Document:

Duplicate
                  Contract of Permission for Operating Business
                    Selling Souvenirs and Miscellaneous Items
                         in Domestic Passenger Terminal
                          Bangkok International Airport

                                                          Contract No. 6-10/2543

This contract is made at the Airports  Authority of Thailand on 9 November 2000,
between the Airports  Authority of Thailand,  represented  by Flight  Lieutenant
Usar  Borisuth,  Deputy  Managing  Director,  Acting  Managing  Director  of the
Airports  Authority of Thailand,  hereinafter called "AAT" of one part, and King
Power Tax Free Co., Ltd.,  registered as a juristic person Company Limited under
the Civil and Commercial  Code, 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.  0014573 dated 7 September 2000,  issued by the Office
of Partnership/Company Registration,  Bangkok Metropolis, hereinafter called the
"Operator" of the other part.

AAT and the Operator agree as follows :

1.       Business Operation

         AAT agrees to grant a permission and the Operator agrees to receive the
         permission   for   operating   business   of  selling   souvenirs   and
         miscellaneous  items to the  passengers  and the  service  users in the
         Domestic Passenger Terminal,  the Bangkok International  Airport, under
         the terms and conditions of this contract, for a period of three years,
         from 18 March 2000 to 17 March 2003.

2.       Fee, Remuneration, Taxes/Duties, Other Expenses & Method of Payment

         2.1      The  Operator  agrees  to pay the fee for  entering  into  the
                  contract,  and the remuneration  for receiving  permission for
                  operating  business  of selling  souvenirs  and  miscellaneous
                  items, under this contract, to AAT, as follows:

                  2.1.1    The fee for entering into the contract, Baht 5,000.00
                           (Five  Thousand  Baht Only),  not including the value
                           added tax;

<PAGE>

                  2.1.2    The  Operator  agrees  to pay  the  remuneration  for
                           receiving  permission  for  operating the business of
                           selling souvenirs and miscellaneous  items under this
                           contract to AAT, on monthly basis,  in advance and by
                           the 5th of every month, as follows :

                           Year 1,  from 18 March  2000 to 17 March  2001,  Baht
                           1,060,500.00 (One Million Sixty Thousand Five Hundred
                           Baht Only);

                           Year 2,  from 18 March  2001 to 17 March  2002,  Baht
                           1,113,525.00   (One  Million  One  Hundred   Thirteen
                           Thousand Five Hundred Twenty-Five Baht Only); and

                           Year 3,  from 18 March  2002 to 17 March  2003,  Baht
                           1,169,201.25  (One  Million  One  Hundred  Sixty-Nine
                           Thousand   Two  Hundred  and  One  Baht   Twenty-Five
                           Satang).

                           The monthly remuneration that the Operator has agreed
                           to pay AAT under  this  clause has not  included  the
                           value added tax,  which the  Operator has the duty to
                           pay at the rate stipulated by law.

         2.2      The Operator agrees to be responsible for payment of the taxes
                  and/or other expenses related to the business  operation under
                  this contract at the rates  stipulated by law and/or set forth
                  in directives of AAT.

         2.3      All  payment  under  this  contract  shall be made at  Finance
                  Division,  Finance Department,  of AAT. After the Operator has
                  made payment to AAT, a receipt shall be issued to the Operator
                  as  evidence.  The receipt  shall have the  signatures  of the
                  Director,  Finance Division, Finance Department, of AAT or the
                  designated  person,   jointly  with  the  cashier  of  Finance
                  Division,  Finance Department, of AAT or the designated person
                  who must be a financial staff of AAT.

                  If the  Operator  is in  default  of any  payment  under  this
                  contract,  the  Operator  consents  to pay penalty to AAT at a
                  rate  of  1.5  percent  (one  point  five)  per  month  of the
                  outstanding  amount.  A fraction  of month shall be counted as
                  one month.

                  The Operator  agrees that this clause is a separate  part, and
                  without  prejudice  to the  right  of AAT  to  terminate  this
                  contract and claim for damages.

