and all security given or to be given
under this  Agreement  or in any document  contemplated  herein shall be a cross
collateral  creating a security interest for any and all, aclual and contingent,
current and future  debts owed to the Bank and/or  Citicorp  Leasing  (Thailand)
Limited  ("CLT") and/or any and all  subsidiaries  and affiliates of the Bank by
me/us and/or the security  provider.  I/We and/or the security  provider  hereby
agrees  that I/we  and/or  the  security  provide  shall as soon as  practicable
execute  and  deliver  to the Bank  all  documents  and do all acts and  things,
including but not limited to registration  with officials in charge if required,
necessary  for  making  and  rendering  such  collateral   valid,   binding  and
enforceable,  and shall from time to time enter into any amendment or supplement
to this Agreement and/or the said collateral document as may be requested by the
Bank and/or CLT.

         12. Prohibition of the Second Lien on Security: The security created or
to be created under this Agreement or any document  contemplated herein shall at
all times be perfect and rank first as  collateral  in favour of the Bank and/or
CLT, and I/we and/or the security  provider  shall not create any other security
interest or collateral  right over the property  which is the subject  matter of
the  security  created or to be created  under this  Agreement  or any  document
contemplated herein.

         13. Upon the  non-performance of any of the promises to pay hereinabove
set  forth,  or  upon  the  non-payment  of  any  of the  other  obligations  or
liabilities  abovementioned  or  occurrence  of any Event of Default  under this
Agreement or any document  contemplate herein, or upon my/our failure forthwith,
with or without notice, to furnish satisfactory additional collateral or to make
payments on account as hereinbefore  agreed, or to perform or comply with any of
the other terms or provisions of this  Agreement,  or in the event of the death,
failure in business,  dissolution or  termination  of existence of me/us,  or in
case any  petition in  bankruptcy  should be filed by or against  me/us,  or any
proceedings in bankruptcy,  or under any laws relating to the relief of debtors,
should be commenced for the relief or readjustment of any indebtedness or me/us,
either through reorganization,  composition,  extension or otherwise, or if I/we
should make an assignment  for the benefit of creditors or take advantage of any
insolvency law, or if a receiver of any property of me/us should be appointed at
any time,  or if any funds or other  property  of me/us which may be in, or come
into, the Bank's possession or control, or that of any third party acting in the
Bank's  behalf as  aforesaid,  should be attached or  distrained or should be or
become subject to any mandatory order of court or other legal process,  then, or
at any time after the  happening of any such event,  any or all of the aforesaid
obligations and/or  liabilities of me/us shall,  subject to the applicable laws,

<PAGE>

at the Bank's  option,  become due and payable  immediately,  without  demand or
notice;  and full  power and  authority  are  hereby  given to the Bank to sell,
assign, and deliver all or any of the property  hereinbefore referred to, at any
broker's board,  or at public or private sale, at the Bank's option,  either for
cash or on credit or for future delivery, without assumption of any credit risk,
and without either demand, advertisement or notice of any kind, all of which are
hereby  expressly  waived.  At any sale  hereunder,  the Bank may, in the Bank's
discretion,  purchase the whole or any part of the property sold,  free from any
right of redemption on my/our part, all such rights being also hereby waived and
released.  In  event of any sale or  other  disposition  of any of the  property
aforesaid,  after  deducting  all  costs or  expenses  of every  kind for  care,
safekeeping,  collection,  sale,  delivery or otherwise,  the Bank may apply the
residue of the  proceeds of the  sale(s) or other  disposition  thereof,  to the
payment or reduction, either in whole or in part, of all or any of the aforesaid
obligations and/or liabilities, whether or not then due, making proper allowance
for interest on obligations or liabilities  not then due, and return the excess,
if any,  to me/us  (or the  one(s) of us whose  property  may have  yielded  the
excess: all without prejudice to the Bank's rights as against me/us with respect
to any and all  amounts  which may be or remain  unpaid on any of the  aforesaid
obligations and/or liabilities at any time(s).
         Event of Default  specified in the first paragraph of this Clause shall
also include:
         (a) Cross Default and Cross Acceleration:  If I/we fails for any reason
to make payment of any  indebtedness  or perform any of its  obligations  to the
Bank and/or CLT and/or any and all of  subsidiaries  and  affiliates of the Bank
under any other agreement or document, or any other creditor when due, or if any
indebtedness  under any  agreement  or document  binding on the me/us is validly
declared or otherwise  becomes due and payable prior to its  specified  maturity
date at any time from the signing date of this  Agreement and the failure is not
cured  within seven (7)  calendar  days;  then it shall be deemed that there has
occurred and is continuing an Event of Default under this  Agreement  and/or any
other agreement or document made between I/we and any the Bank and/or CLT and/or
any and all subsidiaries and affiliates of the Bank.
         (b) Change of Ownership as Event of Default: If at any time the top ten
existing my/our major  shareholders  has lost,  reduced or waived their right to
the direct  shareholding  and ownership in my/our  company to less than (50%) of
the  company's  issued  share  capital;  then it shall be deemed  that there has
occurred and is continuing an Event of Default under this Agreement and/or under
any other agreement or document made between I/we and any of the Bank and/or CLT
and/or any and all subsidiaries and affiliates of the Bank.

