Document:

Thai Military Bank, Plc.

      3000 Phahon Yothin Road, Lat Yao, Chatuchak, Bangkok Metropolis 10900

                Memorandum of Understanding on Pledge of Deposit

                                                Made at Thai Military Bank, Plc.

                                                on July 29, 2002

         This Memorandum of  Understanding  is made between King Power Duty Free
Co., Ltd. with an address at 26th-27th Floor,  Siam Tower Building,  989, Rama I
Road,  Pathum  Wan  Sub-district,   Pathum  Wan  District,  Bangkok  Metropolis,
hereinafter  referred to as the `Pledgor,' as one party, and Thai Military Bank,
Plc., hereinafter referred to as the `Pledgee,' as another party. It is mutually
agreed as follows:

         1. Pledgor agrees to put in pledge and Pledgee agrees to hold in pledge
4 NCD's of  60,000,000.00  baht (sixty million baht),  which have been issued by
Bank, the details of which are as follows:

----- --------------- --------------- ---------- --------------- ---------------
 No.      NCD No.      Date of issue   Due date   Interest rate   Amount in baht
----- --------------- --------------- ---------- --------------- ---------------
  1    PYO.C.63/1610     07/17/02      07/17/03        2.50       15,000,000.00
----- --------------- --------------- ---------- --------------- ---------------
  2    PYO.C.64/1603     07/17/02      07/17/03        2.50       15,000,000.00
----- --------------- --------------- ---------- --------------- ---------------
  3    PYO.C.65/1626     07/17/02      07/17/03        2.50       15,000,000.00
----- --------------- --------------- ---------- --------------- ---------------
  4    PYO.C.66/1649     07/17/02      07/17/03        2.50       15,000,000.00
----- --------------- --------------- ---------- --------------- ---------------
  5
----- --------------- --------------- ---------- --------------- ---------------

         2. The NCD's  under Cl. 1 are  pledged  with the  interest  accumulated
thereon and other rights of Pledgors  existing now and hereafter  throughout the
period of deposit or it renewal  (if any) to secure any  obligations  of Pledgor
and/or  `Borrower,'  to  Pledgee  existing  now  or  hereafter,  and  under  any
instruments of indebtedness  pursuant to Section 748 of Civil & Commercial Code,
which are subject to interest at the rate of 14.25 % per annum.

         3. Upon maturity of NCD's under Cl. 1 resulting in the interest  and/or
Principal Sum being due and payable  before or after  maturity of Pledgor's loan
and/or the same is due and payable, Pledgor agrees that:

         3.1      Pledgee may as it deems appropriate  deduct from the Principal
                  Sum and/or  interest  accumulated  thereon  due to Pledgor any
                  sums and apply the same to  repayment of any sums still owing.
                  Such deduction may be done with or without any notice.
<PAGE>

         3.2      Pledgee  may also  retain the sums due from  NCD's  pledged as
                  security for debts and instruments of  indebtedness  issued in
                  lieu of NCD's.

         4. In the event that Pledgor and/or Borrower  default on payment of any
sum or is in breach of any  provision  hereof,  or the  loan(s)  thereof  is/are
mature,  Pledgee  may  forthwith  enforce  the pledge  and apply the  deposit to
repayment of any sum still owing.

         5. In the event  that the  Principal  Sum and/or  interest  accumulated
thereon under Cl. 3 and/or the proceeds from  enforcement  of pledge under Cl. 4
and  insufficient  to cover the sums still  owing,  Pledgee may enforce  sale of
Pledgor's property to make up the shortfall.

         6. On the date of this Memorandum of  Understanding,  Pledgee  endorsed
NCD's under Cl.1 as pledged and handed them to Pledgee.

         7. If such  pledged  NCD's are  forfeited or seized by Pledgee with any
taxes of any type on such items due and any  expenses  in  connection  therewith
incurred upon Pledgee, such sums shall be paid in full by Pledgor.

         8.  Pledgor  shall pay all the  fees,  stamp  duty and  other  expenses
arising  from and in  connection  with Pledge,  Redemption  and  Enforcement  of
Pledge.  Pledgee may, at any time, debit,  without any notice or issuance of any
documentation  thereof,  any sums from  accounts of any types now and  hereafter
held by Pledgor  solely or jointly with other  persons,  which in any manner are
under the care and/or in trust of Pledgee.

         9. Any  communications,  notices,  letters,  etc.  sent by  Pledgee  to
Pledgor at the above  address or new address of Pledgor by mail,  registered  or
not, which have been received or rejected by anyone or have been undelivered due
to such address being  demolished,  changed without notice or unknown,  shall be
regarded as duly delivered to Pledgor.

         This Memorandum of  Understanding is made in duplicate having identical
content.  The Parties have thoroughly  read and fully  understood it. In witness
whereof,  the Parties have affixed their signatures hereunto on the date written
above. Each party retains one copy.

                                    -Signed-                             Pledgor
                           (Mr. Viratana Suntaranond)
                               Authorized Director
                    (Seal of King Power Duty Free Co., Ltd.)

                    ________________________________________             Pledgee
                          for and on behalf of the Bank

         no signature                                     no signature
(Mrs. Suchintana Suphadit)                      (Miss Jittinat Phatthanakamchon)

<PAGE>

                            Thai Military Bank, Plc.

      3000 Phahon Yothin Road, Lat Yao, Chatuchak, Bangkok Metropolis 10900

                              Record of NCD Pledge
                              --------------------

                                                Made at Thai Military Bank, Plc.

