Document:

Memorandum Attached to
                Lease Agreement at Bangkok International Airport
                       No. 1-01/2541 dated 2 October 1997
                                   Amendment 1

This  memorandum  is made at the Airports  Authority of Thailand on 28 September
1999  between  the  Airports  Authority  of  Thailand,   represented  by  Flight
Lieutenant  Pradit  Mongkonapiban,  Deputy  Managing  Director,  Acting Managing
Director of the Airports Authority of Thailand,  hereinafter called "The Lessor"
of one part, and J.M.T. Group Co., Ltd., registered as a juristic person Company
Limited under the Civil and Commercial  Code,  which has change its name to King
Power Tax Free Co., Ltd. on 30 September 1997, with the head office at 26th-27th
Floors,  Siam  Tower,  989 Rama I Road,  Pathum  Wan  Sub-district,  Pathum  Wan
District,  Bangkok  Metropolis,  represented by Mr.  Viratana  Suntaranond,  the
person  empowered to enter  juristic  act binding King Power Tax Free Co.,  Ltd.
according to the Certificate No. Phor.Hor. 0011128 dated 4 August 1999 issued by
the Office of Partnership/Company Registration,  Bangkok Metropolis, hereinafter
called the "Lessee" of the other part.

Whereas  the  Lessor  has agreed to lease out and the Lessee has agreed to lease
spaces in the Bangkok  International  Airport  according  to the  Agreement  No.
1-01/2541  dated 2 October 1997, for a period of three years,  from 1 April 1998
to 31 March 2001

and whereas the Lessee has changed  its name from  "J.M.T.  Group Co.,  Ltd." to
"King Power Tax Free Co., Ltd." on 30 September 1997, and the Lessor has granted
permission to the Lessee for renovating the leased  premises,  cancelling  lease
and temporary leasing, as follows :

1.        Renovation
          ----------

          1.1  A permission  has been granted for  renovating  Zone Nos. 3342 E,
               3342 E/1,  3342 E/2 and 3342  E/3,  after  which the total  space
               appears to be 298.50 sqm. and has been  designated  Zone No. 3342
               E.

          1.2  A permission  has been granted for  renovating  Zone Nos. 3342 F,
               3342 F/1,  3342 F/2 and 3342  F/3,  after  which the total  space
               appears to be 298.50 sqm. and has been  designated  Zone No. 3342
               F.

          1.3  A permission has been granted for renovating Zone Nos. 3735 A and
               3735 A/1,  after which the total space  appears to be 186.50 sqm.
               and has been designated Zone No. 3735 A.

          1.4  A permission has been granted for renovating  Zone Nos. 3735 A/2,
               after which the total space  appears to be 103 sqm.  and has been
               designated Zone No. 3735 A/1.

          1.5  A permission has been granted for renovating Zone Nos. 3712 A and
               3712 B, after which the total space  appears to be 48.50 sqm. and
               has been designated Zone No. 3712 A.

          1.6  A permission  has been granted for  renovating  Zone Nos. 3712 C,
               after which the total space appears to be 31.50 sqm. and has been
               designated Zone No. 3712 C.

          The Lessee has made use of the above areas since 1 April 1998.

<PAGE>

2.        Cancellation of Lease
          ---------------------

          2.1  A permission  has been granted for  cancelling  the lease of Zone
               No. 3342 E, covering 298.50 sqm., since 1 September 1998.

          2.2  A permission  has been granted for  cancelling  the lease of Zone
               Nos. 1302, 1302 B, 3303 A, 3303 A/1, 3303 B, 3304 B, 2797 A, 3770
               and 3757 A, totalling 214.50 sqm., since 1 March 1999.

3.        Temporary Lease
          ---------------

          A permission  has been granted for temporary  lease of Zone Nos. 1302,
          1302 B,  3303 A,  3303  A/1,  3303 B, 3304 B, 2797 A, 3770 and 3757 A,
          totalling 214.50 sqm., from 1 March 1999 to 23 June 1999.