         14. That neither the Bank nor any of the Bank's correspondents shall be
responsible  for: (a) the use which may be made of the Credit or for any acts or
omissions of the  beneficiary(ies) in connection  therewith;  (b) the existence,
character,  quality,  quantity,  condition,  packing,  value or  delivery of the
property  purporting  to be  represented  by  documents;  (c) any  difference in
character,  quality,  quantity,  condition,  or value of the property  from that
expressed  in  documents,  (d)  the  validity,  sufficiency  or  genuineness  of
documents,  or of any endorsement(s)  thereon,  even if such documents should in
fact prove to be in any or all  respects  invalid,  insufficient  fraudulent  or
forged;  (e) the time,  place,  manner or order in which  shipment is made;  (f)
partial or incomplete shipment, or failure or omission to ship any or all of the
property  referred to in the Credit;  (g) the character,  adequacy,  validity or
genuineness of any insurance; (h) the solvency or responsibility of any insurer,
or for  any  other  risk  connected  with  insurance;  (i)  any  deviation  from
instructions,  delay,  default or fraud by the  shipper  and/or any  other(s) in
connection  with  the  property  or the  shipping  thereof;  (j)  the  solvency,
responsibility  or  relationship  to the  property  of  any  party  issuing  any
documents in connection with the property;  (k) delay in arrival,  or failure to
arrive,  of either the property or any of the documents  relating  thereto;  (l)
delay in giving, or failure to give, notice of arrival or any other notice;  (m)
any breach of contract  between the shipper(s) or vendor(s) and the consignee(s)
or  buyer(s);  (n)  failure  of any  draft to bear  any  reference  or  adequate
reference  to the Credit or  failure  of  documents  to  accompany  any draft at
negotiation,  or failure of any person to  surrender or to take up the Credit or

<PAGE>

to send  forward  documents  apart from  drafts as  required by the terms of the
Credit,  each of which  provisions,  if  contained in the Credit  itself,  it is
agreed may be waived by the Bank,  or (o)  errors,  omission,  interruptions  or
delays in transmission or delivery of any messages,  by mail, cable,  telegraph,
wireless or otherwise whether or not they may be in cipher.  That the Bank shall
not be responsible for any act, error, neglect or default, omission,  insolvency
or  failure  in  business  of any of the  Bank's  correspondents,  and  that the
happening of any one or more of the  contingencies  referred to in the preceding
sentence  shall not  affect,  impair or prevent the vesting of any of the Bank's
rights or powers  hereunder.  In furtherance and extension and not in limitation
of the specific  provisions  hereinbefore set forth, it is hereby further agreed
that any action,  inaction or omission  taken or suffered by the Bank, or by any
of the  Bank's  correspondents,  under or in  connection  with the Credit or the
relative drafts, documents or property, if in good faith, and in conformity with
such foreign or domestic laws,  customs or regulations as the Bank or any of the
Bank's  correspondents may deem to be applicable thereto,  shall be binding upon
me/us and shall not place the Bank or any of the Bank's correspondents under any
resulting liability to me/us.

         15. The word "property" as used herein includes goods and  merchandise,
as well as any and all documents relative thereto, also, securities,  funds, and
any and all other forms of  property,  whether  real,  personal or mixed and any
right or interest of me/us therein or thereto.

         16. That in the event of any change or  modification  with  respect to:
(a) the amount or  duration  of the Credit (b) the time or place of  shipment of
any relative property: (c) the drawing, negotiation, presentation, acceptance or
maturity of any drafts,  acceptances of other documents, or (d) any of the other
terms or  provisions  of the  Credit,  such being done at my/our  request,  this
Agreement  shall be binding upon me/us in all respects with regard to the Credit
so changed or modified,  inclusive of any action taken by the Bank or any of the
Bank's correspondents relative thereto.

         17.   That  the  Bank  may  at  any  time   assign  or   transfer,   or
sub-participate  its  interest in whole or in part under,  the  Agreement or any
instrument(s)  evidencing  all  or  any  of  the  aforesaid  obligations  and/or
liabilities,  and may deliver all or any of the  property  then held as security
therefor,  to the transferee(s),  who shall thereupon become vested with all the
powers  and  rights  in  respect  thereto  given  to the Bank  herein  or in the
instrument(s) transferred, and the Bank shall thereafter be forever relieved and
fully discharged from any liability or responsibility with respect thereto,  but
the Bank shall retain all rights and powers hereby given with respect to any and
all instrument(s), rights, or property not so transferred. I/We shall not assign
my/our rights hereunder either in whole or in part to any other person.

         18. No delay on the Bank's part in exercising  any power of sale or any
other rights or options hereunder,  and no notice or demand,  which may be given
to or made  upon  me/us by the Bank with  respect  to any power of sale or other
right or option hereunder, shall constitute a waiver thereof, or limit or impair
the Bank's  right to take any action or to  exercise  any power of sale,  or any
other rights or options  hereunder,  without notice or demand,  or prejudice the
Bank's rights as against me/us in any respect.