                                                on July 29, 2002

No. PhorSor.PorSor. 328/2545

To:  Managing Director of Thai Military Bank, Plc.

         Whereas  we,  King Power Duty Free Co.,  Ltd.,  26th-27th  Floor,  Siam
Tower, 989, Rama I Road, Pathum Wan Sub-district,  Pathum Wan District,  Bangkok
Metropolis,  hereinafter  referred to as the `Pledgor,'  holds 4 NCD's issued by
Thai Military Bank, Plc, the details of which are as follows:

         No. PYO.C.63/1610, date of issue: July 17, 2002, date of maturity: July
17, 2003, value:  15,000,000.00 baht (fifteen million baht), interest rate: 2.50
% per annum;

         No. PYO.C.64/1603, date of issue: July 17, 2002, date of maturity: July
17, 2003, value:  15,000,000.00 baht (fifteen million baht), interest rate: 2.50
% per annum;

         No. PYO.C.65/1626, date of issue: July 17, 2002, date of maturity: July
17, 2003, value:  15,000,000.00 baht (fifteen million baht), interest rate: 2.50
% per annum;

         No. PYO.C.66/1649, date of issue: July 17, 2002, date of maturity: July
17, 2003, value:  15,000,000.00 baht (fifteen million baht), interest rate: 2.50
% per annum;

         Pledgor agrees to pledge such NCD's with Thai Military Bank, Plc., 3000
Phahon Yothin Road, Lat Yao Sub-district, Chatuchak District, Bangkok Metropolis
10900,   hereinafter   referred  to  as  the  `Pledgee,'   under  Memorandum  of
Understanding  on NCD  Pledge,  the  details  of which  appear in the  photocopy
thereof attached hereto.

         Pledgor and Pledgee agree to hand this document to Thai Military  Bank,
Plc.,  hereinafter referred to as the `Bank' to have the details of such pledged
NCD's  recorded in the Register of Holders of NCD Accounts.  Pledgor and Pledgee
shall neither amend nor withdraw this document for any reasons whatsoever.

<PAGE>

         Pledgor and  Pledgee  have  thoroughly  read and fully  understood  the
content  hereof.  Seeing that it is in accordance  with their wishes,  they have
affixed their signatures hereunto in witness whereof.

                                    -Signed-                             Pledgor
                           (Mr. Viratana Suntaranond)
                               Authorized Director
                    (Seal of King Power Duty Free Co., Ltd.)

                                                                         Pledgee
                    ________________________________________
                          for and on behalf of the Bank
      no signature                                         no signature
(Mrs. Suchintana Suphadit)                      (Miss Jittinat Phatthanakamchon)

<PAGE>

(Thai Military Bank, Plc. letterhead)

                           Memorandum of Understanding

                                               Made at Thai Military Bank, Plc.,
                                               3000 Phahon Yothin, Chatuchak,
                                               Bangkok Metropolis

                                               on July 29, 2002

         Whereas  King Power Duty Free Co.,  Ltd.  (hereinafter  referred  to as
`Borrower,')  and Thai  Military  Bank,  Plc.,  hereinafter  referred  to as the
`Bank,' have entered into L/C, T/R Agreement to the value of 200,000,000.00 baht
(two hundred million baht).

         We, King Power Duty Free Co., Ltd.,  owner of the sum of  60,000,000.00
baht (sixty million baht) hereby allow Bank to perform the following acts:

         1. to have such some deposited with Bank in NCD Account;

         2. to make Pledge  Agreement  and endorse NCD under Cl. 1 as pledged to
secure all types of loans taken by us and Borrower from Bank;

         3.to  withdraw,  upon  maturity  of such  NCD,  the  Principal  Sum and
interest  accumulated  thereon and  redeposit the Principal Sum as NCD; to apply
the rate of  interest  set by Bank and  prevailing  at the time and  deposit the
interest   in   ______________    Account   No   _______at    ___________   Head
Office/___________  Branch and  continue to do so until we and Borrower has paid
Bank in full;

         4. to make Pledge  Agreement  and endorse newly issued NCD's as pledged
to secure  such loans  taken out by us and  Borrower  at the time of issuing new
NCD's,  and  regard  that we have  put up new  NCD's  under  Cl.3  with  Bank as
security, and to continue to do the same until we and Borrower have paid Bank in
full;

         5. to treat  this  Memorandum  of  Understanding  as Power of  Attorney
granting  Bank the power to perform on our behalf the acts and things  under Cl.
1, 2, 3 and 4 and other acts related thereto to attain our objectives hereunder;
to appoint subattorney to perform on our behalf the acts hereunder. We shall not
revoke this Power of Attorney until we and Borrower have paid Bank in full.

<PAGE>

         We shall  ratify and  confirm  all the acts  performed  by Bank and its
subattorney  by  virtue  hereof,  as if  performed  by us with all  intents  and
purposes.  We shall not revoke this  Memorandum  of  Understanding  until we and
Borrower have paid Bank in full.

         In witness  whereof,  we have affixed our  signature in the presence of
the witnesses.