<PAGE>

3.       Duties and Responsibilities of the Operator

         3.1      In operating the business  under this  contract,  the Operator
                  agrees to invest in decoration of the premises  which shall be
                  attractive  and  modern  as well  as  acquiring  articles  and
                  equipment at the Operator's own expense.

         3.2      The  Operator  shall not  transfer  the  business  under  this
                  contract  or permit a third  party to  operate  the  business,
                  either in part or in whole,  unless a written  permission  has
                  been obtained from AAT first.

         3.3      The Operator  shall  operate the business  under this contract
                  with expertise,  caution and competence in accordance with the
                  standards of this type of business, whereby the Operator shall
                  take into consideration AAT's reputation and image.

         3.4      The  Operator  shall not use the word  "Airports  Authority of
                  Thailand," "AAT" or other word concerning with AAT or the logo
                  of  the  Airports  Authority  of  Thailand  as  trading  name,
                  characteristics or logo of the Operator's business or juristic
                  person  name,  to such an extent  that it would be mistaken as
                  the business of AAT.

         3.5      The Operator must sell every item of  merchandise  at the same
                  price  and  quality  as those  being  sold in the same type of
                  shops  located  in the  leading  department  stores in Bangkok
                  Metropolis.

                  If  AAT  finds  that  the   Operator  is  selling   overpriced
                  merchandise  than stipulated  under this clause,  a daily fine
                  shall be imposed at 100 times of the  overpriced  merchandise,
                  from the date of  discovery  to the date on which the  selling
                  price shall be adjusted to the same as those being sold in the
                  same type of shops located in the leading department stores in
                  the Bangkok  Metropolis  area.  If the Operator  fails to take
                  corrective  action and AAT has issued three written  warnings,
                  AAT reserves the right to immediately terminate this contract.
                  Thereby, the Operator shall not sue AAT for damages.

         3.6      The Operator shall have price tags of the merchandise  visibly
                  displayed and in Baht only.

         3.7      In case the Operator  receives payment in foreign  currencies,
                  the  prevalent  daily  exchange  rates  of  the  bank  in  the
                  International  Passenger Terminal,  the Bangkok  International
                  Airport,  shall apply  accordingly.  The  currencies  exchange
                  rates shall be visibly displayed.

<PAGE>

         3.8      The  Operator   shall  submit   written  price  lists  of  the
                  merchandise  to AAT 15 days before  opening the business.  The
                  Operator  shall  notify  AAT in  writing  of any change of the
                  merchandise item or price on every occasion.

         3.9      Should there be any  complaint  regarding  price or quality of
                  merchandise,  AAT  reserves the right to order the Operator to
                  adjust   the  price  and   improve   the   quality  as  deemed
                  appropriate. In this respect, AAT's decision shall be final.

         3.10     If the Operator has other income,  in terms of  advertisement,
                  such  advertisement must concern the merchandise being sold in
                  the shop only and a written  permission  must be obtained from
                  AAT first.

         3.11     AAT reserves the right to specify the types of  merchandise or
                  notify the  Operator  to  refrain  from  selling  the types of
                  merchandise AAT deems  inappropriate,  with which the Operator
                  shall strictly comply.

         3.12     The Operator shall open the business  selling the  merchandise
                  under this contract on daily basis,  whereby close of business
                  on any day is not  permitted.  The business  hours shall be at
                  least 06.00 - 24.00 hrs. daily.

                  If the Operator wishes to change the business hours, a written
                  permission must be obtained from AAT on every occasion.

         3.13     The  Operator  must have  seasonal  merchandise  available  as
                  informed by AAT from time to time.

         3.14     The  souvenirs  and  miscellaneous  items  shall  be  made  in
                  Thailand  products,  or those made abroad with  permission for
                  sale in  Thailand.  Their  quality must be as good as the same
                  types of souvenirs and  miscellaneous  items being sold in the
                  leading department stores of Thailand.