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

1.   In the Contract No. 1-01/2541 dated 2 October 1997, where J.M.T. Group Co.,
     Ltd. is indicated as the Lessee,  it is changed to King Power Tax Free Co.,
     Ltd.

2.   Appendix A to the  Agreement  No.  1-01/2541  dated 2 October 1997 shall be
     repealed and replace with Appendix A to this memorandum.

3.   With regard to  termination  of the lease of Zone No.  3342 E according  to
     this memorandum, the Lessor shall arrange for new area as replacement.  The
     Lessee  agrees to lease the area to be arranged by the Lessor  according to
     the  space,  rent and  other  charges  of Zone No.  3342 E in all  respects
     effective the date of handing over from the Lessor.

4.   With regard to cancellation of the lease of Zone Nos. 1302, 1302 B, 3303 A,
     3303  A/1,  3303 B,  3304 B,  2797 A,  3770  and 3757 A  according  to this
     memorandum,  after  construction of the extension of the arrival lounge and
     the departure lounge of the International  Passengers Terminal (AIRSIDE) of
     the Bangkok International Airport has been completed,  the Lessee agrees to
     lease a space  of not less  than  298.50  sqm.  at the  rates of rents  and
     charges specified by the Lessor.

5.   The contents of the Contract No.  1-01/2541  dated 2 October 1997,  besides
     having been amended in Clause 1 and 2 of this  memorandum,  shall remain in
     force.

6.   The effective date of this memorandum is retroactive to 1 April 1998.

<PAGE>

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

               The Lessor                               The Lessee

               - signed -                               - signed -
(Flight Lieutenant Pradit Mongkonapiban)        (Mr. Viratana Suntaranond)
                                         (Seal of King Power Tax Free Co., Ltd.)

                 Witness                                  Witness
                 -------                                  -------

               - signed -                                - signed -
         (Mr. Sukwat Chayakorn)                      (Mr. Krit Phakakit)

<PAGE>

<TABLE>

<CAPTION>

Details of Rents and Chart Showing Location of Lease Premises      Appendix A
Lease Agreement No. 1-01/2541, dated  2 October 1997            (Total 9 Sheets)
Amendment 1                                                         Sheet #1

--------------------------------------------------------------------------------------------------------------------------
                                                                                                       Lease  Period
                                                                                                 -------------------------
    Leased Premises         Space       Rent        Rent     Service Fee  Building &     Fine       From            To
                        Square Metre  Baht/Sqm.  Baht/Month  Baht/Month      Land      Baht/Day
                           (Sqm.)     per month                              Taxes
                                                                          Baht/Month
----------------------  ------------  ---------  ----------  -----------  ----------  ---------  -----------  ------------
<S>                     <C>           <C>        <C>         <C>          <C>         <C>        <C>          <C>
International Passengers Terminal 1 Bangkok International Airport
-----------------------------------------------------------------
- Zone  3342 E             298.50       750.00   223,875.00   33,581.25    27,984.38  19,029.38  1 Apr. 1998  31 Aug. 1998
- Zone 1302 and 1302 B      48.00       750.00    36,000.00    5,400.00     4,500.00   3,060.00  1 Apr. 1998  23 Jun. 1999
- Zone 3303 A               12.00       750.00     9,000.00    1,350.00     1,125.00     765.00  1 Apr. 1998  23 Jun. 1999
- Zone 3303 A/1              9.00       750.00     6,750.00    1,012.50       843.75     573.75  1 Apr. 1998  23 Jun. 1999
- Zone 3303 B               36.50       750.00    27,375.00    4,106.25     3,421.88   2,326.88  1 Apr. 1998  23 Jun. 1999
- Zone 3304 B               12.00       750.00     9,000.00    1,350.00     1,125.00     765.00  1 Apr. 1998  23 Jun. 1999
- Zone 3342 F              298.50       750.00   223,875.00   33,581.25    27,984.38  19,029.38  1 Apr. 1998  31 Mar. 2001
- Zone 0316                 42.50       750.00    31,875.00    4,781.25     3,984.38   2,709.38  1 Apr. 1998  31 Mar. 2001
- Zone 3265 S               22.00       750.00    16,500.00    2,475.00     2,062.50   1,402.50  1 Apr. 1998  31 Mar. 2001
- Zone 3265 S/1             12.50       750.00     9,375.00    1,406.25     1,171.88     796.88  1 Apr. 1998  31 Mar. 2001
- Zone 3265 T                9.00       750.00     6,750.00    1,012.50       843.75     573.75  1 Apr. 1998  31 Mar. 2001
International Passengers Terminal 2 Bangkok International Airport
-----------------------------------------------------------------
- Zone 2797 A               41.00       750.00    30,750.00    4,612.50     3,843.75   2,613.75  1 Apr. 1998  23 Jun. 1999
- Zone 3770                 43.50       750.00    32,625.00    4,893.75     4,078.13   2,773.13  1 Apr. 1998  23 Jun. 1999
--------------------------------------------------------------------------------------------------------------------------