                                    -Signed-       NCD  Owner/Consenter/Attorney
                           (Mr. Viratana Suntaranond)
                               Authorized Director
                    (Seal of King Power Duty Free Co., Ltd.)October 1, 2002

Subject: Regulations on the Company's rights and duties towards the note holder

To:      AJF Star Income Fund

Whereas King Power Duty Free Company Limited (Company),  a juristic entity under
the category of a limited  company,  Registration  No.  522/2539 as shown in the
Certificate  issued by the Ministry of Commerce,  headquartered at No. 989, Siam
Tower,  26th,  27th Floors,  Rama I Road,  Pathum Wan  Sub-district,  Pathum Wan
District,  Bangkok  Metropolis,  has issued Promissory Note No.  0000209-0000213
(promissory  note) on October 1, 2002 as  evidence  that the  Company  will make
payment without  conditions as soon as that promissory note is due at the amount
of  Bt50,000,000  (fifty  million baht only) on October 1, 2003 to ABN Amro Bank
N.V.,  Bangkok Branch,  which has endorsed the promissory note without rights of
taking recourse, with the AJF Star Income Fund (note holder),  legitimate holder
of the note on October 1, 2002.

While the promissory  note is not yet due as specified on the  promissory  note,
the Company promises the following with the note holder:

(1)      As of October 1, 2002, the Company has occupied space in  international
         airports in Thailand as follows:

         1.       Bangkok International  Airport, No. 171, Bangkok International
                  Airport Building,  Airports  Authority of Thailand,  Bang Khen
                  Sub-district,  Don Mueang District,  Bangkok Metropolis or the
                  New Bangkok International Airport

         2.       Chiang Mai International Airport, Chiang Mai Airport Building,
                  Airports Authority of Thailand,  Suthep  Sub-district,  Mueang
                  Chiang Mai District, Chiang Mai Province

         3.       Phuket   International   Airport,   No.  222,  Phuket  Airport
                  Building,   Airports   Authority   of   Thailand,   Mai   Khao
                  Sub-district, Thalang District, Phuket Province

         4.       Hat  Yai  International  Airport,  No.  99,  Hat  Yai  Airport
                  Building,   Airports   Authority   of   Thailand,   Khlong  La
                  Sub-district, Hat Yai District, Songkhla Province.

If there is any change in the  occupation  of the said space,  the Company  will
notify the note holder without delay.

(2)      The Company  certifies to the note holder that the Company has received
         a  license,  certificate  and  letter  of  agreement  from the  Customs
         Department in  accordance  with the Customs Act to set up and operate a
         bonded  warehouse under the category of duty-free shop from the Customs
         Department,  and those  documents  shall  remain valid  throughout  the
         period the promissory note is not yet due.

<PAGE>

(3)      The Company shall maintain a loan to related  companies  before setting
         aside a reserve  and loan to other  companies  before  setting  aside a
         reserve for an amount of not more than Bt850,000,000 (eight hundred and
         fifty  million  Baht),  based  on the  said  loans as of the end of the
         annual and biannual  cycles,  checked or audited by a certified  public
         accountant in the consideration.

(4)      The Company  shall not be in default of payment for a loan or debt from
         a guarantee or debt from a  certification  or aval of a promissory note
         or other debts of the like, and shall not be forced to pay debts before
         the scheduled  payment due to default,  or shall not fall to the status
         in which a creditor is entitled to demand  payment for debts before the
         scheduled  payment  due to default  (whether it be debts to one or many
         creditors),  together  amounting to  Bt50,000,000  (fifty  million baht
         only),  or an equal  amount in other  currency  units of at least fifty
         million Baht or more.

         However,  the  Company  shall  prepare  and submit a report to the note
         holder without delay as soon as the Company is in default  according to
         Section (2), (3) and (4) aforementioned.

(5)      The Company  shall  submit a copy of its annual  financial  statements,
         audited by the Company and a copy of its biannual financial statements,
         audited by the Company to the note  holder in 60 (sixty)  days from the
         end of an accounting  cycle,  and submit a copy of its annual financial
         statements,  audited and opined by the Company's licensed auditor and a
         copy of its biannual  financial  statements,  audited and opined by the
         Company's  licensed auditor to the note holder in 90 (ninety) days from
         the end of an accounting cycle.

Consequences of condition or regulation violation
-------------------------------------------------
If the Company cannot comply with the said agreements before the due date of the
promissory  note, the Company  agrees to buy back the  promissory  note from the
note holder in 30 (working) days from the agreement breaching date. The buy-back
price (V) shall be calculated  from the effective  rate (i) at 3.20 per annum on
the  principal  (P) and the  period  from  the  buy-back  date  and the due date
specified on the promissory note (d) as follows:

         Whereas,
                                  p
                           V=  --------
                                  i     d
                          (1 +  ----- )--- * 2
                                  2    365

         V        refers to result of the value of the promissory  note that the
                  company is supposed to pay in the  buy-back  due to  agreement
                  violation.

         P        refers to an amount of money that the  Company is  supposed to
                  pay as stated on the promissory note to the note holder.

         i        refers to the effective rate.

         d        refers to the number of days from the buy-back date to the due
                  date specified on the promissory note.
<PAGE>

Termination of this agreement
-----------------------------

1.       As soon as the  promissory  note is due as specified on the  promissory
         note:  This  agreement  shall  terminate and bear no legal effect right
         away as soon as the  Company  pays the note  holder  equivalent  to the
         amount of money that the Company is supposed  to pay  according  to the
         denotation  on the  promissory  note to the note  holder (P) as well as
         fine in case of late  payment  (if any) that can be claimed  under Thai
         law.

2.       As soon as the Company  breaches an agreement and is forced to buy back
         the promissory  note as specified in the  consequences  of condition or
         regulation violation:  This agreement shall terminate and bear no legal
         effect  right  away  as  soon  as the  Company  pays  the  note  holder
         equivalent to the result of the value of the  promissory  note that the
         company is supposed to pay in the buy-back  due to agreement  violation
         (V) as well as fine in case  of  late  payment  (if  any)  that  can be
         claimed under Thai law.