         3.15     The  prohibited   merchandise  in  the  premises  are  illegal
                  souvenirs and miscellaneous items, souvenirs and miscellaneous
                  items not being allowed for hand-carry  onto  airplane,  food,
                  snack and all kinds of drink, including alcoholic beverages.

         3.16     The Operator  shall  arrange to have compact boxes or packages
                  for  containing  souvenirs and  miscellaneous  items which are
                  suitable for hand carry onto an airplane.

<PAGE>

         3.17     The  Operator  shall not place  any  advertising  board in the
                  premises,  unless a written  permission has been obtained from
                  AAT.

         3.18     The  Operator  shall  oversee to ensure  that every  staff and
                  employee of the Operator shall dress  properly,  with the name
                  tag as endorsed by AAT,  and that they shall  strictly  comply
                  with the  regulations,  directives and instructions of AAT; in
                  case of any violation  thereof,  the Operator  consents AAT to
                  proceed as AAT deems appropriate.

         3.19     In operating the business under this  contract,  if any damage
                  occurred to the  property or  reputation  of AAT, by an act of
                  the Operator or the person whom the  Operator  has  appointed,
                  assigned,  hired or  requested  to  perform  the  works of the
                  Operator,  the Operator shall be responsible for  compensation
                  of such damage.

         3.20     The Operator shall facilitate AAT staff members, who have been
                  appointed  and  assigned  to oversee the  Operator's  business
                  under  this  contract,   to  inspect  the  business  premises,
                  merchandise,  selling  prices and the relevant  documents,  as
                  well as auditing the Operator's books of accounts.

         3.21     The  Operator  shall  comply  with  the  laws  related  to the
                  business operation under this contract,  whether those existed
                  before or to be enacted at a later date.

         3.22     AAT reserves the right to make any addition  and/or  amendment
                  of  the  terms  and  conditions  of  the  contract  as  deemed
                  beneficial to AAT,  without having to give an advance  notice,
                  for which the Operator shall comply accordingly.

         3.23     The Operator shall be responsible  for any damage  occurred in
                  the  Bangkok  International  Airport  due  to  the  Operator's
                  business in the Bangkok International  Airport, and shall make
                  compensation  for any  damage  due to lack of income of AAT as
                  well.

4.       Performance Guarantee

         In entering into this  contract,  the Operator has submitted the Letter
         of Guarantee  No. L 43-1111  dated 24 October  2000,  issued by Bangkok
         Metropolitan Bank Public Company Limited,  for Baht 7,716,729.00 (Seven
         Million Seven Hundred Sixteen  Thousand Seven Hundred  Twenty-Nine Baht
         Only),  to AAT as  performance  guarantee.  AAT shall  return  the said
         Letter of  Guarantee  after the  Operator  has been  relieved  from all
         obligations under this contract.

<PAGE>

5.       Termination of Contract

         5.1      During the period of this contract, if AAT wishes to terminate
                  the contract prior to the expiration  date under Clause 1, AAT
                  is entitled to do so;  provided that a written  notice must be
                  given to the  Operator at least 30 days in  advance.  Thereby,
                  the Operator agrees not to sue or claim for damages from AAT.

                  In case the Operator  wishes to terminate  this contract prior
                  to the  expiration  date  under  Clause  1,  the  Operator  is
                  entitled  to do so;  provided  that a written  notice  must be
                  given  to AAT at  least  90  days in  advance,  and  that  the
                  Operator has no outstanding payment to AAT.

         5.2      If  there  is any  reasonable  grounds  to  believe  that  the
                  Operator   shall  not  be  able  to   operate   the   business
                  successfully,  or the  Operator  is in  breach  of any  clause
                  herein,  AAT is entitled to terminate this contract and permit
                  a third  party to operate  the  business  under this  contract
                  thereafter; thereby the Operator shall be subject to indemnity
                  to AAT as well.

         5.3      Each and every clause of this contract is deemed essential. If
                  it appears that the Operator acts or omits to act in violation
                  of or  non-compliance  with  any  clause  herein,  or  becomes
                  bankrupt,  AAT  is  entitled  to  immediately  terminate  this
                  contract,  claim  for  damages  and  forfeit  the  performance
                  guarantee.