<PAGE>

--------------------------------------------------------------------------------------------------------------------------
                                                                                                       Lease  Period
                                                                                                 -------------------------
    Leased Premises         Space       Rent        Rent     Service Fee  Building &     Fine       From            To
                        Square Metre  Baht/Sqm.  Baht/Month  Baht/Month      Land      Baht/Day
                           (Sqm.)     per month                              Taxes
                                                                          Baht/Month
----------------------  ------------  ---------  ----------  -----------  ----------  ---------  -----------  ------------
- Zone 3757 A               12.50       750.00     9,375.00    1,406.25     1,171.88     796.88  1 Apr. 1998  23 Jun. 1999
- Zone 3735 A              186.50       750.00   139,875.00   20,981.25    17,484.38  11,889.38  1 Apr. 1998  31 Mar. 2001
- Zone 3735 A/1            103.00       750.00    77,250.00   11,587.50     9,656.25   6,566.25  1 Apr. 1998  31 Mar. 2001
- Zone 3265 X              156.00       750.00   117,000.00   17,550.00    14,625.00   9,945.00  1 Apr. 1998  31 Mar. 2001
- Zone 3712 A               48.50       750.00    36,375.00    5,456.25     4,546.88   3,091.88  1 Apr. 1998  31 Mar. 2001
- Zone 3712 C               31.50       750.00    23,625.00    3,543.75     2,953.13   2,008.13  1 Apr. 1998  31 Mar. 2001
--------------------------------------------------------------------------------------------------------------------------

                 The Lessor                            The Lessee
                 ----------                            ----------

                 - signed -                            - signed -
(Flight Lieutenant Pradit  Mongkonapiban)      (Mr. Viratana Suntaranond)
                                         (Seal of King Power Tax Free Co., Ltd.)

                   Witness                              Witness
                   -------                              -------

                 - signed -                            - signed -
          (Mr. Sukwat  Chayakorn)                  (Mr. Krit Phakakit)

</TABLE>Hiring Contract
           Study, Analysis and Implementation of Marketing Strategies

This contract is made at King Power Duty Free Co., Ltd. on 2 May 1999, between

             King Power Duty Free Co., Ltd. by Mr. Viratana Suntaranond
             with the Head Office at 26th-27th Floors, Siam Tower
             989 Rama I Road, Pathum Wan Sub-district,
             Pathum Wan District, Bangkok Metropolis,
             hereinafter called "KPD"

             King Power Tax Free Co., Ltd. by Mr. Viratana Suntaranond
             with the Head Office at 26th-27th Floors, Siam Tower
             989 Rama I Road, Pathum Wan Sub-district,
             Pathum Wan District, Bangkok Metropolis,
             hereinafter called "KPT"

and  hereinafter,  if not called either name,  shall be called  collectively the
"Employer" of one part, and

              Downtown D.F.S. (Thailand) Co., Ltd., by Mr. Sombat Dechapanichkun
              with the Head Office at 888/60-62 Ploenchit Road
              Pathum Wan District, Bangkok Metropolis
              hereinafter called "DDC"

and/or the "Contractor" of the other part.