This agreement is made in two identical  copies and shall be  enforceable  under
Thai law. If a statement in the  agreement  contradicts a legal  provision,  the
legal  provision  shall supercede the statement in the agreement only where it's
contradicted.

The  Company  certifies  that it will  strictly  comply  with  the  details  and
conditions  of this  agreement  and therein  affix its  signature as evidence on
October 1, 2002.

King Power Duty Free Co., Ltd.

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

Acknowledged and agreed with the conditions specified in the agreement

AJF Star Income Fund

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

<PAGE>

                                   989, Siam Tower, 26th, 27th Floors,
                                   Rama I Road,
                                   Pathum Wan Sub-district, Pathum Wan District,
                                   Bangkok 10330

                                 October 1, 2002

Subject: Regulations on the Company's rights and duties towards the note holder

To:      AJF Star Multiple Fund

Whereas King Power Duty Free Company Limited (Company),  a juristic entity under
the category of a limited  company,  Registration  No.  522/2539 as shown in the
Certificate  issued by the Ministry of Commerce,  headquartered at No. 989, Siam
Tower,  26th,  27th Floors,  Rama I Road,  Pathum Wan  Sub-district,  Pathum Wan
District,  Bangkok Metropolis,  has issued Promissory Note No.  0000221-0000222,
0000224-0000227  (promissory  note) on  October  1,  2002 as  evidence  that the
Company will make payment without  conditions as soon as that promissory note is
due at the amount of Bt300,000,000  (Three hundred million baht only) on October
1, 2004 to ABN Amro Bank N.V., Bangkok Branch, which has endorsed the promissory
note without  rights of taking  recourse,  with the AJF Star Multiple Fund (note
holder), legitimate holder of the note on October 1, 2002.

While the promissory  note is not yet due as specified on the  promissory  note,
the Company promises the following with the note holder:

(1)      As of October 1, 2002, the Company has occupied space in  international
         airports in Thailand as follows:

         1.       Bangkok International  Airport, No. 171, Bangkok International
                  Airport Building,  Airports  Authority of Thailand,  Bang Khen
                  Sub-district,  Don Mueang District,  Bangkok Metropolis or the
                  New Bangkok International Airport

         2.       Chiang Mai International Airport, Chiang Mai Airport Building,
                  Airports Authority of Thailand,  Suthep  Sub-district,  Mueang
                  Chiang Mai District, Chiang Mai Province

         3.       Phuket   International   Airport,   No.  222,  Phuket  Airport
                  Building,   Airports   Authority   of   Thailand,   Mai   Khao
                  Sub-district, Thalang District, Phuket Province

         4.       Hat  Yai  International  Airport,  No.  99,  Hat  Yai  Airport
                  Building,   Airports   Authority   of   Thailand,   Khlong  La
                  Sub-district, Hat Yai District, Songkhla Province.

If there is any change in the  occupation  of the said space,  the Company  will
notify the note holder without delay.

(2)      The Company  certifies to the note holder that the Company has received
         a  license,  certificate  and  letter  of  agreement  from the  Customs
         Department in  accordance  with the Customs Act to set up and operate a
         bonded  warehouse under the category of duty-free shop from the Customs
         Department,  and those  documents  shall  remain valid  throughout  the
         period the promissory note is not yet due.

(3)  The Company shall maintain a loan to related companies before setting aside
     a reserve and loan to other companies before setting aside a reserve for an
     amount of not more than Bt850,000,000 (eight hundred and fifty million
     Baht), based on the said loans as of the end of the annual and biannual
     cycles, checked or audited by a certified public accountant in the
     consideration.

<PAGE>

(4)      The Company  shall not be in default of payment for a loan or debt from
         a guarantee or debt from a  certification  or aval of a promissory note
         or other debts of the like, and shall not be forced to pay debts before
         the scheduled  payment due to default,  or shall not fall to the status
         in which a creditor is entitled to demand  payment for debts before the
         scheduled  payment  due to default  (whether it be debts to one or many
         creditors),  together  amounting to  Bt50,000,000  (fifty  million baht
         only),  or an equal  amount in other  currency  units of at least fifty
         million Baht or more.

         However,  the  Company  shall  prepare  and submit a report to the note
         holder without delay as soon as the Company is in default  according to
         Section (2), (3) and (4) aforementioned.

(5)      The Company  shall  submit a copy of its annual  financial  statements,
         audited by the Company and a copy of its biannual financial statements,
         audited by the Company to the note  holder in 60 (sixty)  days from the
         end of an accounting  cycle,  and submit a copy of its annual financial
         statements,  audited and opined by the Company's licensed auditor and a
         copy of its biannual  financial  statements,  audited and opined by the
         Company's  licensed auditor to the note holder in 90 (ninety) days from
         the end of an accounting cycle.

Consequences of condition or regulation violation
-------------------------------------------------
If the Company cannot comply with the said agreements before the due date of the
promissory  note, the Company  agrees to buy back the  promissory  note from the
note holder in 30 (working) days from the agreement breaching date. The buy-back
price (V) shall be calculated  from the effective  rate (i) at 3.75 per annum on
the  principal  (P) and the  period  from  the  buy-back  date  and the due date
specified on the promissory note (d) as follows:

         Whereas,

                                p
                         V=  --------
                                i     d
                        (1 +  ----- )--- * 2
                                2    365

         V        refers to result of the value of the promissory  note that the
                  company is supposed to pay in the  buy-back  due to  agreement
                  violation.

