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/CITICORP  LEASING (THAILAND) LTD.
--------------------------------------------------------------------------------
                                Letter of Consent

I/We,  King  Power  Duty  Free  Co.,  Ltd.,  the  owner  of  the  fixed  deposit
account/savings account/current account/certificate of deposit any other account
or  deposit  instrument  currently  open  at  Citibank,  N.A.  (Bangkok  Branch)
(hereinafter  referred to as the "Bank"),  hereby agree to authorize the Bank to
forthwith  set-off  the  monies  and the  interest  thereon  from  such  deposit
account/certificate  of deposit to satisfy  the  obligations  of all types which
I/we have with the Bank or Citicorp Leasing  (Thailand) Ltd.  ("CLT"),  or their
subsidiaries,  whether  such  obligation  was incurred  before,  and/or has been
incurred during the terms of this Letter,  and/or every type of obligation which
may incur hereafter,  without limitation.  With respect to any set-off from such
account/certificate of deposit, the Bank is entitled to set-off  notwithstanding
that such  deposit  account/certificate  of  deposit  has not become due for the
payment in accordance  with the  agreement.  The Bank or CLT are not required to
give  notice to  me/us,  and it shall be  deemed  that I/we have  agreed to give
consent to such set off in all respects.  I/We promise that I/we will not oppose
or claim for any  damages  whatsoever  incurred  from the fact that the Bank has
exercised the right to set off the account in accordance with this Letter.  I/We
shall not do anything  which may prejudice the rights of the Bank. It shall also
be deemed that this Letter of Consent is always in full force and effect whereby
I/we shall not revoke the consent without prior written consent from the Bank.

In the case  where the  receipt to the fixed  deposit/Certificate  of Deposit or
deposit instrument  aforementioned becomes due for the deposit term, or that the
passbook to the deposit account is required to be replaced, or the amount of the
deposit money is altered,  and the  obligation is not yet due for the repayment,
I/we agree to  authorize  the Bank to renew the fixed  deposit or to replace the
receipt  to the fixed  deposit/the  passbook  or  deposit  instrument  to my/our
deposit  account  every time.  I/We agree to deliver and  authorize  the Bank to
set-off   from   every   receipt   to   the   fixed   deposit/deposit    account
passbook/certificate  of  deposit,  which  have  been  renewed  or  replaced  in
accordance  with the foregoing  paragraph given to the Bank, as the security for
the obligation performance to secure the debt as mentioned above.

In witness  whereof,  I/we have  caused the letter to be signed and the seal (if
any) to be hereunto  affixed before the witnesses  hereunder on this 15th day of
November 2000/

Customer :   King Power Duty Free Co., Ltd.
or and on behalf of     - Signed -      (Seal of King Power Duty Free Co., Ltd.)
Name :         (Mr. Viratana Suntaranond)
Title :
Witness :
Witness :               - Signed -
               Hathyakanta Techakamphousha

<PAGE>

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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
--------------------------------------------------------------------------------
                          OVERDRAFT FACILITY AGREEMENT

THIS AGREEMENT is made this 15th day of November 2000

BETWEEN

CITIBANK, N.A. BANGKOK BRANCH (the "Bank")

AND

King Power Duty Free Co.,  Ltd. Of 989,  Rama 1 Road,  Pathum Wan  Sub-district,
Pathum Wan District, Bangkok Metropolis (the "Customer")

WHEREAS the Customer  maintains  Current Account No. 0123887026 with the Bangkok
branch of the Bank (the "Current Account"); and

WHREAS the  Customer  has  requested  from the Bank,  and the Bank is willing to
grant to the Customer,  an overdraft facility in the sum up to Baht 5,000,000.00
(Five Million Baht Only) (the  "Facility  Limit") upon the terms and  conditions
under this Agreement.

NOW, THEREFORE, it is hereby agreed as follows :

1.       FACILITY

         1.1 Subject to the terms and conditions under this Agreement,  the Bank
grants to the  Customer  an  overdraft  facility  in the sum up to the  Facility
Limit.  Throughout  the terms of this  Agreement,  the  Customer  is entitled to
utilize the  overdraft  facility by  operating  the Current  Account in a normal
manner,  and the Customer  shall  ensure that the amount by which the  aggregate
debits exceed the aggregate  credits (the "Negative  Balance")  shall not exceed
the above Facility Limit at any time unless an increase in the Facility Limit is
granted by the Bank, within its sole discretion, as permitted by Clause 4(C).