         19.  This  Agreement  shall  be  binding  upon  me/us,   my/our  heirs,
executors,  administrators,  successors  and  assigns,  and  shall  inure to the
benefit of, and be enforceable by the Bank, the Bank's  successors,  transferees
and assigns.  If this Agreement  should be terminated or revoked by operation of
law as to me/us,  I/we will  indemnify  and save the Bank harmless from any loss
which may be suffered or incurred by the Bank in acting  hereunder  prior to the
receipt by the Bank, or the Bank's successors, transferees or assigns, of notice
in writing of such  termination or revocation,  If this Agreement is executed by
two or more  parties,  they shall be severally  liable  hereunder,  and the word
"I/we"  wherever used herein shall be construed to refer to each of such parties
separately,  all in the same  manner and with the same effect as if each of them
had signed separate instruments;  and in any such case, this Agreement shall not
be revoked or impaired as to any one or more or such parties by the death of any
of the others or by the  revocation or release of any  obligations  hereunder of
any one or more of such other  parties.  Furthermore,  this  Agreement  shall be
deemed to be made  under and shall be  governed  by the laws of the  Kingdom  of
Thailand  in all  respects,  including  matters of  construction,  validity  and
performance,  and  none of its  terms  or  provisions  may be  waived,  altered,
modified or amended except in writing duly signed for and on the Bank's behalf.

<PAGE>

         20.  If  either  (i) the  introduction  of or any  change  in or in the
interpretation  of any law or regulation or (ii) compliance by the Bank with any
guideline or request from any central bank or other governmental authority in or
outside  Thailand  (whether  or not  having  the force of law)  affects or would
affect the amount of capital  required or expected to be  maintained by the Bank
or any corporation  controlling the Bank and the Bank determines that the amount
of such capital is  increased by or based upon the  existence of this Credit (or
similar  contingent  obligations)  then,  upon  demand by the Bank,  I/we  shall
immediately  pay to the  Bank,  from  time  to time as  specified  by the  Bank,
additional  amounts  sufficient  to  compensate  the  Bank in the  light of such
circumstances,  to the extent that the Bank reasonably  determines such increase
in  capital  to be  allocable  to the  issuance  or  maintenance  of a Letter of
Guarantee or Letter of Indemnity.  A certificate as to such amounts submitted to
me/us by the Bank,  shall,  in the absence of manifest  error, be conclusive and
binding for all purposes.

         The  Application  shall be deemed to have been accepted and this Credit
deemed to have been issued when written or cable advice thereof has been sent to
the beneficiary.

         Except so far as otherwise  expressly stated, this Credit is subject to
the Uniform  Customs and  Practice  for  Documentary  Credits  (1993  Revision).
International  Chamber of Commerce Publication No. 500 effective January 1, 1994
as amended from time to time.

                                Very truly yours,

                                                                 (Seal)
                                    -Signed-
                         King Power Duty Free Co., Ltd.
                            (Authorized Signature(s))

                                    -Signed-
                      1. insert the company's name (if any)--------------------------------------------------------------------------------
IMPORTANT NOTICE

Dear Customer:

Please read this document carefully to understand its contents.  Should you need
any clarification or have any question, please feel free to contact our official
responsible  for  this  document  or seek  proper  advice  from any  advisor  or
consultant as you deem appropriate.

CITIBANK, N.A. BANGKOK BRANCH/CITICORP LEASING (THAILAND) LTD.  BANGKOK

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

          GUARANTEE TO CITIBANK, N.A./CITICORP LEASING (THAILAND) LTD.
                                (Limited Amount)

1.       In consideration of Citibank, N.A., a national Banking association duly
         constituted, registered and in existence in accordance with the laws of
         the United States of America and Citicorp  Leasing  (Thailand)  Ltd., a
         limited  company  registered  under the laws of  Thailand  (hereinafter
         collectively  referred  to as  the  "Lenders"  which  expression  shall
         include the  successors and assigns)  jointly or separately  making and
         continuing  advances or otherwise  giving  credit or affording  Banking
         and/or  financial  facilities and  accommodation  or not terminating or
         withdrawing  any  such  advance  credit  or  Banking  and/or  financial
         facilities  or  accommodation  already made or given for as long as the
         Lenders  may think fit to King  Power  Duty Free Co.,  Ltd.  a juristic
         entity  having an office at 989 Siam  Tower 26, 27 Floor,  Rama I Road,
         Pathum  Wan  Sub-district,  Pathum  Wan  District,  Bangkok  Metropolis
         (hereinafter  individually  and/or  collectively,  as the  case may be,
         referred to as the "Customer")  I/We the undersigned  guarantor(s)  Mr.
         Vichai  Raksriaksorn,  a natural person and Mr. Viratana  Santaranond a
         natural person and, if more than one, each of us jointly and severally,
         hereby  guarantee  payment on demand upon me/us and hereby  agree to be
         jointly  and  severally  bound to the  Lenders  with the  Customer as a
         principal debtor and not merely as surety for all money and liabilities
         whether certain or contingent now or hereafter owing or incurred to the
         Lenders  from or by the Customer on any current or other  account,  any
         borrowing,  advances,  credits,  Banking and/or financial facilities or
         accommodations,  loan  facility,  letter of credit,  guarantee,  credit
         extension  or in any other  manner  whatever  whether as  principal  or
         surety  and  whether  alone or  jointly  with any other  person  and in
         whatever name or type of organization including but not limited to:

