Document:

SIAM CITY BANK PUBLIC COMPANY LIMITED

                          Pledge Agreement of Debenture

                                                             Made at Head Office

                                                             17 June 1999

We, King Power Duty Free Co., Ltd., Thai nationality,  with offices at 26th-27th
Floors,  Siam  Tower,  989 Rama I Road,  Pathum  Wan  Sub-district,  Pathum  Wan
District,  Bangkok  Metropolis,  hereinafter called the "Pledgor" have made this
Pledge  Agreement of the Debenture  issued to the person by name and given it to
Siam City Bank Public Company Limited, hereinafter called the "Bank" to indicate
that the Pledgor has pledged and the Bank has accepted the pledge

         Fixed Deposit Account, Passbook No. 001-3-09768-5
         Baht  62,600,101.35

totalling Baht 62,600,101.35 (Sixty-Two Million Six Hundred Thousand One Hundred
and One Baht Thirty-Five  Satang) which is a "debenture  issued to the person by
name" whereby the Bank is the debtor of the said debenture,  hereinafter  called
the "Pledged Property" as follows :

1.   The Pledgor has pledged the Pledged  Property  with the Bank as  collateral
     for the overdraft,  loan, debts related to letter of credit, trust receipt,
     issuance of letter of guarantee of all types, sale of discounted promissory
     note,  aval,  guarantee  of  promissory  or  other  debts  related  to  the
     promissory  note,  debts related to guarantee or any other debt the Pledgor
     and/or -, hereinafter  called "the said debtor," owed to the Pledgee at the
     time of entering  into this  agreement  or the future debt for an amount of
     Baht  62,000,000.00  (Sixty-Two  Million  Baht  Only.) and all  accessories
     thereof  according  to Section 748 of the Civil and  Commercial  Code.  The
     Pledgor  agrees to pay the maximum  interest rate as announced by Siam City
     Bank Public Company Limited, which at present is 18.00% p.a.

2.   The Pledgor  confirms and promises  that the Pledgor  owns/has the right on
     the  Pledged  Property  legally and it is free of  proprietary  interest or
     preferential  right or right or  encumbrance  at the time of entering  into
     this agreement.

3.   On the signing date of this agreement,  the Pledgor has recorded the pledge
     on the Pledged Property and handed it over to the Bank for retention.

4.   The Pledgor agrees not to exercise the right to withdraw the money from the
     Pledged Property, unless for payment of debt to the Bank only.

5.   In case the right on the Pledged  Property  becomes due prior to payment of
     debt, the Pledgor consents to extend validity of the deposit further, which
     shall be deemed the pledge under this agreement continuously.

6.   Should any problem has arisen regarding  ownership/right  of the Pledgor in
     the  Pledged  Property  and/or the said  debtor is in default of payment of
     debt or the Pledgor is in breach of any clause of this agreement,  the Bank
     is entitled to immediately call for payment of debt and enforce the pledge.

<PAGE>

7.   Due to the fact that the Bank is the  debtor of the  Pledged  Property  and
     also the  Pledgee,  therefore  the Bank and the  Pledgor  agree  that  this
     agreement  shall serve as a notice of the pledge to the debtor of debenture
     as stipulated in Section 752 of the Civil and Commercial Code as well.

The  Pledgor,  having  understood  the  contents  of  this  agreement  entirely,
hereunder signs his name (and affix seal, if any) in the presence of witnesses.

         SEAL                   - signed -                     Pledgor
                     (King Power Duty Free Co., Ltd.)

                                  - signed -                   Witness
                     (Mr. Siripon Tantichotiwat)

                                  - signed -                   Witness
                     (Mr. Wisut Kawinmuthatorn)SIAM CITY BANK PUBLIC COMPANY LIMITED

                  Letter of Consent for Bank Deposits Deduction

                                                             Made at Head Office
                                                             17 June 1999

We, King Power Duty Free Co., Ltd., Thai nationality,  with offices at 26th-27th
Floors,  Siam  Tower,  989 Rama I Road,  Pathum  Wan  Sub-district,  Pathum  Wan
District, Bangkok Metropolis, hereinafter called the "Consent Giver", owner of

         Fixed Deposit Account, Passbook No. 001-3-09768-5
         Baht  62,600,101.35

totalling Baht 62,600,101.35 (Sixty-Two Million Six Hundred Thousand One Hundred
and One Baht Thirty-Five  Satang)  hereinafter  called the "Deposits," made this
consent to Siam City Bank Public Company Limited, hereinafter called the "Bank,"
as follows :

1.   The Consent Giver  consents the bank to bring any or all types of debt that
     the consent  giver and/or - ,  hereinafter  called "the said debtor" owe to
     the bank at present and/or the future,  including interests,  stamp duties,
     fees, expenses,  damages or indemnity and other charges,  whether it is due
     for payment or not, to deduct payment  therefore  from the deposits  and/or
     debited into the above stated bank account,  either in whole or in part, at
     any time  whereby  disregarding  whether it is due date for payment or not,
     without  having to notify the consent  giver,  and the consent giver agrees
     not to object or dispute or take legal  action for  claiming the money back
     or cite right of claim to the bank.