         P        refers to an amount of money that the  Company is  supposed to
                  pay as stated on the promissory note to the note holder.

         i        refers to the effective rate.

         d        refers to the number of days from the buy-back date to the due
                  date specified on the promissory note.

<PAGE>

Termination of this agreement
-----------------------------

         1.       As soon as the  promissory  note  is due as  specified  on the
                  promissory  note:  This agreement  shall terminate and bear no
                  legal  effect  right away as soon as the Company pays the note
                  holder  equivalent  to the amount of money that the Company is
                  supposed to pay according to the  denotation on the promissory
                  note to the  note  holder  (P) as well as fine in case of late
                  payment (if any) that can be claimed under Thai law.

         2.       As soon as the Company  breaches an agreement and is forced to
                  buy back the promissory note as specified in the  consequences
                  of condition or regulation  violation:  This  agreement  shall
                  terminate  and bear no legal  effect right away as soon as the
                  Company pays the note holder  equivalent  to the result of the
                  value of the  promissory  note that the company is supposed to
                  pay in the buy-back due to agreement  violation (V) as well as
                  fine in case of late  payment  (if any)  that  can be  claimed
                  under Thai law.

This agreement is made in two identical  copies and shall be  enforceable  under
Thai law. If a statement in the  agreement  contradicts a legal  provision,  the
legal  provision  shall supercede the statement in the agreement only where it's
contradicted.

The  Company  certifies  that it will  strictly  comply  with  the  details  and
conditions  of this  agreement  and therein  affix its  signature as evidence on
October 1, 2002.

King Power Duty Free Co., Ltd.

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

Acknowledged and agreed with the conditions specified in the agreement

AJF Star Multiple Fund

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

<PAGE>

                                   989, Siam Tower, 26th, 27th Floors,
                                   Rama I Road,
                                   Pathum Wan Sub-district, Pathum Wan District,
                                   Bangkok 10330

                                 October 1, 2002

Subject: Regulations on the Company's rights and duties towards the note holder

To:      AJF Star Multiple Fund

Whereas King Power Duty Free Company Limited (Company),  a juristic entity under
the category of a limited  company,  Registration  No.  522/2539 as shown in the
Certificate  issued by the Ministry of Commerce,  headquartered at No. 989, Siam
Tower,  26th,  27th Floors,  Rama I Road,  Pathum Wan  Sub-district,  Pathum Wan
District,  Bangkok  Metropolis,  has issued Promissory Note No.  0000228-0000232
(promissory  note) on October 1, 2002 as  evidence  that the  Company  will make
payment without  conditions as soon as that promissory note is due at the amount
of Bt100,000,000  (One hundred million baht only) on October 3, 2005 to ABN Amro
Bank N.V., Bangkok Branch, which has endorsed the promissory note without rights
of taking  recourse,  with the AJF Star Multiple Fund (note holder),  legitimate
holder of the note on October 1, 2002.

While the promissory  note is not yet due as specified on the  promissory  note,
the Company promises the following with the note holder:

(1)      As of October 1, 2002, the Company has occupied space in  international
         airports in Thailand as follows:

         1.       Bangkok International  Airport, No. 171, Bangkok International
                  Airport Building,  Airports  Authority of Thailand,  Bang Khen
                  Sub-district,  Don Mueang District,  Bangkok Metropolis or the
                  New Bangkok International Airport

         2.       Chiang Mai International Airport, Chiang Mai Airport Building,
                  Airports Authority of Thailand,  Suthep  Sub-district,  Mueang
                  Chiang Mai District, Chiang Mai Province

         3.       Phuket   International   Airport,   No.  222,  Phuket  Airport
                  Building,   Airports   Authority   of   Thailand,   Mai   Khao
                  Sub-district, Thalang District, Phuket Province

         4.       Hat  Yai  International  Airport,  No.  99,  Hat  Yai  Airport
                  Building,   Airports   Authority   of   Thailand,   Khlong  La
                  Sub-district, Hat Yai District, Songkhla Province.

If there is any change in the  occupation  of the said space,  the Company  will
notify the note holder without delay.

(2)      The Company  certifies to the note holder that the Company has received
         a  license,  certificate  and  letter  of  agreement  from the  Customs
         Department in  accordance  with the Customs Act to set up and operate a
         bonded  warehouse under the category of duty-free shop from the Customs
         Department,  and those  documents  shall  remain valid  throughout  the
         period the promissory note is not yet due.

<PAGE>

(3)      The Company shall maintain a loan to related  companies  before setting
         aside a reserve  and loan to other  companies  before  setting  aside a
         reserve for an amount of not more than Bt850,000,000 (eight hundred and
         fifty  million  Baht),  based  on the  said  loans as of the end of the
         annual and biannual  cycles,  checked or audited by a certified  public
         accountant in the consideration.

(4)      The Company  shall not be in default of payment for a loan or debt from
         a guarantee or debt from a  certification  or aval of a promissory note
         or other debts of the like, and shall not be forced to pay debts before
         the scheduled  payment due to default,  or shall not fall to the status
         in which a creditor is entitled to demand  payment for debts before the
         scheduled  payment  due to default  (whether it be debts to one or many
         creditors),  together  amounting to  Bt50,000,000  (fifty  million baht
         only),  or an equal  amount in other  currency  units of at least fifty
         million Baht or more.