         a.       in the case of the death,  Bankruptcy  or  liquidation  of the
                  Customer  all sums which  would at any time have been owing to
                  the Lenders by the Customer if such death had occurred or such
                  Bankruptcy or liquidation had taken place  respectively at the
                  time when the  Lenders  receives  actual  notice  thereof  and
                  notwithstanding such death, Bankruptcy or liquidation;
         b.       all money obtained from or liabilities incurred to the Lenders
                  notwithstanding  that  the  borrowing  or  incurring  of  such
                  liabilities  may be  invalid or in excess of the powers of the
                  Customer or of any director,  attorney,  agent or other person
                  purporting  to borrow or act on  behalf  of the  customer  and
                  notwithstanding  any other  irregularity  in such borrowing or
                  incurring of such liabilities;

<PAGE>

         c.       in the  event  of the  discontinuance  by any  means  of  this
                  guarantee,  all cheques,  drafts,  bills, notes and negotiable
                  instruments drawn by or for the account of the Customer on the
                  Lenders or its agents and  purporting to be dated on or before
                  the date when such discontinuance becomes known to the Lenders
                  or its  agents  and all  liabilities  of the  Customer  to the
                  Lenders at such date whether certain or contingent and whether
                  payable forthwith or at some future time or times and also all
                  credit then established by the Lenders for the Customer;
         together  with interest at such rate as may from time to time be agreed
         between  the  Customer  and  the  Lenders  or  charged  by the  Lenders
         (hereinafter  referred to as the prescribed rate) on all such debts and
         liabilities  to the date of  payment  with  money  rates  (whether  the
         relation  of  lenders  and  customer  has  ceased or not),  commissions
         Banking  and/or  financial  charges,  legal and other  costs,  charges,
         damages  and  expenses  whether  incurred  in  enforcing  or seeking to
         enforce any security for, or obtaining or seeking to obtain  payment of
         all or any part of, the money hereby guaranteed or otherwise howsoever.
         Such debts shall be deemed to be owing from  me/each of us as principal
         debtor and not merely as surety notwithstanding any defect,  informally
         or  insufficieny  in the  borrowing  powers of the  Customer  or in the
         exercise  thereof  which might be a defence as between the customer and
         the Lenders.  PROVIDED that  notwithstanding the other terms hereof the
         total sum of principal  only  recoverable  from me/us  hereunder or, if
         more than one,  form each of us  separately is limited to the principal
         sum  of  Baht   120,000,000.00   (One  hundred   twenty  million  Baht)
         (hereinafter referred to as "the said limit of principal") owing to the
         Lenders plus interest,  commissions,  Banking and/or financial charges,
         accessories,  legal and other costs and expenses  owing by the Customer
         to or incurred by the Lenders as  aforesaid at the date that demand for
         the same is made by the Lenders or  discontinuance by any means of this
         guarantee howsoever such sum is arrived at with interest thereon at the
         prescribed rate from the date of demand or discontinuance as aforesaid.

2.       If I/we shall, for any reason  whatsoever,  fail to promptly pay to the
         Lenders  on demand any or all  indebtedness  or such other sums due and
         payable under this guarantee,  I/we shall,  to the extent  permitted by
         the  applicable  law,  be  liable  to pay and  satisfy  to the  Lenders
         interest on any or all such outstanding amount, at the maximum interest
         rate the Lenders is permitted under the applicable laws and regulations
         to charge on loan applicable  during the relevant period of time, until
         the  indebtedness  and such other sums due are fully paid. Any interest
         which  is due but  unpaid  for not  less  than  one (1)  year  shall be
         included as principal and bear interest at the foregoing interest rate.

3.       The  lenders  shall have the right to,  but is not  required  to,  take
         action against me/us in relation to this  guarantee  whether or not the
         Lenders  has made  demand to the  Customer  and/or  any other  security
         provided  and/or taken  action  against the customer or the security in
         relation to the  obligations  of the Customer  owing to the Lenders nor
         any other means of payment have been or can be resorted to.