         1.2 Except as  otherwise  agreed in writing by the Bank,  the  Customer
shall deposit sufficient funds into the Current Account at the end of the period
of 180 days commencing from the date of this agreement and at the end of each of
the 180 days periods thereafter, to eliminate the Negative Balance.

2.       INTEREST

         2.1 The Customer  shall pay to the Bank interest on the daily  Negative
Balance  (including  such  portion of the Negative  Balance  which the Bank may,
within its sole discretion,  allow to exceed the Facility Limit), if any, at the
rate  prescribed  and  announced  by the  Bank as  applicable  to the  overdraft
facility.

<PAGE>

         2.2 The  Customer  expressly  agrees that the Bank is entitled to, from
time to time, change the interest rate applicable to the overdraft  facility and
change the basis of computation of interest.  The change shall become  effective
as from the date prescribed and announced by the Bank.

         2.3 The Bank will notify the  Customer  of any change in interest  rate
applicable  to the  overdraft  facility  and the  basis  of the  computation  of
interest, either by sending notice to the Customer whether by personal delivery,
mail,  by  transmitting  a  facsimile  with a  confirmation  in  writing,  or by
publication in any daily English language newspaper in Thailand.  Such notice or
publication  can be made before or after the effective  date of the change.  The
Customer shall be bound to such change whether or not the Customer  receives the
notice or sees the publication.

         2.4 All  accrued  interest  shall be paid by the  Customer  on the last
banking  day of each  calendar  month.  The Bank shall be  entitled to debit the
Current  Account with accrued  interest due but unpaid and include such interest
in the Negative  Balance which shall bear interest at the rate applicable to the
overdraft  facility even if such debit may cause the Negative  Balance to exceed
the Facility Limit.

         2.5 All interest shall be computed on the basis of the actual number of
days  elapsed and a 365 day year  inclusive  of the first day during  which such
interest accrues to but excluding the date of actual payment.

3.       CREDITING THE CURRENT ACCOUNT

         All credit entries made into the Current Account in respect of cheques,
bills of exchange,  promissory notes, money orders,  documentary  credits or any
other  instruments are  conditional  upon actual receipt by the Bank of the full
amount of the funds  payable on such  instruments.  In case any credit  entry is
made and the deposited  instrument is subsequently  dishonoured or no payment is
made under the deposited  instrument by whatsoever  reason, the Bank may reverse
the credit  entry and it shall be deemed as if the  credit  entry had never been
made.  The Bank may  re-adjust  the  accrued  interest on the  Negative  Balance
accordingly as if the credit entry had never been made.

4.       VARIATION

         The Bank is entitled to do any of the following

         (a) demand the  Customer to  immediately  deposit  sufficient  funds to
eliminate  the Negative  Balance and pay accrued  interest and any other sum due
under  this  Agreement  whereupon  such sum  shall  become  immediately  due and
payable;

         (b)  refuse to honour  any or all  further  overdrafts  on the  Current
Account made by the Customer,  whether or not the Facility  Limit has been fully
utilized;

         (c) increase or reduce the Facility Limit; and

         (d) debit  any sum owed by the  Customer  to the Bank from the  Current
Account or whatsoever account.

<PAGE>

         Any or all of the actions taken by the Bank under this Clause shall not
be deemed as termination of the overdraft facility.

5.       STATEMENT OF ACCOUNT

         The Bank will maintain,  in accordance with its usual banking practice,
records of account  (computerized  and/or in books and ledgers)  evidencing  the
transactions  of the Current  Account,  and will send to the  Customer a monthly
statement of account. Unless the Customer protests to the Bank in writing within
fourteen (14) days from the date of such  statement and alleges an inaccuracy or
discrepancy,  the  statement  of account  will be, save for  manifest  errors or
conditional  deposits  as stated in Clause 3,  binding and  conclusive  upon the
Customer as a statement  evidencing the total indebtedness of the Customer under
the overdraft facility, if any, to the Bank for the relevant period.

         The Bank may refrain from sending to the Customer the monthly statement
of account when the sum of the Negative Balance is a nominal amount,  when there
is no Negative Balance, or when the Bank deems appropriate.

6.       SECURITY

         6.1  Whenever  the Bank shall  demand,  the  Customer  shall  forthwith
provide the Bank with a guarantee,  security and/or additional  guarantee and/or
security and/or collateral  (collectively  called the "collateral") in forms and
value acceptable to the Bank.