         However,  the  Company  shall  prepare  and submit a report to the note
         holder without delay as soon as the Company is in default  according to
         Section (2), (3) and (4) aforementioned.

(5)      The Company  shall  submit a copy of its annual  financial  statements,
         audited by the Company and a copy of its biannual financial statements,
         audited by the Company to the note  holder in 60 (sixty)  days from the
         end of an accounting  cycle,  and submit a copy of its annual financial
         statements,  audited and opined by the Company's licensed auditor and a
         copy of its biannual  financial  statements,  audited and opined by the
         Company's  licensed auditor to the note holder in 90 (ninety) days from
         the end of an accounting cycle.

Consequences of condition or regulation violation
-------------------------------------------------
If the Company cannot comply with the said agreements before the due date of the
promissory  note, the Company  agrees to buy back the  promissory  note from the
note holder in 30 (working) days from the agreement breaching date. The buy-back
price (V) shall be calculated  from the effective  rate (i) at 4.25 per annum on
the  principal  (P) and the  period  from  the  buy-back  date  and the due date
specified on the promissory note (d) as follows:

         Whereas,

                                        p
                                 V=  --------
                                        i     d
                                (1 +  ----- )--- * 2
                                        2    365

         V        refers to result of the value of the promissory  note that the
                  company is supposed to pay in the  buy-back  due to  agreement
                  violation.

         P        refers to an amount of money that the  Company is  supposed to
                  pay as stated on the promissory note to the note holder.

         i        refers to the effective rate.

         d        refers to the number of days from the buy-back date to the due
                  date specified on the promissory note.

Termination of this agreement
-----------------------------

         1.       As soon as the  promissory  note  is due as  specified  on the
                  promissory  note:  This agreement  shall terminate and bear no
                  legal  effect  right away as soon as the Company pays the note
                  holder  equivalent  to the amount of money that the Company is
                  supposed to pay according to the  denotation on the promissory
                  note to the  note  holder  (P) as well as fine in case of late
                  payment (if any) that can be claimed under Thai law.

         2.       As soon as the Company  breaches an agreement and is forced to
                  buy back the promissory note as specified in the  consequences
                  of condition or regulation  violation:  This  agreement  shall
                  terminate  and bear no legal  effect right away as soon as the
                  Company pays the note holder  equivalent  to the result of the
                  value of the  promissory  note that the company is supposed to
                  pay in the buy-back due to agreement  violation (V) as well as
                  fine in case of late  payment  (if any)  that  can be  claimed
                  under Thai law.

This agreement is made in two identical  copies and shall be  enforceable  under
Thai law. If a statement in the  agreement  contradicts a legal  provision,  the
legal  provision  shall supercede the statement in the agreement only where it's
contradicted.

The  Company  certifies  that it will  strictly  comply  with  the  details  and
conditions  of this  agreement  and therein  affix its  signature as evidence on
October 1, 2002.

King Power Duty Free Co., Ltd.

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

Acknowledged and agreed with the conditions specified in the agreement

AJF Star Multiple Fund

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

<PAGE>

                                   989, Siam Tower, 26th, 27th Floors,
                                   Rama I Road,
                                   Pathum Wan Sub-district, Pathum Wan District,
                                   Bangkok 10330

                                 October 1, 2002

Subject: Regulations on the Company's rights and duties towards the note holder

To:      AJF Star Plus Fund

Whereas King Power Duty Free Company Limited (Company),  a juristic entity under
the category of a limited  company,  Registration  No.  522/2539 as shown in the
Certificate  issued by the Ministry of Commerce,  headquartered at No. 989, Siam
Tower,  26th,  27th Floors,  Rama I Road,  Pathum Wan  Sub-district,  Pathum Wan
District,  Bangkok  Metropolis,  has issued Promissory Note No.  0000219-0000220
(promissory  note) on October 1, 2002 as  evidence  that the  Company  will make
payment without  conditions as soon as that promissory note is due at the amount
of Bt100,000,000  (One hundred million baht only) on October 1, 2003 to ABN Amro
Bank N.V., Bangkok Branch, which has endorsed the promissory note without rights
of taking recourse, with the AJF Star Plus Fund (note holder), legitimate holder
of the note on October 1, 2002.

While the promissory  note is not yet due as specified on the  promissory  note,
the Company promises the following with the note holder:

(1)      As of October 1, 2002, the Company has occupied space in  international
         airports in Thailand as follows:

         1.       Bangkok International  Airport, No. 171, Bangkok International
                  Airport Building,  Airports  Authority of Thailand,  Bang Khen
                  Sub-district,  Don Mueang District,  Bangkok Metropolis or the
                  New Bangkok International Airport

         2.       Chiang Mai International Airport, Chiang Mai Airport Building,
                  Airports Authority of Thailand,  Suthep  Sub-district,  Mueang
                  Chiang Mai District, Chiang Mai Province

         3.       Phuket   International   Airport,   No.  222,  Phuket  Airport
                  Building,   Airports   Authority   of   Thailand,   Mai   Khao
                  Sub-district, Thalang District, Phuket Province

         4.       Hat  Yai  International  Airport,  No.  99,  Hat  Yai  Airport
                  Building,   Airports   Authority   of   Thailand,   Khlong  La
                  Sub-district, Hat Yai District, Songkhla Province.

If there is any change in the  occupation  of the said space,  the Company  will
notify the note holder without delay.