4.       If any or all  indebtedness  or any  sums  payable  hereunder  are in a
         currency  or  currencies  other than the  currency  of  Thailand  (such
         foreign  currency(ies)  will  in  this  Clause  be  referred  to as the
         "Contractual Currency"),  the liabilities of me/us under this guarantee
         shall be to pay the Lenders the full amount thereof in the  Contractual
         Currency. If the Lenders shall, in its sole discretion, allow me/us, or
         if I/we shall be required by law, to make such  payment in the currency
         of  Thailand  or either  (should  the place of  payment be in a country
         other than  Thailand) in the currency of any other  country of payment,
         the liabilities of me/us shall be to pay the Lenders in such currency a
         sum which shall,  after  deduction  of any  applicable  exchange  fees,
         charges, taxes and/or duties, and after conversion into the Contractual
         Currency at the spot exchange rate quoted by the Lenders's or quoted by
         any other Lenders  acceptable to the Lenders on the  conversion  day at
         the place of payment, result in the Lenders's receiving the full amount
         in the contractual Currency.

<PAGE>

         If any or all  indebtedness  in the  Contractual  Currency is converted
         into a currency other than the Contractual  Currency,  whether by order
         or judgment of a court,  whether in a civil  proceeding  or  Bankruptcy
         proceeding in respect of the Customer  (including,  but not limited to,
         conversion   required  by  Section  98  of  the  Bankruptcy  Act),  the
         liabilities of me/us under the above  paragraph shall continue to be in
         full force and effect  notwithstanding  such conversion is made by such
         order, judgment or in the course of such judicial proceedings.

5.       I/We and each of us hereby represent and warrant to the Lenders that:
         5.1      in case I/we am/are (a) juristic  entity(ies),  I/we  has/have
                  obtained  and will  maintain  in full  force  and  effect  all
                  authorizations, consents and authorities required or desirable
                  in connection  with this guarantee and for the due performance
                  of all obligations hereunder;
         5.2      the  execution,  the exercise of the Lenders's  rights and the
                  performance of my/our obligations hereunder shall not:

                  a.       in  case  I/we   am/are  (a)   juristic   entity(ies)
                           contravene the Memorandum or Articles of Association,
                           as applicable;
                  b.       contravene  any agreement or obligation  binding upon
                           me/us or applicable to my/our assets or revenues;
                  c.       result in the  acceleration  or  cancellation  of any
                           agreement or obligation in respect of my/our debt; or
                  d.       involve  any  act,  matter,   thing  or  event  which
                           constitutes  (or  which  would,  with the  giving  of
                           notice,  the passage of time and/or the fulfilment of
                           any other condition,  constitute) an event of default
                           or  prepayment,  cancellation  or similar event under
                           any agreement to which I/we am/are (a)  party(ies) or
                           obligation binding on me/us;

         5.3.     no litigation, arbitration, administrative proceeding or other
                  procedure for the  resolution of disputes is currently  taking
                  place pending or to the knowledge of me/us, threatened against
                  me/us or my/our assets or revenues involving any claim against
                  me/us; and
         5.4.     I/we hereby  undertake  to obtain and  maintain in full force,
                  validity  and effect  all  governmental  and other  approvals,
                  authorities,  licences  and  consents  (if  any)  required  in
                  connection with this guarantee, and do or cause to be done all
                  other  acts  and  things   necessary  or  desirable   for  the
                  performance  of all the  obligations of me/us pursuant to this
                  guarantee including without limitation, governmental approvals
                  required  on  me/us  for  any  payment  to be  made  hereunder
                  including,  without limitation,  foreign exchange and transfer
                  permits for payment due hereunder.

<PAGE>

6.       I/We and each of us hereby agree and acknowledge that I/we have none of
         the rights mentioned in Sections 687, 688, 689, 690, 694, 697, 698, 699
         and  700  of  the  Civil  and   Commercial   Code  of   Thailand,   and
         unconditionally and irrevocably waive all of the following:

         6.1      Presentment,   demand,   protest   or  notice  or  protest  of
                  dishonour,  nonpayment  or other  default  in  respect  of any
                  notes,  bills,  negotiable  instruments  or other  obligations
                  guaranteed hereby;
         6.2      Any requirement that the Customer need first be called upon to
                  perform  its  obligations  to the  Lenders  even if I/we could
                  prove that the customer has the means to perform;
         6.3      Any requirement  that the Lenders prior to enforcing any right
                  against  me/us,  take  proceedings  or exercise of exhaust any
                  rights or remedies  against the  customer or against any other
                  person, property or security, including any other guarantor or
                  person  liable  for  any  part  of  the   liabilities   hereby
                  guaranteed;
         6.4      Any right  which the  customer  may have to raise  defences to
                  which  the  Customer  may  be  entitled  against  the  Lenders
                  including any defence that the lenders or its  representatives
                  may have been  incapacitated  or  unauthorised to incur all or
                  any of the  obligations  hereby  guaranteed or incurred all or
                  any of such obligation by mistake;
         6.5      The  absence  of or any  informality  or  irregularity  in the
                  borrowing powers of the Customer or the exercise thereof;
         6.6      Any  right of  subrogation  with  respect  to the  obligations
                  guaranteed  hereby  until  the  Lenders  shall  have  received
                  payment in full thereof; and
         6.7      Any defence or right  consequent  upon any  extension  of time
                  granted by the  Lenders in  exercising  any right  against the
                  customer.

