Document:

Airports Authority of Thailand

No. Tor.Or.Tor. 6466/2541

                                                                20 November 1998

Re            Performance Guarantees

To            Managing Director, King Power Duty Free Co., Ltd.

Reference     1.  Your letter, No. Kor.For. 284/2541 dated 10 September 1998

              2.  Contract of  Permission  for  Operating  Business  of  Selling
                  Duty Free Merchandize at the Bangkok International Airport and
                  Regional Airports, No. 6-04/2539 dated 6 March 1996

Whereas King Power Duty Free Co., Ltd. has requested for  reconsideration of the
performance guarantees for granting permission for operating business of selling
duty free merchandize at the Bangkok International Airport and regional airports
that the Company has to submit to Airports  Authority of Thailand (AAT) from the
second  year of  operation  (1998).  It was  requested  that the  amount  of the
performance  guarantees  be reduced to one-half of the amount  specified  in the
contract.  This is due to the  fact  that the  Customs  Department  has  revoked
collection of the  remuneration,  thus the amount of the performance  guarantees
should be reduced as well, as detailed therein.

AAT has considered  the matter and is pleased to permit  reduction of the amount
of the  performance  guarantees  under  Reference  2.  Thereby,  the  amounts of
performance guarantees will be :

        -   Year 2, from 1 January 1998 to 31 December 1998, Baht 168,995,792.65

        -   Year 3, from 1 January 1999 to 31 December 1999, Baht 175,478,009.30

        -   Year 4, from 1 January 2000 to 31 December 2000, Baht 181,728,009.30

        -   Year 5, from 1 January 2001 to 31 December 2001, Baht 187,978,009.30

The Company is requested to contact  Legal Division,  Administrative  Department
Tel. 535-1404 for amendment of the contract.

<PAGE>

Please be informed accordingly.

                                                            Yours sincerely,

                               Air Chief Marshal             - signed -
                                                         (Mr. Niphon  Sakhonyen)
                                                                  Governer

Finance Department
Tel.     535-1967
Fax      535-1855Siam Tower
                               The Lease Agreement

     This lease  agreement is made at the Bangkok  Intercontinental  Hotels Co.,
Ltd. on November 23rd, 1997.

                                     Between

     Bangkok  Intercontinental  Hotels  Co.,  Ltd.  located  at 979 Rama I Road,
Pathumwan Sub-District,  Pathumwan District, Bangkok Metropolis. Herein referred
to as "The Lessor" of one part.

                                      With

     King Power Duty Free Co., Ltd. located at 989 Siam Tower 26-27 Floors, Rama
I Road,  Pathumwan  Sub-District,  Pathumwan District,  Bangkok Metropolis.  The
leased  area is 27th Floor of Siam  Tower.  The  authorized  director  acting on
behalf of the company is Mr.  Viratana  Suntaranond.  Herein referred to as "The
Lessee" of the other part.

Whereas:

(A)  The  Lessor  is  the owner of the tower named "Siam Tower".  The address is
989 Rama I Road, Pathumwan Sub-District,  Pathumwan District, Bangkok Metropolis
(Herein after referred to as "Office Building") and

(B)  The Lessee  wishes to lease and The  Lessor  agree to let lease the  Office
Building area.

     Both parties have read and  understood  all the rules and conditions of the
lease, as attached within this agreement,  and accept as part of this agreement.
The scope of this agreement is as follows;

1.   The  Lessor  agrees to let lease and The  Lessee  agree to lease the Office
     Building area on 27th Floor, consisting of 1,364 Sq.m. of space, where both
     parties have inspected the said area,  (herein  referred to as "the Leasing
     Space").  The location plan has been highlighted as attached within is part
     of this agreement.

2.   The duration of this agreement  starts from January 1st, 1998 until October
     31st, 2000, at the rent rate of 148 Baht/Sq.m.

3.   The Lessee agrees to pay the rent to The Lessor from January 1st,  1998, at
     the monthly rate of 148 Baht/Sq.m. (One hundred and forty eight baht only).
     The total amount of 201,872  Baht/month (Two hundred and one thousand eight
     hundred and seventy two baht only).