(2)      The Company  certifies to the note holder that the Company has received
         a  license,  certificate  and  letter  of  agreement  from the  Customs
         Department in  accordance  with the Customs Act to set up and operate a
         bonded  warehouse under the category of duty-free shop from the Customs
         Department,  and those  documents  shall  remain valid  throughout  the
         period the promissory note is not yet due.

<PAGE>

(3)      The Company shall maintain a loan to related  companies  before setting
         aside a reserve  and loan to other  companies  before  setting  aside a
         reserve for an amount of not more than Bt850,000,000 (eight hundred and
         fifty  million  Baht),  based  on the  said  loans as of the end of the
         annual and biannual  cycles,  checked or audited by a certified  public
         accountant in the consideration.

(4)      The Company  shall not be in default of payment for a loan or debt from
         a guarantee or debt from a  certification  or aval of a promissory note
         or other debts of the like, and shall not be forced to pay debts before
         the scheduled  payment due to default,  or shall not fall to the status
         in which a creditor is entitled to demand  payment for debts before the
         scheduled  payment  due to default  (whether it be debts to one or many
         creditors),  together  amounting to  Bt50,000,000  (fifty  million baht
         only),  or an equal  amount in other  currency  units of at least fifty
         million Baht or more.

         However,  the  Company  shall  prepare  and submit a report to the note
         holder without delay as soon as the Company is in default  according to
         Section (2), (3) and (4) aforementioned.

(5)      The Company  shall  submit a copy of its annual  financial  statements,
         audited by the Company and a copy of its biannual financial statements,
         audited by the Company to the note  holder in 60 (sixty)  days from the
         end of an accounting  cycle,  and submit a copy of its annual financial
         statements,  audited and opined by the Company's licensed auditor and a
         copy of its biannual  financial  statements,  audited and opined by the
         Company's  licensed auditor to the note holder in 90 (ninety) days from
         the end of an accounting cycle.

Consequences of condition or regulation violation
-------------------------------------------------
If the Company cannot comply with the said agreements before the due date of the
promissory  note, the Company  agrees to buy back the  promissory  note from the
note holder in 30 (working) days from the agreement breaching date. The buy-back
price (V) shall be calculated  from the effective  rate (i) at 3.20 per annum on
the  principal  (P) and the  period  from  the  buy-back  date  and the due date
specified on the promissory note (d) as follows:

         Whereas,

                                        p
                                 V=  --------
                                        i     d
                                (1 +  ----- )--- * 2
                                        2    365

         V        refers to result of the value of the promissory  note that the
                  company is supposed to pay in the  buy-back  due to  agreement
                  violation.

         P        refers to an amount of money that the  Company is  supposed to
                  pay as stated on the promissory note to the note holder.

         i        refers to the effective rate.

         d        refers to the number of days from the buy-back date to the due
                  date specified on the promissory note.
<PAGE>

Termination of this agreement
-----------------------------

1.       As soon as the  promissory  note is due as specified on the  promissory
         note:  This  agreement  shall  terminate and bear no legal effect right
         away as soon as the  Company  pays the note  holder  equivalent  to the
         amount of money that the Company is supposed  to pay  according  to the
         denotation  on the  promissory  note to the note  holder (P) as well as
         fine in case of late  payment  (if any) that can be claimed  under Thai
         law.

2.       As soon as the Company  breaches an agreement and is forced to buy back
         the promissory  note as specified in the  consequences  of condition or
         regulation violation:  This agreement shall terminate and bear no legal
         effect  right  away  as  soon  as the  Company  pays  the  note  holder
         equivalent to the result of the value of the  promissory  note that the
         company is supposed to pay in the buy-back  due to agreement  violation
         (V) as well as fine in case  of  late  payment  (if  any)  that  can be
         claimed under Thai law.

This agreement is made in two identical  copies and shall be  enforceable  under
Thai law. If a statement in the  agreement  contradicts a legal  provision,  the
legal  provision  shall supercede the statement in the agreement only where it's
contradicted.

The  Company  certifies  that it will  strictly  comply  with  the  details  and
conditions  of this  agreement  and therein  affix its  signature as evidence on
October 1, 2002.

King Power Duty Free Co., Ltd.

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

Acknowledged and agreed with the conditions specified in the agreement

AJF Star Plus Fund

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

<PAGE>

                                   989, Siam Tower, 26th, 27th Floors,
                                   Rama I Road,
                                   Pathum Wan Sub-district, Pathum Wan District,
                                   Bangkok 10330

                                 October 1, 2002

Subject: Regulations on the Company's rights and duties towards the note holder

To:      Krungsri Ayudhya Fund

Whereas King Power Duty Free Company Limited (Company),  a juristic entity under
the category of a limited  company,  Registration  No.  522/2539 as shown in the
Certificate  issued by the Ministry of Commerce,  headquartered at No. 989, Siam
Tower,  26th,  27th Floors,  Rama I Road,  Pathum Wan  Sub-district,  Pathum Wan
District,  Bangkok  Metropolis,  has issued Promissory Note No.  0000214-0000218
(promissory  note) on October 1, 2002 as  evidence  that the  Company  will make
payment without  conditions as soon as that promissory note is due at the amount
of  Bt50,000,000  (Fifty  million baht only) on October 1, 2003 to ABN Amro Bank
N.V.,  Bangkok Branch,  which has endorsed the promissory note without rights of
taking recourse, with the Krungsri Ayudhya Fund (note holder), legitimate holder
of the note on October 1, 2002.