         6.2 Cross  Collateralization  : Any and all  collateral  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,  actual 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 the Customer  and/or the collateral  provider.  The Customer  and/or the
collateral  provider hereby agrees that it 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.

         6.3  Prohibition  of the Second  Lien on  Collateral  : The  collateral
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 the Customer  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  collateral  created or to be created under this Agreement
or any document contemplated herein.

7.       INDEMNITY

         The Customer shall indemnity and hold the Bank harmless against any and
all losses,  damages,  claims and liabilities incurred by the Bank related to or
in  connection  with this  Agreement,  including  buy not  limited  to costs for
maintaining the facility and/or the Current Account for the Customer,  and shall
reimburse  the Bank upon demand of any payment,  loss and damages which the Bank
may make,  suffer or sustain by any reason  whatsoever.  The  certificate of the
Bank as to such  amounts  shall be  conclusive  and  binding on the  Customer in
absence of manifest  errors.  The Bank may debit the Current Account such amount
whenever the Bank deems  appropriate  without prior written notice to or consent
of the Customer.

<PAGE>

8.       STAMP DUTIES, FEES AND EXPENSES

         All stamp duties,  fees and expenses  incurred in connection  with this
Agreement  shall be for the  account  of the  Customer  and the  Customer  shall
promptly  upon  demand  reimburse  the Bank in full.  The  Customer  shall  also
reimburse the Bank for all costs, charges, fee and expenses (including,  without
limitation,  legal fees and other  professional  fees)  incurred  by the Bank in
recovering  any sum  due to the  Bank  under  this  Agreement  or  otherwise  in
preserving  or  enforcing  or seeking to  preserve  or enforce any of its rights
under this Agreement.

9.       TERMINATION

         9.1  Either  the  Bank or the  Customer  may  terminate  the  overdraft
facility at any time by notifying the other party of the termination in writing.
Upon the termination,  all the Negative Balance and other sums which are payable
under this Agreement shall be immediately due and payable whereupon the Customer
shall promptly pay such amount to the Bank.

         9.2 If the Customer shall, for any reason  whatsoever,  fail to pay any
sum due under this Agreement after the  termination of the overdraft  faciluyty,
interest  shall be increased up to the maximum  interest rate which a commercial
bank in Thailand is allowed by the relevant  laws and  regulations  to charge on
loans during the relevant period of time.

10.      EVENTS OF DEFAULT

         Upon the happening of the following  event of default,  the Bank in its
discretion may, without prejudice to any other available rights and remedies, by
written notice to the Customer, terminate this Agreement immediately:

         (a) Cross Default and Cross  Acceleration  : If the Customer  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  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 Customer 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 with 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 the Customer and any of 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 exising major shareholders of the Customer has lost, reduced or waived their
right to the direct  shareholding  and ownership in the Customer 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 ducument  made between the Customer and any
of the Bank and/or CLT and/or any and all  subsidiaries  and  affiliates  of the
Bank.

<PAGE>

11.      SETOFF

         The Bank may, at any time and without  notice to the Customer,  set off
and apply any credit  balance  (or any part  thereof in such  amount as the Bank
shall  determine)  on  any  account  (whether  matured  or not  and in  whatever
currency) of the Customer maintained with the Bank and any other moneys owing by
the Bank to the Customer against the indebtedness (whether actual or contingent)
of the Customer under this Agreement.

12.      ASSIGNMENT

         This  Agreement  shall be  binding  on and inure to the  benefit of the
Customer  and the Bank and its  respective  successors,  but the  rights  of the
customer under this Agreement are personal to it and may not be assigned  either
in whole or in part by the  Customer.  The  Bank  may at any time  upon  written
notice  to the  Customer  assign  or  transfer  all or  any  of  its  rights  or
obligations  under this Agreement,  or  sub-participate  its interest under this
Agreement in whole or in part.

13.      GOVERNING LAW

         This  Agreement  shall be governed by and construed in accordance  with
the laws of Thailand.

IN WITNESS WHEREOF, the parties hereto,  having read and understood the contents
of this Agreement, have executed this Agreement

CITIBANK, N.A., BANGKOK BRANCH

                           Name    :     (............- Signed -...............)
                                                 VICHAI KITCHARANANT
                           Title   :     (.....................................)
                                                           (Seal of King Power
                                                            Duty Free Co., Ltd.)
                           CUSTOMER :...............- Signed -..................
                                           KING POWER DUTY FREE CO., LTD.

