Document:

Duplicate
                  Contract of Permission for Operating Business
               Selling Merchandise and Souvenirs in Transit Lounge
                        International Passenger Terminal
                          Bangkok International Airport

                                                          Contract No. 6-16/2543

This  contract  is made at the  Airports  Authority  of Thailand on 9 June 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.  0007610 dated 12 May 2000,  issued by the Office of
Partnership/Company Registration,  Bangkok, 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 merchandise and souvenirs,
         in the  Transit  Lounge,  the  International  Passenger  Terminal,  the
         Bangkok International  Airport,  under the terms and conditions of this
         contract,  for a period of three  years,  from 1 August 2000 to 31 July
         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 merchandise and souvenirs, 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;

                  2.1.2    The  Operator  agrees  to pay  the  remuneration  for
                           receiving permission for operating the business under
                           this  contract  to AAT,  on  monthly  basis,  for the
                           amount  equivalent  to 15%  (fifteen)  of  the  total
                           revenues,  before  deduction  of  expenses,  of  that
                           particular  month (the  total  revenues  include  the
                           value added tax),  or the  minimum  remuneration  the
                           Operator has agreed to pay to AAT,  whichever  amount
                           is higher. The minimum monthly  remuneration shall be
                           as follows :

<PAGE>

                           Year 1,  from 1  August  2000,  or from  the  date of
                           com-mencement  of the  business,  whichever  date  is
                           earlier,  to 31 July  2001,  Baht  1,080,000.00  (One
                           Million Eighty Thousand Baht Only);

                           Year 2,  from 1  August  2001 to 31 July  2002,  Baht
                           1,188,000.00  (One  Million One Hundred  Eighty-Eight
                           Thousand Baht Only); and

                           Year 3,  from 1 August  2002 to 31 March  2003,  Baht
                           1,306,800.00  (One  Million  Three  Hundred  and  Six
                           Thousand Eight Hundred Baht Only).

                           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      In  payment  of  the  remuneration  under  Clause  2.1.2,  the
                  Operator  agrees  to pay the  minimum  remuneration  to AAT in
                  advance,  on  monthly  basis,  on or  before  the 5th of every
                  month. If the amount of remuneration at the rate 15% (fifteen)
                  of the total revenues,  before deduction of expenses,  appears
                  to be  higher  than the  minimum  remuneration,  the  Operator
                  agrees  to pay  the  difference  to AAT  by  the  20th  of the
                  following month.

         2.3      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.

         2.4      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.

<PAGE>

                  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 the Lessor to terminate this
                  contract and claim for damages.

3.       Duties and Responsibilities of the Operator

         3.1      The  Operator  shall  operate the business  prescribed  herein
                  only.

         3.2      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.

         3.3      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.

         3.4      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.

         3.5      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.

         3.6      The Operator must sell the  merchandise  according to the list
                  submitted to AAT on the date of selection the operators, which
                  is attached and deemed part of this contract.  If the operator
                  wishes  to sell  additional  merchandise,  the  Operator  must
                  submit the list of merchandise and prices (in Baht) to AAT for
                  consideration on every occasion;  and shall proceed only after
                  a written permission has been given by AAT.

         3.7      The  Operator  must  sell  the   merchandise  at  the  Bangkok
                  International  Airport at the same  prices and  quantity as at
                  the  Operator's   branches,   or  in  line  with  the  leading
                  department  stores  in  Bangkok.  Any  change  of the price of
                  merchandise  must be  notified  to AAT in  writing,  and shall
                  proceed only after a written permission has been given by AAT.
                  The new  prices  must be the same as  those in the  Operator's
                  branches.

<PAGE>

         3.8      AAT reserves the right to specify the types of merchandise, or
                  notify the  Operator to stop  selling any  merchandise  as AAT
                  deems  inappropriate;  for which the Operator  shall  strictly
                  comply.

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

         3.10     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.

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

         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     It is prohibited to have a jukebox,  audio or stereo equipment
                  in the business premises.

         3.14     The Operator  shall  arrange to have compact boxes or packages
                  for  containing  souvenirs,  which are suitable for hand-carry
                  onto airplanes.

         3.15     Advertisement  in the  business  premises  shall  be  for  the
                  merchandise being sold therein only, and a written  permission
                  of AAT must be obtained first.

         3.16     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.

<PAGE>

         3.17     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.

         3.18     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.