While the promissory  note is not yet due as specified on the  promissory  note,
the Company promises the following with the note holder:

(1)      As of October 1, 2002, the Company has occupied space in  international
         airports in Thailand as follows:

         1.       Bangkok International  Airport, No. 171, Bangkok International
                  Airport Building,  Airports  Authority of Thailand,  Bang Khen
                  Sub-district,  Don Mueang District,  Bangkok Metropolis or the
                  New Bangkok International Airport

         2.       Chiang Mai International Airport, Chiang Mai Airport Building,
                  Airports Authority of Thailand,  Suthep  Sub-district,  Mueang
                  Chiang Mai District, Chiang Mai Province

         3.       Phuket   International   Airport,   No.  222,  Phuket  Airport
                  Building,   Airports   Authority   of   Thailand,   Mai   Khao
                  Sub-district, Thalang District, Phuket Province

         4.       Hat  Yai  International  Airport,  No.  99,  Hat  Yai  Airport
                  Building,   Airports   Authority   of   Thailand,   Khlong  La
                  Sub-district, Hat Yai District, Songkhla Province.

If there is any change in the  occupation  of the said space,  the Company  will
notify the note holder without delay.

(2)      The Company  certifies to the note holder that the Company has received
         a  license,  certificate  and  letter  of  agreement  from the  Customs
         Department in  accordance  with the Customs Act to set up and operate a
         bonded  warehouse under the category of duty-free shop from the Customs
         Department,  and those  documents  shall  remain valid  throughout  the
         period the promissory note is not yet due.

<PAGE>

(3)      The Company shall maintain a loan to related  companies  before setting
         aside a reserve  and loan to other  companies  before  setting  aside a
         reserve for an amount of not more than Bt850,000,000 (eight hundred and
         fifty  million  Baht),  based  on the  said  loans as of the end of the
         annual and biannual  cycles,  checked or audited by a certified  public
         accountant in the consideration.

(4)      The Company  shall not be in default of payment for a loan or debt from
         a guarantee or debt from a  certification  or aval of a promissory note
         or other debts of the like, and shall not be forced to pay debts before
         the scheduled  payment due to default,  or shall not fall to the status
         in which a creditor is entitled to demand  payment for debts before the
         scheduled  payment  due to default  (whether it be debts to one or many
         creditors),  together  amounting to  Bt50,000,000  (fifty  million baht
         only),  or an equal  amount in other  currency  units of at least fifty
         million Baht or more.

         However,  the  Company  shall  prepare  and submit a report to the note
         holder without delay as soon as the Company is in default  according to
         Section (2), (3) and (4) aforementioned.

(5)      The Company  shall  submit a copy of its annual  financial  statements,
         audited by the Company and a copy of its biannual financial statements,
         audited by the Company to the note  holder in 60 (sixty)  days from the
         end of an accounting  cycle,  and submit a copy of its annual financial
         statements,  audited and opined by the Company's licensed auditor and a
         copy of its biannual  financial  statements,  audited and opined by the
         Company's  licensed auditor to the note holder in 90 (ninety) days from
         the end of an accounting cycle.

Consequences of condition or regulation violation
-------------------------------------------------
If the Company cannot comply with the said agreements before the due date of the
promissory  note, the Company  agrees to buy back the  promissory  note from the
note holder in 30 (working) days from the agreement breaching date. The buy-back
price (V) shall be calculated  from the effective  rate (i) at 3.20 per annum on
the  principal  (P) and the  period  from  the  buy-back  date  and the due date
specified on the promissory note (d) as follows:

         Whereas,
                                     p
                              V=  --------
                                     i     d
                             (1 +  ----- )--- * 2
                                     2    365

         V        refers to result of the value of the promissory  note that the
                  company is supposed to pay in the  buy-back  due to  agreement
                  violation.

         P        refers to an amount of money that the  Company is  supposed to
                  pay as stated on the promissory note to the note holder.

         i        refers to the effective rate.

         d        refers to the number of days from the buy-back date to the due
                  date specified on the promissory note.

Termination of this agreement
-----------------------------

         1.       As soon as the  promissory  note  is due as  specified  on the
                  promissory  note:  This agreement  shall terminate and bear no
                  legal  effect  right away as soon as the Company pays the note
                  holder  equivalent  to the amount of money that the Company is
                  supposed to pay according to the  denotation on the promissory
                  note to the  note  holder  (P) as well as fine in case of late
                  payment (if any) that can be claimed under Thai law.

         2.       As soon as the Company  breaches an agreement and is forced to
                  buy back the promissory note as specified in the  consequences
                  of condition or regulation  violation:  This  agreement  shall
                  terminate  and bear no legal  effect right away as soon as the
                  Company pays the note holder  equivalent  to the result of the
                  value of the  promissory  note that the company is supposed to
                  pay in the buy-back due to agreement  violation (V) as well as
                  fine in case of late  payment  (if any)  that  can be  claimed
                  under Thai law.

This agreement is made in two identical  copies and shall be  enforceable  under
Thai law. If a statement in the  agreement  contradicts a legal  provision,  the
legal  provision  shall supercede the statement in the agreement only where it's
contradicted.

The  Company  certifies  that it will  strictly  comply  with  the  details  and
conditions  of this  agreement  and therein  affix its  signature as evidence on
October 1, 2002.

King Power Duty Free Co., Ltd.

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

Acknowledged and agreed with the conditions specified in the agreement

Krungsri Ayudhya Fund

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00050-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00050-of-00352.parquet"}]]