7.       This guarantee shall not be considered as satisfied by any intermediate
         payment  or  satisfaction  of the whole or any part of any sum owing as
         aforesaid but shall be a continuing  security and shall extend to cover
         any sum or sums of money which shall for the time being  constitute the
         balance  due  from  the  Customer  to  the  Lenders  in any  manner  as
         hereinbefore mentioned.

8.       All sums payable by me/us,  under or pursuant to this guarantee,  shall
         be paid in full  without  set-off or  counterclaim  and,  to the extent
         permitted by law, without deduction or withholding for or on account of
         any tax. In the event of I/we being  required by any law or  regulation
         to make any deduction or  withholding  from any payment to the Lenders,
         then I/we shall promptly pay to the Lenders such additional  amounts as
         will result in the  receipt by the  Lenders of the net amount  equal to
         the full  amount  which  would  otherwise  have  been  received  had no
         deduction or withholding been required.

9.       This  guarantee may be enforced by the Lenders at any time by notice in
         writing  requiring  payment  notwithstanding  that  any  bills or other
         instruments covered by it may be in circulation or outstanding, and the
         Lenders  may  include  the  amount  of the  same  or any of them in the
         general  balance  owing to the Lenders by the Customer at the Lenders's
         option.

<PAGE>

10.      This  guarantee  shall be in full  force and  binding  as a  continuing
         guarantee  upon  me/us and  my/our  representatives  as the case may be
         notwithstanding  any change in the name,  style or  constitution of the
         Customer  howsoever such change in the name,  style or  constitution of
         the  Customer  shall  be  effected  and  notwithstanding  the  death or
         disability or liquidation of me/us.

         I/We and my/our executors,  administrators,  liquidators or other legal
         representatives as the case may be shall remain bound by this guarantee
         to pay  to  the  Lenders  on  demand  any  outstanding  liabilities  or
         obligations,  not exceeding the limit of this  guarantee,  due from the
         Customer to the Lenderd until payment of the same has been made in full
         to the Lenders.

11.      Notwithstanding  that the  Customer is a committee  or  association  or
         other  unincorporated  body  which has no legal  existence  or which is
         under  no  legal  liability  to  discharge  obligations  undertaken  or
         purported to be undertaken by it or its behalf, this guarantee shall be
         valid and binding on me/us and have  effect as though  I/we  was/were a
         principal debtor.

12.      In the event of the  dissolution of any juristic  person hereby secured
         this  guarantee  shall  apply to all  money  borrowed  and  liabilities
         incurred in the juristic  person's name until receipt by the Lenders of
         actual notice of such  dissolution.  If howsoever the dissolution be by
         reason only of the  amalgamation  of the  juristic  person with another
         juristic  person or be in consequence of a corporation  taking over all
         the assets of the juristic  person this guarantee shall continue and in
         addition to the debts and  liabilities of the old juristic person shall
         apply to all money and  liabilities  due or  incurred  to the  juristic
         person from or by the new juristic  person or  corporation as aforesaid
         constituted  as though there had been no change in the juristic  person
         as  previously  constituted  but nothing  herein shall  constitute  any
         liability  or  undertaking  on the  part of the  Lenders  to  grant  or
         continue to make  advances or  otherwise  give credit or offer  Banking
         and/or financial facilities or accommodation in any of such events.

13.      I/We and,  if more than one,  each of us hereby  expressly  give my/our
         consent(s)  to the  Lenders  at all  times  without  prejudice  to this
         guarantee  and  without  discharging  or in any  way  affecting  my/our
         liability(ies) hereunder and without any notice to me/us the right to:-

         a.       terminate,  vary or  increase  any  advance,  credit,  Banking
                  and/or financial  facilities or accommodation or the manner in
                  which the same is applied or utilised;
         b.       grant  to the  customer  or to any  other  person  any time or
                  indulgence;
         c.       renew any bills, notes or other negotiable instruments;
         d.       take any other security or guarantees from the customer or any
                  other person;
         e.       deal with, exchange,  release,  modify or abstain from taking,
                  perfecting,  or  correcting  any  invalidity  in enforcing any
                  security or other  guarantees  or rights which the Lenders may
                  now or  hereafter  have from or against  the  Customer  or any
                  other person; and
         f.       compound,   compromise  and  make  any  arrangement  with  the
                  Customer or with any other person or guarantor.

<PAGE>

14.      Any money  received  hereunder  may be placed and kept to the credit of
         suspense  account  for so long as the  Lenders  thinks fit  without any
         obligation  in the meantime to apply the same or any part thereof in or
         towards  discharge of any money or  liabilities  due or incurred by the
         Customer to the Lenders. Notwithstanding any such payment, in the event
         of  any  proceedings  in  or  analogous  to  Bankruptcy,   liquidation,
         composition  or  arrangement  the  Lenders  may  prove for and agree to
         accept any dividend or  composition in respect of the whole or any part
         of such money and  liabilities  in the same manner as if this guarantee
         had not been given.