                           Name    :            (Mr. Viratana Suntaranond)

                           Title   :     (.....................................)

Spouse  (in case  the  customer  is a  natural  person)  giving  consent  to the
customer's entering into this Agreement.

                           Name    :     (.....................................)

                           Witness :     (.....................................)

                           Name    :     (.....................................)

                           Witness :     (................-Signed -............)
                                                Hathyakanta Techakamphousha

                           Name    :     (.....................................)--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------

                                     FORM A
             AGREEMENT FOR PLEDGE OF RIGHTS UNDER DEPOSIT INSTRUMENT

THIS AGREEMENT is made at  Citibank, N.A., Bangkok Branch on November 27, 2000

BETWEEN

King Power Duty Free Co., Ltd. (Registration No. 522/2539), a company registered
and existing under the laws of Thailand with its  registered  office at 989 Siam
Tower 26,27 Floor, Rama I Road,  Pathum Wan  Sub-district,  Pathum Wan District,
Bangkok Metropolis, Thailand (the "Pledgor")

AND

CITIBANK, N.A. (the "Pledgee")
Whereas,  the Pledgor has deposited money in category of deposit instrument with
account named King Power Duty Free Co.,  Ltd.  with the Pledgee,  details of the
amount of deposit money and interest rate shown in pass book deposit receipt No.
 ..................(the  "Deposit  Instrument")  and  whereas,  the  Pledgor  has
entered  into  loan/overdraft  agreement  or other  credit  agreements  with the
Pledgee  187,000,000.00 (One Hundred Eighty-seven million Baht) at the amount of
Baht per agreement No.  .................  dated the 15day of November 2000 (the
"Credit  Agreement").  As security for the  obligations of the Pledgor under the
Credit  Agreement  and/or other  Indebtedness  (as defined below),  both parties
hereby agree as follows:

1.  DEFINITIONS

         Words and  expressions  of this  Agreement  shall,  unless the  context
requires otherwise or unless otherwise defined herein, have the same meanings as
defined in the Credit Agreement:

         "Indebtedness" means all obligations and liabilities (whether actual or
contingent)  of the  Pledgor  under  the  Credit  Agreement  and/or  any and all
advances, debts, obligations and liabilities of the Pledgor,  heretofore, now or
hereafter made,  incurred or created,  voluntary or  involuntary,  and howsoever
arising, direct or acquired by the Pledgee by transfer, subrogation,  assignment
or succession,  due or not due, absolute or contingent, and notwithstanding that
the Pledgor  may be liable  individually  or jointly  with others or whether the
Indebtedness  may be or  hereafter  become  unrecoverable  or void or  otherwise
unenforceable  by reason of any statue of  limitation,  bankruptcy  or any other
reason whatsoever; and

         "Pledged  Deposits"  means all rights  and  interests  of the  Pledgor,
including  all rights which the Pledgor may have  against the Pledgee  under the
Deposit  Instrument to demand and to receive payments together with all interest
accrued thereon.