This  contract  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.

                                       (Seal of King Power Tax Free Co., Ltd.)

               AAT                                       The Operator

            - signed -                                    - signed -
 (Flight Lieutenant Usar Borisuth)                (Mr. Viratana Suntaranond)

             Witness                                        Witness

            - signed -                                     - signed -
       (Mr. Krit Phakhakit)                    (Miss Sarinthon Chongchaidejwong)

<PAGE>

(Revenue Stamps)
                                       -----------------------------------------
                                       Upon expiration or release of obligation,
                                       please return it to the Bank.
                                       -----------------------------------------

                BANGKOK METROPOLITAN BANK PUBLIC COMPANY LIMITED
                  No. 2 Chaloem Khet 4 Road, Bangkok Metropolis
                              Tel. 2230561, 2259999
                                                               L/G No. L 43-1111
                               Letter of Guarantee

                                                         24 October 2000

We, Bangkok Metropolitan Bank Public Company Limited,  with offices at 2 Chaloem
Khet 4 Road,  Thepsirin  Sub-district,  Pom Prap Sattru Phai  District,  Bangkok
Metropolis,  hereby issue this Letter of Guarantee to the Airports  Authority of
Thailand, as follows :

1.       Whereas King Power Tax Free Co.,  Ltd.  has  received a  permission  to
         operate  the  business  of selling  merchandise  and  souvenirs  in the
         Domestic  Passengers  Terminal,   the  Bangkok  International  Airport,
         according  to the  Contract  No.  6-10/2542  entered  with the Airports
         Authority  of  Thailand,  and a Letter  of  Guarantee  is  required  as
         performance guarantee for an amount of Baht 7,716,729.00 (Seven Million
         Seven Hundred Sixteen Thousand Seven Hundred Twenty-Nine Baht Only).

2.       By means of this  letter,  Bangkok  Metropolitan  Bank  Public  Company
         Limited,  guarantee  that if King  Power  Tax Free Co.,  Ltd.  fails to
         comply  with the  contract  or is in breach  of any  clause of the said
         contract,  thereby the  Airports  Authority  of Thailand is entitled to
         impose  fines to and/or  claim for  indemnity  from King Power Tax Free
         Co., Ltd.,  Bangkok  Metropolitan Bank Public Company Limited shall pay
         an amount not exceeding Baht 7,716,729.00  (Seven Million Seven Hundred
         Sixteen  Thousand Seven Hundred  Twenty-Nine Baht Only) to the Airports
         Authority of Thailand on behalf of King Power Tax Free Co., Ltd.

This Letter of  Guarantee  is valid from 18 March 2000 to 17 March  2003,  after
which Bangkok  Metropolitan  Bank Public Company  Limited shall be relieved from
the  responsibility  or  obligation  as  indicated  herein.  As evidence of this
guarantee,  Bangkok  Metropolitan Bank Public Company Limited hereunder sign our
names in the presence of witnesses.

              For Bangkok Metropolitan Bank Public Company Limited

          - signed -         Guarantor             - signed -          Guarantor

 (Mr. Phaisan Sinlapasophon)                (Mr. Chukiat Prathipthong)
 Acting Director, Credit and                Assistant Managing Director
     Security Department
          - signed -         Witness                - signed -         Witness
   (Mr. Praphat Ungcharoen)                (Miss Suwari Sinthuphuthikun)Duplicate
                      Lease Agreement for Space in Building
                        of Bangkok International Airport

                                                         Agreement No. 1-10/2543

This agreement is made at the Airports Authority of Thailand on 9 November 2000,
between the Airports  Authority of Thailand,  represented  by Flight  Lieutenant
Usar  Borisuth,  Deputy  Managing  Director,  Acting  Managing  Director  of the
Airports Authority of Thailand, hereinafter called the "Lessor" of one part, and
King Power Tax Free Co., Ltd.,  registered as a juristic  person Company Limited
under the Civil and Commercial  Code, 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.  0014573 dated 7 September 2000,  issued by the
Office of  Partnership/Company  Registration,  Bangkok,  hereinafter  called the
"Lessee" of the other part.