         3.19     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  merchandise  and  souvenirs  for  sales  in the  business
                  premises  must be of good quality and  comparable  to those in
                  the leading department stores of Bangkok Metropolis.

         3.21     The  merchandise  and  souvenirs for sales under this contract
                  must be made in Thailand,  or made in foreign  countries  with
                  permission for sales in Thailand.

         3.22     The Operator shall not display or sell the following  items of
                  merchandise or souvenirs :

                  - illegal merchandise or souvenirs;
                  - merchandise  or souvenirs  prohibited  for  hand-carry  onto
                    airplane;
                  - fresh flowers, dry flowers, artificial flowers; or
                  - fresh or dry fruit,  sweetened or processed fruit, or canned
                    fruit.

         3.23     The Operator  shall submit the total  revenues of the business
                  operation  under this  contract and prepare  accounts  showing
                  details  of  sales  of  merchandise  in each  month  to AAT on
                  monthly basis, by the 20th of the following month.

         3.24     For each fiscal year of the Operator,  the Operator shall have
                  the certified public accountant of the Operator  certified and
                  confirmed the total revenues, before deduction of expenses, of
                  the business operation at the Bangkok International Airport to
                  AAT in  writing,  within  150 days from the end of the  fiscal
                  year, and at the Operator's own expense.

<PAGE>

         3.25     In case the Operator has failed to comply with the contract or
                  acted beyond the  contract  and AAT has  forwarded a notice to
                  the  Operator,  but the Operator  neglected to comply with the
                  contract  or remained  to act beyond the  contract,  AAT shall
                  impose a daily fine to the Operator effective the date of such
                  action at 0.1% of the monthly  remuneration,  and the Operator
                  agrees to pay the fine as notified by AAT accordingly.

4.       Performance Guarantee

         In entering into this  contract,  the Operator has submitted the Letter
         of Guarantee No.  029-00-00088-5/887  dated 30 May 2000,  issued by the
         Siam Commercial Bank Public Company  Limited,  Lak Si Branch,  for Baht
         8,624,880.00  (Eight  Million Six Hundred  Twenty-Four  Thousand  Eight
         Hundred Eighty 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.

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-

<PAGE>

                  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 -
   (Miss Chatphaka Bamrungphong)               (Miss Sarinthon Chongchaidejwong)

<PAGE>

(Official Emblem)
                 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
                                  Lak Si Branch
   99/50, Chaeng Watthana Road, Talat Bang Khen Sub-district, Lak Si District,
                               Bangkok Metropolis
                               Letter of Guarantee

029-60-00311-6
No. 029-00-00088-5/887                                        30 May 2000

We, the Siam Commercial Bank Public Company Limited, Lak Si Branch, with offices
at 99/50 Chaeng Watthana Road,  Talat Bang Khen  Sub-district,  Lak Si 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
         Transit Lounge, at the Bangkok International Airport,  according to the
         Contract No. 6-16/2543 entered with the Airports Authority of Thailand,
         and a Letter of Guarantee is required as  performance  guarantee for an
         amount of Baht  8,624,880.00  (Eight  Million Six  Hundred  Twenty-Four
         Thousand Eight Hundred Eighty Baht Only).

2.       We consent to bind  ourselves  as the  guarantor of King Power Tax Free
         Co.,  Ltd. to the  Airports  Authority  of  Thailand  for an amount not
         exceeding  Baht  8,624,880.00  (Eight  Million Six Hundred  Twenty-Four
         Thousand  Eight Hundred  Eighty Baht Only).  That is, if King Power Tax
         Free Co.,  Ltd.  fails to comply  with the  contract  entered  with the
         Airports  Authority of  Thailand,  or is in breach of any clause of the
         said contract,  thereby the Airports  Authority of Thailand is entitled
         to forfeit the  performance  guarantee  or impose fines to and/or claim
         for damages from King Power Tax Free Co.,  Ltd., we shall promptly make
         the payment on behalf and without  requesting  King Power Tax Free Co.,
         Ltd. to make such payment first.

3.       We acknowledge  and consent in case the Airports  Authority of Thailand
         has given an extension or leniency for compliance  with the contract to
         King Power Tax Free Co., Ltd.,  provided that the Airports Authority of
         Thailand  shall  notify us without  delay.  This Letter of Guarantee is
         valid from 31 July 2000 to 31 January 2004.