4.   The Lessee agrees to utilize the space for office use only.

5.   The  Lessee  shall  furnish  the  leased  space  and  start  occupation  by
     _________________.  If The Lessee is unable to occupy  the leased  space as
     scheduled due to factors  beyond The Lessee's  control as stated in section
     13 of the lease  conditions,  and The  Lessee  shall  notify  The Lessor in
     writing within 3 days. If The Lessor grants approval of the notification or
     if the hand  over of the  leased  space to The  Lessee is late as stated in
     section 2 of the lease conditions,  The Lessor shall postpone collection of
     the rent and fees until the matters are resolved.

<PAGE>

6.   As lease agreement  guarantee  against default of The Lessee and damages to
     The  Lessor,  a deposit of the amount of highest  rent rate,  for 3 (three)
     months will be submitted to The Lessor.  Totaling 605,616 Baht (Six hundred
     and five  thousand six hundred and sixteen  baht only).  On the date of the
     lease  agreement,  The Lessee has already  deposited  the  guarantee to The
     Lessor  at the sum of  605,616  Baht (Six  hundred  and five  thousand  six
     hundred and sixteen baht only).

7.   Prior to any decoration for the lease space,  The Lessee must deposit a sum
     of 80,000  baht(Eighty  thousand  baht only) against any damages due to the
     lease space  being  furnished.  Check  payment  must be honored  before any
     decoration commences.

8.   All check  payments  to The Lessor  must be  honored  before  payments  are
     received in full.

     This lease agreement is made in two duplicates.  Both parties have read and
acknowledged the agreement to be two of the same, and affix their signatures and
corporate seal (if any) in the presence of the witnesses.

The Lessor:                                       The Lessee:
Bangkok Intercontinental Hotels Co., Ltd.         King Power Duty Free Co., Ltd.

/s/  Panas Simasathien                            /s/  Viratana Suntaranond
---------------------------------                 ------------------------------
(Mr. Panas Simasathien)                           (Mr. Viratana Suntaranond)

/s/   Chadatip Jutrakoon
---------------------------------
(Mrs. Chadatip Jutrakoon)

Witnesses

/s/   Parnjai Tongurai
-------------------------------
(Mrs. Parnjai Tongurai)

/s/  Narunard Numahud
-------------------------------
(Mr. Narunard Numahud)BANGKOK METROPOLITAN BANK PUBLIC COMPANY LIMITED

                  No. 2 Chalerm Khet 4 Road, Bangkok Metropolis

                              Tel. 2230561, 2259999

                                                               L/G No. L 42-0079
                               Letter of Guarantee

                                                        1 February 1999

We, Bangkok Metropolitan Bank Public Company Limited,  with offices at 2 Chalerm
Khet 4 Road,  Thepsirin  Sub-district,  Pom Phap Sattru Phai  District,  Bangkok
Metropolis,  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  for
     operating the business of selling  merchandize and souvenirs at the Bangkok
     International  Airport,  according to the Contract  No.  6-01/2541  dated 2
     October 1997, entered with the Airports Authority of Thailand, and a Letter
     of Guarantee  is required as  performance  guarantee  for an amount of Baht
     244,125,000.00  (Two  Hundred  Forty-Four  Million One Hundred  Twenty-Five
     Thousand 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
     244,125,000.00  (Two  Hundred  Forty-Four  Million One Hundred  Twenty-Five
     Thousand Baht Only) to the Airports Authority of Thailand on behalf of King
     Power Tax Free Co., Ltd.

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.

4.   This Letter of Guarantee  is issued for King Power Tax Free Co.,  Ltd. as a
     replacement  of our Letters of Guarantee No. L 41-0367,  0369 dated 18 June
     1998. Therefore,  the Bank consents to be the guarantor for all outstanding
     debt that King Power Tax Free Co., Ltd. has with the Airports  Authority of
     Thailand  under  this  Letter of  Guarantee,  but the  total  amount of the
     existing and future debt shall not exceed the amount specified in Clause 1.

This  Letter of  Guarantee  is valid from 1 April 1999 to 31 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. Pongcharoen Sanguansak)               (Miss Nipapan Ekintumat)
Director, Debt and Securities Department    Deputy Director, Debt and Securities
                                            Department

 - signed -                     Witness         - signed -            Witness
(Mr. Wanchai Kittitaporn)                      (Mr. Prapat Ungcharoen)

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