Whereas  the  Lessor  agrees  to lease  out and the  Lessee  agrees to lease the
property of the Lessor for use as the business  premises  for selling  souvenirs
and miscellaneous items.

Therefore, both parties agree as follows :

The  Lessor  agrees to lease  out and the  Lessee  agrees to lease the  property
according to the "Terms and  Conditions of Lease" and the  following  Appendixes
which shall be deemed part of this agreement.

(Revenue Stamps)

<PAGE>

         Appendix A                         Details  of   the  leased  property,
                                            lease   period,   rents,   fees  and
                                            charges,  chart showing  location of
                                            the leased premises

         Appendix B                         Performance Guarantee

         Appendix C                         Documents  showing  juristic  person
                                            registration of the Lessee,  and the
                                            person  empowered  to  sign  as  the
                                            Lessee

         Appendix D                         Others (if any)

This  agreement 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.

                                      (Seal of King Power Tax Free Co., Ltd.)

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

                  - signed -                               - signed -
     (Flight Lieutenant Usar Borisuth)             (Mr. Viratana Suntaranond)

                    Witness                                  Witness

                  - signed -                                - signed -
             (Mr. Krit Phakhakit)              (Miss Sarinthon Chongchaidejwong)

<PAGE>

                          Terms and Conditions of Lease

Chapter 1         General Terms and Conditions

Chapter 2         Special Terms and Conditions

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

Chapter 1         General Terms and Conditions

1.1      Scope of Lease

         The Lessee  agrees to lease the  property  of the  Lessor,  hereinafter
         called the "leased  premises"  according to the details  prescribed  in
         Appendix A.

1.2      Lease Period

         The  Lessor  agrees to  permit  the  Lessee  to make use of the  leased
         premises under this agreement for the period prescribed in Appendix A.

1.3      Remuneration and Method of Payment

         1.3.1    The  Lessee  agrees  to  pay  remuneration  to the  Lessor  as
                  follows:

                  (a)      Fee for entering  into the  agreement,  Baht 5,000.00
                           (Five  Thousand  Baht Only) not  including  the value
                           added tax;

                  (b)      Rents and charges as prescribed in Appendix A

         1.3.2    Payment  of the fee for  entering  into  the  agreement  under
                  Clause  1.3.1(a)  shall be made to the  Lessor on the  signing
                  date of this agreement.

         1.3.3    Payment of the rents and charges as  prescribed  in Appendix A
                  shall be made, on monthly  basis,  to the Lessor in advance by
                  the 5th of every month.

         1.3.4    The Lessee agrees to be  responsible  for all expenses such as
                  electricity,   telephone,   water  supply  charges  and  other
                  expenses  incurred  from the lease under this  agreement,  and
                  shall make payment to the Lessor within the due date indicated
                  in the invoices.

<PAGE>

         1.3.5    The Lessee agrees to be responsible  for the building and land
                  taxes and other  taxes  incurred  from the  lease  under  this
                  agreement, payable under the existing and future provisions of
                  laws, on behalf of the Lessor.

                  The rate of  monthly  building  and land  taxes  indicated  in
                  Appendix A is based on the average rents the Lessee has to pay
                  in each year.  If it  appears  that the  concerned  government
                  agency has appraised and  collected  higher  building and land
                  taxes,  the Lessee consents to pay the increased amount to the
                  Lessor within 30 (thirty) days from the date of receipt of the
                  Lessor's notice.

         1.3.6    All  payment  under  this  agreement  shall be made at Finance
                  Division,  Finance Department, of the Lessor. After the Lessee
                  has made payment to the Lessor,  a receipt  shall be issued to
                  the Lessee as evidence.  The receipt shall have the signatures
                  of the Director,  Finance Division, Finance Department, of the
                  Lessor or the designated  person,  jointly with the cashier of
                  Finance Division, Finance Department, or the designated person
                  who must be a financial staff of the Lessor.