The Employer  and the  Contractor  agree to enter into this Hiring  Contract for
Study, Analysis and Implementation of Marketing Strategies, as follows :

1.       Scope of Works and Hiring Period

         1.1      The Employer  agrees to hire and the  Contractor  agrees to be
                  hired for study,  analysis  and  implementation  of  marketing
                  strategies according to the details and job description appear
                  in the Appendix, which shall be deemed part of this contract.

         1.2      The  Employer  agrees  to  hire  the  Contractor  to   perform
                  according to Clause 1.1 for the period from  1 July 1999 to 31
                  December 2000.

2.       Remuneration

         The remuneration of the hired works under this contract shall be :

         2.1      KPD  agrees to pay  remuneration  to the  Contractor  for Baht
                  67,500,000  (Sixty-Seven  Million Five Hundred  Thousand  Baht
                  Only),  not including the value added tax, which has been paid
                  in advance in full on 30 June 1999.

         2.2      KPT  agrees to pay  remuneration  to the  Contractor  for Baht
                  67,500,000  (Sixty-Seven  Million Five Hundred  Thousand  Baht
                  Only),  not including the value added tax, which has been paid
                  in advance in full on 30 June 1999.

<PAGE>

         2.3      The Employer  agrees  to  pay  the  remuneration  according to
                  Clause  2.1  and  2.2  to  the  Contractor at the Contractor's
                  office indicated in this contract.

3.       Covenant of the Contractor

         3.1      The Contractor and his  representatives  shall not disclose to
                  or  allow  other  persons  to  make  use of  the  confidential
                  information  of the  Employer  known to the  Contractor  while
                  performing  study,  analysis and  implementation  of marketing
                  strategies  for the Employer or  thereafter,  unless a written
                  permission has been obtained from the Employer.

         3.2      The  Contractor and his  representatives  shall not commit any
                  wrongdoing or action which may be  detrimental to the property
                  and/or reputation of the Employer.

         3.3      The  Contractor  and his  representatives  shall  perform  the
                  necessary  tasks,  under the  scope of  works,  at the best of
                  their abilities for benefits and prosperity of the Employer.

4.       Transfer of the Rights

         The Contractor agrees not to transfer the rights and duties,  either in
         whole  or in part,  under  this  contract  to a third  party,  unless a
         written permission has been obtained from the Employer.

5.       Termination of Contract

         During its validity,  either party may terminate this contract prior to
         the expiration  date,  provided that a written notice must be forwarded
         to the other party at least 30 days in advance.

6.       Notice

         All notices  between  both  parties,  if having been  forwarded  to the
         person at the site or office  of the  other  party,  shall be deemed as
         having been forwarded legally.

7.       Breach of Contract

         7.1      If either party is in breach of any clause  herein,  the other
                  party shall forward a written notice  informing the said party
                  to take  corrective  action  within  30 days  from the date of
                  receiving  the notice.  If the party  breaching  the  contract
                  fails to take the corrective action within the specified date,
                  it shall be  deemed  that the said  party is in breach of this
                  contract  and the  other  party  is  entitled  to  immediately
                  terminate this contract.

         7.2      If any dispute has arisen in  connection  with this  contract,
                  both  parties  agree  that it shall be  brought  to a court in
                  Bangkok Metropolis.

<PAGE>

This contract is made in triplicate.  Both parties  having read,  understood and
found it to be in accordance with their intention, hereunder sign their names in
the presence of witnesses.

                                         - signed -                    Employer
                               King Power Duty Free Co., Ltd.
                                 (Mr. Viratana Suntaranond)
(Seal of King Power Duty Free Co., Ltd.)