As evidence, we, the Siam Commercial Bank Public Company Limited, Lak Si Branch,
by the  undersigned  who are  empowered to enter  juristic act binding the bank,
hereunder sign our names and affixed the seal.

    (Seal of the Siam Commercial Bank Public Company Limited, Lak Si Branch)
        - signed -                  - signed -                 Guarantor
    (Mr. Wiphat Lamaikhae)    (Mr. Prawet Sutthirat)
                                   - signed -                  Witness
                            (Mr. Suchat Wongwiphusana)
(Revenue Stamps)                   - signed -                  Witness
 B3-1 182485                (Mr. Phakkhaphong Tansakun)Duplicate
(Revenue Stamps)      Lease Agreement for Space in Building
                          Bangkok International Airport

                                                         Agreement No. 1-16/2543

This  agreement  is made at the  Airports  Authority of Thailand on 9 June 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. 0007610 dated 12 May 2000, issued by the Office
of Partnership/Company Registration,  Bangkok Metropolis, 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  merchandise
and souvenirs.

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.

<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 -
    (Miss Chatphaka Bamrungphong)              (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)      The fee for entering into the  agreement,  Baht 5,000
                           (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    Whereas the Lessor has  allocated  the leased  premises  under
                  this agreement in lock properly,  if the Lessee wishes to make
                  counter or decorate or install any  equipment or build further
                  construction,  the  Lessee  shall  do so at the  Lessee's  own
                  expense.  Such undertaking must be attractive and orderly, and
                  the materials or equipment of good quality and modern. In view
                  of this, the Lessee shall submit the plans,  charts,  drawings
                  of  the   decoration   of  the   leased   premises   and   the
                  specifications  to the  Lessor  for  review  first,  and shall
                  proceed  only after a written  approval  has been given by the
                  Lessor.  Thereby, the construction and components 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.

                  For any construction  that the Lessor has permitted the Lessee
                  to undertake as described in the first  paragraph,  the Lessee
                  shall  not make any  renovation  or change  thereof,  unless a
                  written permission has been obtained from the Lessor first. If
                  the Lessee wishes to undertake  further  renovation or change,
                  besides  obtaining a written  permission from the Lessor,  the
                  Lessee shall also proceed according to the first paragraph.

         1.4.4    During  renovation or decoration of the leased  premises,  the
                  Lessee  or the  persons  whom  the  Lessee  has  appointed  or
                  assigned  or hired or  ordered  to  perform  the works for the
                  Lessee shall strictly  comply with the terms and conditions of
                  this  agreement;   and  should  any  damage  occurred  to  the
                  reputation  or  property  of the Lessor or a third party under
                  any circumstances, the Lessee shall be responsible therefor.

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

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

         1.4.7    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.

<PAGE>

         1.4.8    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 Use of the Lease Premises, Adjustment of Rents and Charges

         1.5.1    The Lessor shall permit the Lessee to undertake  construction,
                  decoration or improvement of the leased premises,  from 8 June
                  2000 to 31 July  2000,  without  collection  of the  rents and
                  charges;  unless  the  Lessee  shall  completed  the  same and
                  commence  making  use of the leased  premises  before 1 August
                  2000.  The  electricity,  water supply and  telephone  charges
                  shall  be  charged   from  the   commencement   date  of  such
                  undertaking or from the date of the use.

         1.5.2    The area of the leased  premises  in Appendix A is an estimate
                  in order to calculate the rents and charges.  After the Lessee
                  has completed the construction, decoration or improvement, the
                  Lessor  shall  examine to  ascertain  the actual area that the
                  Lessee  shall  make use,  and the rents and  charges  shall be
                  calculated accordingly.  The Lessor's notice to the Lessee, at
                  a later date,  on the actual  leased area shall be deemed part
                  of this agreement.

         1.5.3    During  the lease  period,  if the  Lessor  wishes to  change,
                  relocate,  add, decrease,  or request for return of the leased
                  area,  which deviates from the agreement and causes the Lessee
                  to renovate or redecorate the leased premises accordingly, the
                  Lessee shall proceed at the Lessee's own expense and shall not
                  claim for any expense or damages from the Lessor.

         1.5.4    During  the lease  period,  the Lessor  reserves  the right to
                  adjust  the rents and  charges  as deemed  appropriate,  which
                  shall be notified to the Lessee in advance; thereby the Lessee
                  consents to pay the newly adjusted rents and charges.

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
                  prescribe  in  Appendix  A, the Lessor is  entitled  to do so;
                  provided that a written  notice must be given to the Lessee at
                  least 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  prescribe  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.