     If deduction for payment or debit into the said bank account  appears to be
     insufficient  amount to pay the outstanding  debt, the consent giver agrees
     to pay the amount of shortage to the bank accordingly.

2.   In case the above bank  account  becomes due  without  having paid the debt
     according  to Clause 1, the Consent  Giver  consents the bank to extend the
     validity of deposits  continuously  with no condition  whatsoever,  and the
     Consent Giver agrees that the extended  deposits  shall be binding  whereby
     the  Bank is  entitled  to make  deduction  or  debit  payment  of the debt
     according  to Clause 1 in all  respects,  though the Consent  Giver may not
     indicate the consent or endorse the new one.

3.   Giving of the  rights  under  this  Letter of  Consent  shall also bind the
     subrogee of the Consent Giver until the said debt shall be paid in full.

The Consent  Giver,  having  understood  the  contents of this Letter of Consent
entirely,  hereunder  sign his name (and affix seal,  if any) in the presence of
witnesses.

         SEAL                - signed -                         Consent Giver
                        (King Power Duty Free Co., Ltd.)

   - signed -               Witness           - signed -        Witness
(Mr. Siripon Tantichotiwat)           (Mr. Wisut Kawinmuthatorn)BANGKOK METROPOLITAN BANK PUBLIC COMPANY LIMITED

                  No. 2 Chalerm Khet 4 Road, Bangkok Metropolis

                              Tel. 2230561, 2259999

                                                               L/G No. L 41-0999

                                                              14 December 1999

Re                Extension of Validity of Letter of Guarantee

To                Governor, Airports Authority of Thailand

Whereas  the Bank has  issued  the  Letter of  Guarantee  No. L 41-0999  dated 9
December  1998 for an amount not  exceeding  Baht  175,478,009.30  (One  Hundred
Seventy-Five  Million  Four  Hundred  Seventy-Eight  Thousand  and Nine Baht and
Thirty  Satang) to Airports  Authority of Thailand in respect of King Power Duty
Free Co., Ltd. having received permission for operating business of selling duty
free goods and leasing the premises at the Bangkok International Airport and the
regional  airports  according to the Contract No.  6-04/2539 dated 6 March 1996,
and the said Letter of Guarantee will expire on 31 December 1999,

Now, King Power Duty Free Co., Ltd. has requested the Bank to extend validity of
the said Letter of Guarantee  for a period of one year.  Therefore,  by means of
this letter,  Bangkok  Metropolitan  Bank Public Company  Limited hereby confirm
that the validity  period of the above Letter of Guarantee  has been extended to
31 December  2000,  in the amount and under the  conditions  as  previously.  As
evidence of this  guarantee,  Bangkok  Metropolitan  Bank Public Company Limited
hereunder sign our names in the presence of witnesses.

                               Yours respectfully,

              For Bangkok Metropolitan Bank Public Company Limited

 - signed -               Guarantor     - signed -                   Guarantor
(Miss Nipapan Ekintumat)               (Mr. Pongcharoen Sanguansak)
Deputy Director, Debt and               Director, Debt and Securities Department
Securities Department

- signed -                Witness       - signed -                   Witness
(Mr. Pornthep Yapramat)                (Mr. Prapat Ungcharoen)BANGKOK METROPOLITAN BANK PUBLIC COMPANY LIMITED

                                                               L/G No. L 41-0999
                               Letter of Guarantee

                                                                 9 December 1998

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,  issue  this  Letter  of  Guarantee  to the  Airports  Authority  of
Thailand, as follows :

1.   Whereas  King Power Duty Free Co.,  Ltd.  has  received  a  permission  for
     operating  business  of  selling  duty  free  merchandize  at  the  Bangkok
     International Airport and the regional airports,  according to the Contract
     No.  6-04/2539  dated 6 March 1996 entered  with the Airports  Authority of
     Thailand,  and a Letter of Guarantee is required as  performance  guarantee
     for an amount of Baht 175,478,009.30 (One Hundred Seventy-Five Million Four
     Hundred Seventy-Eight Thousand and Nine Baht Thirty Satang).

2.   By means of this letter,  Bangkok Metropolitan Bank Public Company Limited,
     guarantee  that if King Power Duty 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 Duty Free Co.,  Ltd.,  Bangkok  Metropolitan
     Bank  Public  Company  Limited  shall  pay an  amount  not  exceeding  Baht
     175,478,009.30 (One Hundred Seventy-Five Million Four Hundred Seventy-Eight
     Thousand and Nine Baht Thirty Satang) to the Airports Authority of Thailand
     on behalf of King Power Duty Free Co., Ltd.

This Letter of Guarantee is valid from 1 January 1999 to 31 December 1999, 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. Somchai Lertbanpong)               (Mr. Pongcharoen Sanguansak)
  Senior Vice President                   Director, Debt and Security Department

  - signed -               Witness        - signed -               Witness
 (Miss Suwaree Sinthuputhikun)           (Mr. Prapat Ungcharoen)

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