                                /s/  Viratana Suntaranond              Employer
                               -----------------------------
                               King Power Tax Free Co., Ltd.
                                 (Mr. Viratana Suntaranond)
(Seal of King Power Tax Free Co., Ltd.)

                                /s/  Sombat Dechapanichkun        The Contractor
                             ------------------------------------
                             Downtown D.F.S. (Thailand) Co., Ltd.
                                (Mr. Sombat Dechapanichkun)
(Seal of Downtown D.F.S. (Thailand) Co., Ltd.)

                                /s/  Anocha Kamnerdngam                 Witness
                               -------------------------
                               (Miss Anocha Kamnerdngam)

                                /s/  Malee Awisuthi                     Witness
                               ----------------------
                               (Miss Malee Awisuthi)

<PAGE>

                   Implementation Period and Budget of Study,
              Analysis and Implementation of Each Structure of KPT

1.       Analysis of work structures and basic marketing plans

         1.1      Analysis of work structures

                  1.1.1    Analysis of sales and service structures

                           -     Implementation period, one month (Month 1)
                           -     Budget, Baht 250,000

                  1.1.2    Analysis of procurement structure

                           -     Implementation period, one month (Month 1)
                           -     Budget, Baht 250,000

                  1.1.3    Analysis of an organization structure suitable and in
                           line with business

                           -     Implementation period, one month (Month 2)
                           -     Budget, Baht 250,000

                  1.1.4    Analysis of marketing structure

                           -     Implementation period, one month (Month 2)
                           -     Budget, Baht 250,000

                  1.1.5    Analysis of accounting and finance structures

                           -     Implementation period, one month (Month 3)
                           -     Budget, Baht 250,000

                  1.1.6    Analysis of storage structure at the Bonded Warehouse

                           -     Implementation period, one month (Month 3)
                           -     Budget, Baht 250,000

         1.2      Basic Marketing Plans

                  1.2.1    Preliminary Public Relations Campaign

                           -     Implementation period, three months (Month 2-4)
                           -     Budget, Baht 2,000,000

                  1.2.2    Preliminary Sales Promotion Campaign

                           -     Implementation period, two months (Month 2-3)
                           -     Budget, Baht 1,500,000

<PAGE>

2.       Study and Analysis of basic data of Duty Free Operations

         2.1      Analysis of basic data on existing target groups

                  2.1.1    Analysis of purchasing behavior of  each  nationality
                           target group

                           -     Implementation period, two months (Month 3-4)
                           -     Budget, Baht 500,000

                  2.1.2   Analysis of the ratio of each nationality of customers
                          travelling in and out of Thailand

                           -     Implementation period, two months (Month 4-5)
                           -     Budget, Baht 500,000

                  2.1.3    Analysis  of  purchasing power of each nationality of
                           customers

                           -     Implementation period, two months (Month 5-6)
                           -     Budget, Baht 500,000

         2.2      Analysis of basic data of new target groups

                  2.2.1   Analysis of the ratio of each nationality of customers
                          other than the main target groups

                           -     Implementation period, two months (Month 3-4)
                           -     Budget, Baht 500,000

                  2.2.2    Analysis  of  purchasing  behavior  of the new target
                           groups

                           -     Implementation period, two months (Month 4-5)
                           -     Budget, Baht 500,000

                  2.2.3    Analysis  of  purchasing power of each nationality of
                           customers

                           -     Implementation period, two months (Month 5-6)
                           -     Budget, Baht 500,000

         2.3      Analysis of the competitors' markets  and  market  share, both
                  inside and outside the country

                  2.3.1    Markets of direct competitors

                           -     Implementation period, two months (Month 2-3)
                           -     Budget, Baht 500,000

                  2.3.2    Markets of indirect competitors

                           -     Implementation period, two months (Month 2-3)
                           -     Budget, Baht 500,000

         2.4      Analysis of strengths and weaknesses of the business operator

                  -        Implementation period, two months (Month 2-3)
                  -        Budget, Baht 500,000