         1.3.7    If the Lessee is in default of payment of the rents,  building
                  and land taxes or other tax or other  expenses  payable to the
                  Lessor  under  this  agreement,  the  Lessee  consents  to pay
                  penalty  to the  Lessor at a rate of 1.5  percent  (one  point
                  five) per month of the outstanding amount for the whole period
                  of default. A fraction of month shall be counted as one month.

                  The Lessee agrees that the first  paragraph is a separate part
                  and without  prejudice to the right of the Lessor to terminate
                  this agreement and claim for damages.

1.4      Duties and Responsibilities of the Lessee

         1.4.1    The Lessee  shall not make use of the leased  premises for any
                  business  other  than  prescribed  herein,  unless  a  written
                  permission has been obtained from the Lessor first.

         1.4.2    The Lessee shall not sub-lease the leased premises,  either in
                  whole or in part,  or transfer the leasehold to a third party,
                  or allow a third  party to make  use of the  leased  premises,
                  either in whole or in part,  unless a written  permission  has
                  been obtained from the Lessor first.

<PAGE>

         1.4.3    The Lessee shall not alter,  change,  or make  addition to the
                  leased premises, unless a written permission has been obtained
                  from the Lessor first.

                  If any alteration,  change,  addition or repair, whether major
                  or  small  repair,  in  the  leased  premises  and  under  any
                  circumstance,  it shall become the property of the Lessor from
                  the date of  building,  and the Lessee shall not claim for any
                  expense or damages from the Lessor.

         1.4.4    The Lessee shall maintain the leased  premises to be in proper
                  condition  and  clean at all  times.  If the  leased  premises
                  appear to be dirty,  unbecoming  or  deteriorated,  the Lessee
                  shall  arrange  for  cleaning  or repair at the  Lessee's  own
                  expense.

         1.4.5    The  Lessee  shall  arrange  to have  fire  extinguishers,  as
                  endorsed by the Lessor, in the leased premises at the Lessee's
                  own expense.

         1.4.6    The  Lessee  shall  comply,   and  ensure  that  the  Lessee's
                  attendants  or the persons  whom the Lessee has  appointed  or
                  assigned  or hired or  ordered  to  perform  the  works of the
                  Lessee,   shall   comply  with  the   existing   instructions,
                  regulations  and  directives  of the  Lessor,  and those to be
                  issued in the future,  and be cautious not allowing any person
                  to take any illegal action in the leased  premises,  or use it
                  as a storage  or hiding  place of any  illegal  item.  In this
                  case,  if any damage  occurred,  the Lessee shall be liable to
                  the Lessor for the  consequences due to the action of the said
                  persons as if having been committed by the Lessee.

         1.4.7    Throughout the lease period,  the Lessee shall  facilitate and
                  permit the Lessor or the Lessor's  staff to inspect the leased
                  premises from time to time, during reasonable hours.

1.5      Rights on Adjustment of Rents and Charges

         During the lease  period,  the Lessor  reserves the right to adjust the
         rents and charges related to the lease as deemed appropriate.  Whereby,
         the Lessee shall be notified in advance, and the Lessee consents to pay
         the  new  rents  and  charges  related  to  the  lease  to  the  Lessor
         accordingly.

1.6      Termination of Agreement

         1.6.1    During the period of this  agreement,  if the Lessor wishes to
                  terminate  this  agreement   prior  to  the  expiration   date
                  prescribed  in  Appendix  A, the Lessor is  entitled to do so;
                  provided that a written  notice must be given to the Lessee at
                  least thirty (30) days in advance.  Thereby, the Lessee agrees
                  not to sue or claim for any damages from the Lessor.

<PAGE>

                  If the Lessee wishes to terminate this agreement  prior to the
                  expiration  date  prescribed  in  Appendix  A, the  Lessee  is
                  entitled  to do so;  provided  that a written  notice  must be
                  given to the Lessor at least 90 days in  advance  and that the
                  Lessee has no outstanding payment to AAT.