15.      I/We hereby  agree that I/we will not (except on the written  direction
         of the  Lenders  and in such manner and on such term as the Lenders may
         require)  exercise  any  right  that I/we may have in  relation  to the
         insolvency,  dissolution,  liquidation  or  winding-up or any analogous
         proceedings of the Customer or any other guarantor until all guaranteed
         sums have been paid, discharged or satisfied in full.

16.      Until all money and  liabilities due or incurred by the Customer to the
         Lenders shall have been paid or discharged  I/we will not by paying off
         any sum recoverable hereunder or by any other means or any other ground
         claim any set-off or  counterclaim  against  the  Customer or any other
         guarantor  in respect of any  liability  of the  Customer  or any other
         guarantor to me/us or claim or prove in competition with the Lenders in
         respect of any  payment by me/us  hereunder  or be entitled to claim or
         have  the  benefit  of  any  set-off,  counterclaim  or  proof  against
         dividend, composition or payment by the Customer or any other guarantor
         or his estate or the  benefit of any other  security  which the lenders
         may now or hereafter hold for any money or liabilities  due or incurred
         by the  Customer or any other  guarantor  to the Lenders or to have any
         share therein.

17.      This guarantee shall be in addition to and not in  substitution  any of
         us for any other guarantee for the Customer given by me/us/any of us to
         the Lenders.

18.      Any security  now or  hereafter  held by or for me/us or any of us from
         the Customer in respect of my/our liability  hereunder shall be held on
         behalf of the Lenders and as security for my/our liability hereunder.

19.      The  Lenders,  shall  so  long  as any  liability  remains  outstanding
         hereunder  have the right to set-off  against the same all money now or
         hereafter  standing to my/our  credit  with the Lenders  whether on any
         current  or other  account  and I/we  hereby  agree to  provide  to the
         Lenders  the proper and  enforceable  form of  security  on all and any
         stock or share certificates, title deeds or other security belonging to
         me/us  under  my/our  control  which have been or will in the future be
         deposited with the Lenders for any purpose.

20.      I/We shall not be  discharged  or released  from this  guarantee by any
         arrangement  made after  this  guarantee  or any  dealing  between  the
         Customer  and the  Lenders or by any  variation  or  alteration  in any
         agreement  between  the  Customer  and the  Lenders  for the  making of
         advances  or  otherwise  giving  credit  or  affording  Banking  and/or
         financial  facilities  to the  Customer  by the Lenders and I/we hereby
         give my/our express consent thereto.

<PAGE>

21.      In  order to give  full  effect  to the  provisions  of this  guarantee
         I/we/each  of  us  hereby  waive  all  rights  inconsistent  with  such
         provisions  and  which  I/we  might  otherwise  as  surety/sureties  be
         entitled  to claim and  enforce and  I/we/each  of us declare  that the
         Lenders  shall be at liberty to act as though I/we was/were a principal
         debtor to the Lenders for all payments guaranteed by me/us as aforesaid
         to the Lenders and, in the case of more than one  guarantor or intended
         guarantor hereunder, notwithstanding:

         a.       the failure of any one or more of us, the intended guarantors,
                  to complete this guarantee; or
         b.       the fact that for any reason  whatsoever  the signature of any
                  one or more of us, the intended guarantors,  to this guarantee
                  shall not bind it or him or his estate; or
         c.       the  release  by the  Lenders  of any  one or  more of us from
                  further  liability under this  guarantee;  the remainder of us
                  shall be bound by this  guarantee and it shall be and remain a
                  continuing security as to the other or others of us.

22.      The Lenders shall be under no liability to marshal in my/our favour any
         securities  or any of the funds or  assets  which  the  Lenders  may be
         entitled to receive or upon which the Lenders has a claim.

23.      Any  Notice  or  demand   hereunder   shall  be  deemed  to  have  been
         sufficiently  given if sent by prepaid  letter  post to my/our  address
         last known to the  Lenders  and  stated  hereon and shall be assumed to
         have  reached  me/us in the  course of post.  In case of  my/our  death
         insolvency  or  liquidation  as the case may be and until  the  Lenders
         receives notice in writing of the grant of probate of my/our will or of
         administration  of my/our  estate or the  appointment  of a receiver of
         liquidator as the case may be, any notice or demand by the Lenders sent
         by  post  as   aforesaid   addressed   to  my/our   personal  or  legal
         representatives  as the  case  may be this  address  last  known to the
         Lenders or stated  hereon shall for all  purposes of this  guarantee be
         deemed a sufficient notice of demand by the Lenders to me/us

24.      A  certificate  by an  officer  of  the  Lenders  as to the  money  and
         liabilities  for the time being due or incurred to the Lenders  from or
         by the Customer or any  admission or  acknowledgemet  in writing by the
         Customer or by any person  authorised  by the Customer of the amount of
         indebtedness of the Customer to the Lenders and any judgement recovered
         by the  Lenders  against the  customer in respect to such  indebtedness
         shall  be  binding  and  conclusive  on  me/us  and  my/our  executors,
         administrators,  liquidators  or other  legal  representatives  and all
         courts of law and  elsewhere  and shall be  conclusive  evidence in any
         legal   proceedings   against   me/us  or  my/our   personal  or  legal
         representatives.