<PAGE>

2.  PLEDGE

         2.1 To secure due performance by the Pledgor of the  Indebtedness,  the
Pledgor  hereby  pledges to the  Pledgee  the  Pledged  Deposits  under  Deposit
Instrument and delivers to the Pledgee the Deposit Instrument.
         This Agreement for Pledge of Rights under Deposit  Instrument  shall be
deemed a letter  whereby  Pledgor has notified  the pledgee,  the debtor of such
rights, of the pledge thereof.
         2.2 In the event the deposits shown in the Deposit  Instrument is fixed
amount  with a  definite  deposit  period  and become due before the due date of
Indebtedness,  the  Pledgor  agrees  that the  Pledgee  may  renew  the  deposit
maintained  with the Pledgee for another period,  equal to the previous  deposit
period or for the period as the  Pledgee  deems fit. In the event the deposit is
renewed  as  stated  and/or  the  amount  of  deposit  as shown  in the  Deposit
Instrument  is increased or decreased  and the Pledgee has already  issued a new
deposit  instrument  ("New Deposit  Instrument"),  the Pledgor further agrees to
pledge rights under the New Deposit  Instrument  as security for debt  repayment
hereinabove mentioned. The New Deposit Instrument shall be deemed to be included
within the definition of "Deposit Instrument" for all the purposes hereof.
         2.3 In the event the Pledgee allows the Pledgor to withdraw the deposit
or pays  interest  to the  Pledgor,  the  Pledgor  shall  not  set up a  defence
therefrom or consider such a reversion of rights under the Deposit Instrument to
the possession of Pledgor.
         2.4 The Pledgor agrees that if at any time by any reason whatsoever the
Pledged   Deposits  are  represented  by  other  books  or  instruments,   as  a
substitution of or an addition to current Deposit  Instrument,  such other books
or  instruments  shall  forthwith  on receipt by the  Pledgor be  deposited  and
pledged with the Pledgee.  Such other books and instruments shall also be deemed
to be included within the definition of "Deposit Instrument"
         2.5 The Pledgor  shall,  promptly upon demand by the Pledgee and at the
entire cost and expense of the Pledgor,  make,  execute, do and perform all such
acts,  deeds,  documents,  instruments,  matters  and things the  Pledgee  shall
consider proper or reasonably  desirable to ensure that the security interest of
the Pledgee is perfected  and that the Pledgee  obtains the full benefits of the
security interests over the Pledged Deposits.
         2.5 Cross Collateralization:  Any and all Deposit Instrument pledged or
to be pledged under this Agreement or in any document  contemplated herein shall
be a cross collateral  creating a security  interest for any and all, actual and
contingent, current and future debts owed to the Pledgee and/or Citicorp Leasing
(Thailand)  Limited  ("CLT") and/or any and all  subsidiaries  and affiliates of
Citibank N.A. by the Pledgor. The Pledgor hereby agrees that it shall as soon as
practicable execute and deliver to the Pledgee 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 form time to time enter into any amendmen or  supplement
to this Agreement  and/or the said  collateral  documents as may be requested by
the Pledgee and/or CLT

3.  VARIATION

         Without  affecting the obligations of the Pledgor under this Agreement,
the  Pledgee  shall have the right from time to time,  without the consent of on
notice to the Pledgor,  to perform any, several or all of the following to which
the Pledgor expressly agrees:
         (a) To make any arrangement with any other person whomsoever;
         (b) To wholly or  partially  release or  discharge  the Pledgor  and/or
whoever is or may become liable to the Pledgee in respect of the Indebtedness or
any part thereof;
         (c) To modify any credit or financial facility granted or to be granted
to the Pledgor  which may vary the scope of liability  of the Pledgor  hereunder
and/or
         (d) To obtain from any person whomsoever additional security, guarantee
and/or indemnity for any or all of the Indebtedness.

<PAGE>

4.  REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS

         In addition to the  representations,  warranties and undertakings  made
under the Credit Agreement,  the Pledgor hereby expressly  represents,  warrants
and undertakes with the Pledgee that:
         (a) The Pledgor has the right to the pledged  Deposits  and the Pledged
Deposits  are  beneficially  free and clear of all charges,  pledged,  liens and
encumbrances   whatsoever  thereon  and  any  other  adverse  interests  therein
affecting the rights and interests thereto, except for the rights of the Pledgee
under this Agreement and the right to set-off according to the laws;
         (b) The  Pledgor  has  obtained  and shall  maintain  in full force and
effect  all  authorisations,   consents,   licenses  required  or  desirable  in
connection  with this Agreement and for the due  performance of all  obligations
hereunder;
         (c)  The  execution  of  this  Agreement  and  the  performance  of the
obligations  hereunder  are  not in  contravention  of any  law,  regulation  or
contractual restriction binding on the Pledgor; and
         (d)  The  Deposit  Instrument  pledged  or to  be  pledged  under  this
Agreement or any document  contemplated herein shall at all times be perfect and
rank first as  collateral  in favour of the Pledgee  and/or CLT, and the Pledgor
shall not transfer of otherwise pledge or create any other security  interest or
collateral  right  in  all  or  any of the  Pledged  Deposits  and  the  Deposit
Instrument  to any  person  other  then  the  Pledgee  and  /or CLT  under  this
Agreement.

5.  PROTECTION OF SECURITY INTEREST

         The Pledgor  hereby agrees to indemnify  the Pledgee on demand  against
any and all reasonable  costs,  losses,  expenses or liabilities  incurred by on
imposed  on the  Pledgee in or about the  perfection  and/or  protection  of the
rights under this Agreement.