         1.6.2    Each and every clause of this  agreement is deemed  essential.
                  If it  appears  that  the  Lessee  acts  or  omits  to  act in
                  violation  of or  non-compliance  with any clause  herein,  or
                  becomes  bankrupt,  the  Lessor  is  entitled  to  immediately
                  terminate  this  agreement,  claim for damages and forfeit the
                  performance guarantee.

1.7      Return of the Leased Premises

         1.7.1    Upon  expiration  of the lease or the date of  termination  of
                  this  agreement by the Lessor  according to Clause 1.6, as the
                  case may be, this agreement shall end immediately.  The Lessee
                  shall  arrange  for  demolition  or  removal  of the  Lessee's
                  property  from the leased  premises and return the same to the
                  Lessor  within  seven  (7) days  from the  expiration  date or
                  termination date of the agreement, as the case may be.

         1.7.2    In failing to comply with Clause  1.7.1,  the Lessee  consents
                  the Lessor to  immediately  repossess the leased  premises and
                  remove  the  Lessee's  property  therefrom.  Furthermore,  the
                  Lessee  consents to  reimburse  the expenses the Lessor has to
                  pay in doing so, and should  any  damage  occurred  the Lessee
                  shall not claim for any compensation.

         1.7.3    Besides consenting the Lessor to repossess the leased premises
                  according to Clause  1.7.2,  the Lessee also consents to pay a
                  daily fine to the Lessor at the rate prescribed in Appendix A,
                  from the supposed date of return of the leased premises to the
                  date on which the  Lessee  and  attendants  vacate  the leased
                  premises  and return the same or the  Lessor has  carried  out
                  according to Clause 1.7.2, as the case may be.

1.8      Performance Guarantee

         Unless otherwise  specified in Chapter 2 of the Terms and Conditions of
         Lease, in entering into this  agreement,  the Lessee shall deposit cash
         or submit a Letter of  Guarantee  issued by a local bank for the amount
         equivalent  to three (3) times of the rent  plus the  relevant  service
         fees and monthly  building and land taxes, to the Lessor as performance
         guarantee.

<PAGE>

         The above performance  guarantee shall be returned after the Lessee has
         been relieved from all obligations under this agreement.

         In case of an amendment of this agreement,  resulting in an increase of
         the rent,  the Lessee shall submit the  performance  guarantee to cover
         the increased amount accordingly.

1.9      Notice

         All notices  under this  agreement  shall be made in writing and deemed
         legally forwarded if having been forwarded by one of the following :

         -        hand delivery to the concerned person of either party; or

         -        registered mail to the addresses  indicated by parties to this
                  agreement in Chapter 2 herein.

1.10     Dispute

         In case any dispute has arisen in connection with this agreement,  both
         parties  agree  that it  shall be  presented  to the  court in  Bangkok
         Metropolis.

<PAGE>

                                                                      Appendix B

                              Performance Guarantee

In  entering  into this  agreement,  the  Lessee  has  submitted  the  Letter of
Guarantee No. L 43-1112,  dated 24 October 2000,  of Bangkok  Metropolitan  Bank
Public Company Limited,  for Baht 348,300.00 (Three Hundred Forty-Eight Thousand
Three Hundred Baht Only), to the Lessor as performance  guarantee for compliance
with this agreement.

The performance  guarantee  submitted by the Lessee in the first paragraph shall
be returned after the Lessee has been relieved from all  obligations  under this
agreement.