<PAGE>

3.       Integration of the analysis for use as guidelines for planning suitable
         Sales Promotion Campaign in order to achieve the objectives

         3.1      Commissioning of strategies for increasing market share of the
                  main target groups

                  3.1.1    Maintaining the prevailing market share

                           -     Implementation period, 17 months (Month 2-18)
                           -     Budget, Baht 5,000,000

                  3.1.2    Attracting or increasing the new market share

                           -     Implementation period, 15 months (Month 4-18)
                           -     Budget, Baht 4,000,000

         3.2      Commissioning of strategies for increasing new target groups

                  -        Implementation period, 15 months (Month 4-18)
                  -        Budget, Baht 4,000,000

         3.3      Commissioning  of  readiness  for  coping with demands of  the
                  target groups

                  3.3.1    Readiness on merchanize and prices

                           -     Implementation period, 15 months (Month 4-18)
                           -     Budget, Baht 1,500,000

                  3.3.2    Readiness on services and sales

                           -     Implementation period, 15 months (Month 4-18)
                           -     Budget, Baht 1,500,000

         3.4      Commissioning of strategies for boosting sales

                  3.4.1   Decorations (designs and decorations according to  the
                          merchandize of each season)

                           -     Implementation period, 15 months (Month 4-18)
                           -     Budget, Baht 4,000,000

                  3.4.2   Displaying  the  merchandize  according to the concept
                          and decorations

                           -     Implementation period, 15 months (Month 4-18)
                           -     Budget, Baht 2,000,000

                  3.4.3    Organizing sales promotion activities

                           -     Implementation period, 15 months (Month 4-18)
                           -     Budget, Baht 5,000,000

<PAGE>

4.       Analysis of performance results in each quarter

         -        Implementation period, 15 months (Month 4-18)
         -        Budget, Baht 1,500,000

5.       Creating good image and brand awareness continuously

         5.1      Control of sales-related standards to be higher than  that  of
                  the competitors

                  5.1.1    Quality control of the merchandize and prices

                           -     Implementation period, 15 months (Month 4-18)
                           -     Budget, Baht 2,000,000

                  5.1.2    Control on services and sales

                           -     Implementation period, 15 months (Month 4-18)
                           -     Budget, Baht 3,000,000

         5.2      Use  of  advertising  media and public relations to remind the
                  customers

                  5.2.1    Analysis,  planning and  selection  of  the  suitable
                           advertising media and public relations to attract the
                           target groups, both inside and outside the country

                           -     Implementation period, 15 months (Month 4-18)
                           -     Budget, Baht 2,500,000

                  5.2.2    Employing  advertising  and  public  relations  plan,
                           divided into

                           Advertising Media and Public Relations in the country

                           o    Billboard, Transparency

                                -  Implementation period, 15 months (Month 4-18)
                                -  Budget, Baht 6,000,000

                           o    Radio, Television

                                -  Implementation period, 15 months (Month 4-18)
                                -  Budget, Baht 3,000,000

                           o    Direct  mail  to  the  target  groups,  such  as
                                brochure, leaflet, etc.

                                -  Implementation period, 15 months (Month 4-18)
                                -  Budget, Baht 2,000,000

                           Advertising  Media  and  Public Relations outside the
                           country

                           o    Direct  mail  to  the  target  groups,  such  as
                                brochure, leaflet, etc.

                                -  Implementation period, 15 months (Month 4-18)
                                -  Budget, Baht 3,000,000

         5.3      Creating  good  image jointly with the concerned organizations
                  or agencies with the business

<PAGE>

                  5.3.1    Participation  and  support  in  activities  of   the
                           government and private sector

                           -     Implementation period, 15 months (Month 4-18)
                           -     Budget, Baht 4,000,000

                  5.3.2   Organizing  activities promoting  tourism of Thailand,
                          both inside and outside the country

                           -     Implementation period, 15 months (Month 4-18)
                           -     Budget, Baht 4,000,000

         Total Implementation Period                           18 months
         Total Budget                                          Baht 67.5 million

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