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

<PAGE>

         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>

Chapter 2         Special Terms and Conditions

                  Notices

Name and address of the Lessor

                                    Airports Authority of Thailand
                                    Vibhavadi Rangsit Road
                                    Don Mueang District
                                    Bangkok 10210

                                    Tel.    535-1405, 535-1815
                                    Fax     531-5559, 535-4061

         Name and address of the Lessee

                                    King Power Tax Free Co., Ltd.
                                    26th-27th Floors, Siam Tower
                                    989 Rama I Road
                                    Pathum Wan Sub-district, Pathum Wan District
                                    Bangkok 10330

                                    Tel.    535-5681-6
                                    Fax     535-5687

<PAGE>

                                                                      Appendix B

                              Performance Guarantee

In  entering  into this  agreement,  the  Lessee  has  submitted  the  Letter of
Guarantee No. 029-00-00089-3/53,  dated 30 May 2000, of the Siam Commercial Bank
Public Company Limited,  for Baht 261,225.00 (Two Hundred Sixty-One Thousand Two
Hundred  Twenty-Five  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>

(Official Emblem)
                 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
                                  Lak Si Branch
   99/50 Chaeng Watthana Road, Talat Bang Khen Sub-district, Lak Si District,
                               Bangkok Metropolis
                               Letter of Guarantee

029-60-00311-6
No. 029-00-00089-3/53                                    30 May 2000

We, the Siam Commercial Bank Public Company Limited, Lak Si Branch, with offices
at 99/50 Chaeng Watthana Road,  Talat Bang Khen  Sub-district,  Lak Si 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.  1-16/2543 for leasing space in a building of the Bangkok
         International  Airport,  and  performance  guarantee is required by the
         Airports  Authority of Thailand,  for an amount of Baht 261,225.00 (Two
         Hundred Sixty-One Thousand Two Hundred Twenty-Five Baht Only).

2.       We consent to bind  ourselves  as the  guarantor of King Power Tax Free
         Co.,  Ltd. to the  Airports  Authority  of  Thailand  for an amount not
         exceeding Baht 261,225.00 (Two Hundred  Sixty-One  Thousand Two Hundred
         Twenty-Five Baht Only). That is, if King Power Tax Free Co., Ltd. fails
         to comply with the  agreement  entered with the  Airports  Authority of
         Thailand, or is in breach of any clause of the said agreement,  thereby
         the  Airports   Authority  of  Thailand  is  entitled  to  forfeit  the
         performance  guarantee or impose fines to and/or claim for damages from
         King Power Tax Free Co.,  Ltd.,  we shall  promptly make the payment on
         behalf and  without  requesting  King Power Tax Free Co.,  Ltd. to make
         such payment first.

3.       We acknowledge  and consent in case the Airports  Authority of Thailand
         has given an extension or leniency for compliance  with the contract to
         King Power Tax Free Co., Ltd.,  provided that the Airports Authority of
         Thailand  shall  notify us without  delay.  This Letter of Guarantee is
         valid from 31 July 2000 to 31 January 2004.

As evidence, we, the Siam Commercial Bank Public Company Limited, Lak Si Branch,
by the  undersigned  who are  empowered to enter  juristic act binding the bank,
hereunder sign our names and affixed the seal.

      (Seal of the Siam Commercial Bank Public Company Limited, Lak Si Branch)
                    - signed -                - signed -           Guarantor
           (Mr. Suchat Wongwiphusana)   (Mr. Wiphat Lamaikhae)
                                              - signed -            Witness
                                        (Mr. Phakhaphong Tansakun)
                                              - signed -            Witness

   (Revenue Stamps)                     (Miss Orawan Thamwatthana)

<PAGE>
<TABLE>
<CAPTION>

                                                                      Appendix A
                                                                      (2 sheets)
              Details of Rents and Location of the Leased Premises      Page 1_
              ----------------------------------------------------
                    Agreement No. 1-16/2543 dated 9 June 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>
Space in the Transit Lounge
International Passenger        90.00    750.00    67,500.00   10,125.00    8,437.50   5,737.50   1 Aug. 2000    31 Jul. 2003
Terminal
Bangkok International Airport

----------------------------------------------------------------------------------------------------------------------------
</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 -
         (Miss Chatphaka Bamrungphong)         (Miss Sarinthon Chongchaidejwong)

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