<PAGE>

(Revenue Stamps)
                                       -----------------------------------------
                                       Upon expiration or release of obligation,
                                       please return it to the Bank.
                                       -----------------------------------------

                BANGKOK METROPOLITAN BANK PUBLIC COMPANY LIMITED
                 No. 2, Chaloem Khet 4 Road, Bangkok Metropolis
                              Tel. 2230561, 2259999

                                                               L/G No. L 43-1112
                               Letter of Guarantee

                                                      24 October 2000

We, Bangkok Metropolitan Bank Public Company Limited,  with offices at 2 Chaloem
Khet 4 Road,  Thepsirin  Sub-district,  Pom Prap Sattru Phai  District,  Bangkok
Metropolis,  hereby issue this Letter of Guarantee to the Airports  Authority of
Thailand, as follows :

1.       Whereas  King  Power  Tax Free Co.,  Ltd.  has  entered  into the Lease
         Agreement  No.  1-10/2543  with the Airports  Authority of Thailand for
         leasing  space  in  the  Domestic  Passenger   Terminal,   the  Bangkok
         International  Airport,  and a  Letter  of  Guarantee  is  required  as
         performance  guarantee for an amount of Baht 348,300.00  (Three Hundred
         Forty-Eight Thousand Three Hundred Baht Only).

2.       By means of this  letter,  Bangkok  Metropolitan  Bank  Public  Company
         Limited,  guarantee  that if King  Power  Tax Free Co.,  Ltd.  fails to
         comply  with the  contract  or is in breach  of any  clause of the said
         contract,  thereby the  Airports  Authority  of Thailand is entitled to
         impose  fines to and/or  claim for  indemnity  from King Power Tax Free
         Co., Ltd.,  Bangkok  Metropolitan Bank Public Company Limited shall pay
         an amount not exceeding  Baht  348,300.00  (Three  Hundred  Forty-Eight
         Thousand Three Hundred Baht Only) to the Airports Authority of Thailand
         on behalf of King Power Tax Free Co., Ltd.

This Letter of  Guarantee  is valid from 18 March 2000 to 17 March  2003,  after
which Bangkok  Metropolitan  Bank Public Company  Limited shall be relieved from
the  responsibility  or  obligation  as  indicated  herein.  As evidence of this
guarantee,  Bangkok  Metropolitan Bank Public Company Limited hereunder sign our
names in the presence of witnesses.

              For Bangkok Metropolitan Bank Public Company Limited

          - signed -        Guarantor              - signed -          Guarantor
(Mr. Phatsakorn Chiansewetkun)             (Mrs. Siriphon Sewikun)
       Guarantee Manager

          - signed -        Witness                - signed -          Witness
   (Mr. Praphat Ungcharoen)             (Miss Suwari Sinthuphutthikun)

<PAGE>
<TABLE>
<CAPTION>

                                                                      Appendix A
                                                                      (3 sheets)
              Details of Rents and Location of the Leased Premises      Page 1
              ----------------------------------------------------
                  Agreement No. 1-10/2543 dated 9 November 2000
                  ---------------------------------------------

----------------------------------------------------------------------------------------------------------------------------
                                Area   Rents       Rent      Service Fee  Building/     Fine            Lease Period
       Leased Premises          Sqm.  Baht/Sqm.  Baht/Month  Baht/Month   Land Tax
                                      Per month                           Baht/Month  Baht/Day      From              To
-----------------------------  -----  ---------  ----------  -----------  ----------  --------  -------------  -------------
<S>                            <C>    <C>        <C>         <C>          <C>         <C>       <C>            <C>
Domestic Passenger Terminal
Arrival Hall, Ground Floor
--------------------------
Old Building
------------
-  Zone No. 101 B              30.00    750.00    22,500.00    3,375.00    2,812.50   1,912.50   18 Mar. 2000   17 Mar. 2003
2nd Floor, Extension from
-------------------------
Old Building to New Part
------------------------
-  Zone No. 2653               40.00    750.00    30,000.00    4,500.00    3,750.00   2,550.00   18 Mar. 2000   17 Mar. 2003
-  Zone No. 2654               50.00    750.00    37,500.00    5,625.00    4,687.50   3,187.50   18 Mar. 2000   17 Mar. 2003

----------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                     (Seal of King Power Tax Free Co., Ltd.)

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

              - signed -                                   - signed -
   (Flight Lieutenant Usar Borisuth)              (Mr. Viratana Suntaranond)

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

              - signed -                                    - signed -
          (Mr. Krit Phakhakit)                 (Miss Sarinthon Chongchaidejwong)

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