6.  ENFORCEMENT

         6.1 Upon the  occurrence  of any event of default of the Pledgor  under
the  Credit  Agreement  and at any time  thereafter  or upon the  breach  of any
Indebtedness, or in the event the Pledgor:

         (a) enters into a composition  or any settlement  with other  creditors
for the benefit of all of the creditors;
         (b) becomes  bankrupt or  insolvent  or subject to any order issued for
seizure or control or appointment of the receiver or debt enforcemen against all
or part of the Pledgor's property;
         (c) is in default of paying the debt or any  interest  for more than 15
(fifteen) days;
         (d) fails to comply with any term of this  Agreement  or  breaches  any
term hereof or any term of any agreement of the Pledgor;
         (e) fails for any reason to make payment of any indebtedness or perform
any of its obligations to the Pledgee and/or CLT and/or any and all subsidiaries
and  affiliates of Citibank N.A. under any other  agreement or document,  or any
other creditor when due, or if any indebtedness  under any agreement or document
binding on the Pledgor is validly declared or other wise 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 with 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 the
Pledgor and any of the Pledgee  and/or CLT and/or any and all  subsidiaries  and
affiliates of Citibank N.A.; or
         (f) at any time the top ten existing major  shareholders of the Pledgor
has lost, reduced or waived their right to the direct shareholding and ownership
in the Pledgor  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  the  Pledgor  and any of the  Pledgee  and/or  CLT  and/or  any and all
subsidiaries and affiliates of Citibank N.A.,

<PAGE>

         6.2 The Pledgee  shall be under no  obligation  to exercise  any right,
power  or  privilege  conferred  upon it by or  pursuant  to this  Agreement  or
applicable  law or to make any  enquiry as to the nature of  sufficiency  of any
payment  received  by it or to make any  claim or to take any  other  action  to
enforce any rights and benefits created hereunder or any amount due and payable,
or  which  may  become  payable,  thereunder  or to  which it may at any time be
entitled.  No action taken or omitted to be taken by the Pledgee shall give rise
to any  defence,  counterclaim  or other  right of  set-off  against or affed or
impair any Indebtedness in favour of the Pledgor.
         6.3 The proceeds  derived from the  enforcement  of the pledge shall be
applied against the Indebtedness by the Pledgee upon its sole discretion
         6.4 If the net sum obtained  from the pledge  enforcement  is less than
the outstanding  Indebtedness,  the Pledgor agrees to pay the balance in full to
the Pledgee forthwith.

7.  SUCCESSORS AND ASSIGNMENT

         This  Agreement  shall be  binding  on and inure to the  benefit of the
Pledgor  and the Pledgee  and/or CLT and their  respective  successors,  but the
rights of the Pledgor  under this  Agreement  are  personal to it and may not be
assigned either in whole or in part by the Pledgor.  The Pledgee may at any time
upon written  notice to the Pledgor  assign or transfer all or any of its rights
or obligations under this Agreement,  or sub-participate its interest under this
Agreement in whole or in part.

8.  REDEMPTION

         The Pledgee shall upon request and at the cost of the Pledgor discharge
the pledge  created  hereunder and return the Deposit  Instrument to the Pledgor
when all  Indebtedness  of the Pledgor and all other  obligations of the Pledgor
created hereunder have been fully paid and discharged.

9.  NOTICES

         The address of the Pledgor  specified above is the business  address or
the residence of the Pledgor chosen by the Pledgor as its legal "domicile".  For
the  purpose  of  the  sending  of  all   notices,   correspondence   and  other
communication  by the Pledgee to the Pledgor.  All notices,  correspondence  and
communication  shall be deemed to be duly  received by the Pledgor  when sent to
the above  address or the address  last  notified by the Pledgor  regardless  of
whether  any person  acknowledges  receipt  for the  Pledgor or not. In case the
Pledgor  desires to change the address for the  foregoing  purpose,  the Pledgor
shall notify the Pledgee in writing of the new address which shall, upon receipt
by the  Pledgee,  substitute  the address  specified  above or the address  last
notified to the Pledgee.  Any notice,  correspondence  and communication made by
telex or facsimile shall be promptly confirmed in writing to the Pledgee.

10.  GOVERNING LAW

         This  Agreement  shall be governed by the construed in accordance  with
the laws of Thailand.

<PAGE>

IN WITNESS WHEREOF, the parties hereto,  having read and understood the contents
of this Agreement, have executed this Agreement.

Name:                -Signed-                         (Company Seal Affixed)
         (KING POWER DUTY FREE CO., LTD.)

Name:                -Signed-
           (Mr. Viratana  Suntaranond)

CITIBANK, N.A

Name:                -Signed-
              (Vichai  Kitcharanant)

Witness:                                              Witness: -Signed-
              (                    )            (Hathyakanta Techakamphousha)

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"}]]