25.      This  guarantee  shall be in  addition  to and  shall not be in any way
         prejudice  or  affected  by any  collateral  or other  security  now or
         hereafter  held  by  the  Lenders  for  all or  any  pat  of the  money
         guaranteed  nor shall such  collateral or other security or any lien to
         which the Lenders may be  otherwise  entitled or the  liability  of any
         person or persons not parties  hereto for all or any part of the monies
         hereby  secured by in anywise  prejudiced  or affected by this  present
         guarantee.  The Lenders shall have full power at its discretion to give
         time for payment to or make any other  arrangement  with any such other
         person or persons  without  prejudice to this present  guarantee or any
         liability  hereunder and I/we give my/our  consent  thereto.  The money
         received  by the  Lenders  from me/us or the  Customer or any person or
         persons  liable to pay the same may be  applied  by the  Lenders to any
         account or item of account or to any  transaction to which the same may
         be applicable.

<PAGE>

26.      This guarantee shall not be terminated by the Lenders being absorbed by
         or  amalgamating  with or  taking  over any  other  Lenders  or firm or
         corporation  but shall endure and be available for past and  subsequent
         advances and all other  purposes for or by the absorbing or amalgamated
         company so concern.

27.      In these clauses where the context so permits the singular includes the
         plural and vice  versa and the  masculine  includes  the  feminine  and
         neuter genders and "person" includes a juristic person.

28.      No.  assurance,  security or payment of whichever  form and no release,
         settlement  or discharge  which may have been given on the faith of any
         such  assurance,  security  or payment  shall  prejudice  or affect the
         Lenders's  right to  recover  from  me/us to the  full  extent  of this
         guarantee as if such assurance,  security,  payment, release settlement
         or  discharge  (as the case may be) had never  been  granted,  given or
         made.

29.      If at any time any provision of this  guarantee is or becomes  illegal,
         invalid, void or unenforceable in any respect under the applicable law,
         the legality, validity or enforceability of the remaining provisions of
         this  guarantee  shall not in any way be  affected  or impaired by such
         provision.

30.      This  guarantee  shall be governed by and  construed  in all respect in
         accordance with the laws of Thailand.

Dated this 15 day of November 2000

THE GUARANTOR(S)
NATURAL PERSONS (INDIVIDUALS)

1.  Signed:       -signed-                      Signed:.........................
                                                Spouse's Countersignature
Name:    Mr. Vichai Raksriaksorn                Name:...........................
Address: 20 Sukhumvit 64, Sukhumvit Road,       Address:........................
         Bang Chak Sub-district,                ................................
         Phra Khanong District,                 ................................
         Bangkok Metropolis                     ................................
I/D No. 3100800266220                           I/D No..........................
Place of Issue:  Phra Khanong District          Place of Issue:.................
                 Bangkok Metropolis             ................................
Date of Issue:  21/03/1996                      Date of Issue:..................
Witness:               -signed-                 Witness:........................
             Hathyakanta Techakamphousha

<PAGE>

1.  Signed:       -signed-                      Signed:.........................
                                                Spouse's Countersignature
Name:    Mr. Viratana  Suntaranond              Name:...........................
Address: 141-143-145 Soi Sukha 1 Road           Address:........................
         Wat Ratchabophit Sub-district,         ................................
         Phra Nakhon District,                  ................................
         Bangkok Metropolis                     ................................
I/D No. 3100100383011                           I/D No..........................
Place of Issue:  Phra Nakhon District           Place of Issue:.................
                 Bangkok Metropolis             ................................
Date of Issue:  29/12/1995                      Date of Issue:..................
Witness:            -signed-                    Witness:........................
           Hathyakanta Techakamphousha

3.  Signed:...........................          Signed:.........................
                                                Spouse's Countersignature
Name:.................................          Name:...........................
Address:..............................          Address:........................
 ......................................          ................................
 ......................................          ................................
 ......................................          ................................
I/D No................................          I/D No..........................
Place of Issue:.......................          Place of Issue:.................
 ......................................          ................................
Date of Issue:........................          Date of Issue:..................
Witness:..............................          Witness:........................

<PAGE>

THE GUARANTOR(S)
JURISTIC ENTITIES (COMPANIES, PARTNERSHIP)

        1.              ............................................Ltd.

              By........................................Authorized Signatory

              Name:.....................................

                                                        (Seal)

              By........................................Authorized Signatory

              Name:.....................................

              Witness:..................................

        2.              ............................................Ltd.

              By........................................Authorized Signatory

              Name:.....................................

                                                        (Seal)

              By........................................Authorized Signatory

              Name:.....................................

              Witness:..................................

        3.              ............................................Ltd.

              By........................................Authorized Signatory

              Name:.....................................

                                                        (Seal)

              By........................................Authorized Signatory

              Name:.....................................

              Witness:..................................

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}]]