Document:

Duplicate
                    Lease Agreement for Space in Building 305
                          Bangkok International Airport

                                                         Agreement No. 2-02/2542

This  agreement  is made at the  Airports  Authority of Thailand on 7 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 Duty 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 Duty Free Co., Ltd. according
to the Certificate No. Phor.Hor. 0007611 dated 12 May 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 offices and bonded warehouse.

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 Duty 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.

         If the Lessee  wishes to extend the lease after the  expiration  of the
         lease agreement, the Lessee shall notify the Lessor in writing at least
         forty five (45) days in advance prior to the  expiration  date thereof.
         In this  respect,  the Lessor  reserves  the right to  consider  as the
         Lessor deems appropriate.

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 3,473.00
                           (Three Thousand Four Hundred Seventy-Three 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.

<PAGE>

         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.

         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  building  and land  taxes are  average,  based on monthly
                  building  and land taxes in  Appendix A. In case of any change
                  to the  rate of  building  and  land  taxes  indicated  by the
                  Lessor,  the Lessee  consents  the Lessor to collect the newly
                  change rate accordingly.

         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,  duties,
                  and 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.

<PAGE>

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.

         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.

<PAGE>

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 either party wishes to
                  terminate this  agreement  prior to the  expiration,  the said
                  party is entitled  to do so;  provided  that a written  notice
                  must be given to the other party at least  thirty (30) days in
                  advance.  In case the Lessor terminates the agreement prior to
                  the expiration date, the Lessee agrees not to sue or claim for
                  any damages from the Lessor.

         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.

<PAGE>

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.

         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

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

                                    Tel.    658-0020-49
                                    Fax     658-0070

<PAGE>

2.2      Duties and Responsibilities of the Lessee

         2.2.1    The  Lessee  shall  strictly  comply  with the laws  governing
                  bonded warehouse or other laws relevant to the said operation,
                  and the concerned  instructions,  regulations or directives of
                  AAT; both  existing and those to be issued in the future.  The
                  Lessee shall be cautious,  not  permitting  any person to make
                  use of the leased  premises  for any illegal act or storage or
                  hiding  place  or  illegal  thing,  or  for  dwelling,  either
                  temporary  or  permanently,  and should any damage occur under
                  any  circumstances,  the Lessee  shall be liable to the Lessor
                  for the action of such  person as if having  committed  by the
                  Lessee.

         2.2.2    The Lessee  shall not  construct  any building or structure or
                  make any  alteration  or change or  addition or removal of any
                  building or structure in the leased premises, unless a written
                  permission has been obtained from the Lessor.

                  In  case of  construction  of any  building  or  structure  or
                  alteration  or change  or  addition  or major  repair or small
                  repair, under any circumstances,  in the leased premises,  the
                  building or structure  including the  components  and fixtures
                  therein  shall  become the property of the Ministry of Finance
                  effective  the date of such  action,  and the Lessee shall not
                  claim  for any  expenses,  compensation  or  damages  from the
                  Lessor or the Ministry of Finance.

         2.2.3    The Lessee shall be responsible for cleanliness,  safety,  and
                  maintenance  of the  leased  premises,  rest  rooms,  toilets,
                  sanitary ware,  electrical devices,  air-conditioning  system,
                  including all equipment to be in good working condition at all
                  times,  both  interior and exterior of the leased  premises at
                  the Lessee's own expense.

2.3      Insurance

         The Lessee shall arrange for fire insurance of the leased premises with
         Thiphaya  Insurance Public Company Limited according to the insured sum
         approved by the Lessor.  The Lessee  agrees to be  responsible  for the
         insurance  premiums  on behalf of the Lessor.  The  Ministry of Finance
         shall be indicated as the  beneficiary  in the  insurance  policy.  The
         Lessee shall submit the  insurance  policy to the Lessor within 30 days
         from the signing date of this agreement.

<PAGE>

                                                                      Appendix B

                              Performance Guarantee

In  entering  into this  agreement,  the  Lessee  has  submitted  the  Letter of
Guarantee No. L 39-3545,  dated 9 December  1996, of Bangkok  Metropolitan  Bank
Public Company  Limited,  and the Letter of Extension of Guarantee No.  Nor.Sor.
3.2/174/2543 dated 15 May 2000, for Baht 1,340,085.00 (One Million Three Hundred
Forty Thousand  Eighty-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>

                                       -----------------------------------------
                                       Upon expiration or release of obligation,
                                       please return it to the Bank
                                       -----------------------------------------
                BANGKOK METROPOLITAN BANK PUBLIC COMPANY LIMITED
                   2, Chaloem Khet 4 Road, Bangkok Metropolis
                                   Tel. 2230561                L/G No. L 39-3545
                               Letter of Guarantee
                               -------------------
                                                                 9 December 1996

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 J.M.T. Duty Free Co., Ltd. has entered into the Lease Agreement
         No.  2-02/2539 with the Airports  Authority of Thailand for leasing the
         rooms and space in  Building  305 for use as  bonded  warehouse,  and a
         Letter of Guarantee is required as performance  guarantee for an amount
         of  Baht   1,340,085.00  (One  Million  Three  Hundred  Forty  Thousand
         Eighty-Five Baht Only).

         We consent to bind ourselves as the guarantor of J.M.T.  Duty Free Co.,
         Ltd. to the Airports  Authority of Thailand for an amount not exceeding
         Baht 1,340,085.00 (One Million Three Hundred Forty Thousand Eighty-Five
         Baht Only). That is, if J.M.T. Duty 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 J.M.T.  Duty Free Co.,
         Ltd.,  we shall  promptly  make  the  payment  on  behalf  and  without
         requesting J.M.T. Duty Free Co., Ltd. to make such payment first.

2.       We acknowledge  and consent in case the Airports  Authority of Thailand
         has given an extension or leniency for compliance  with the contract to
         J.M.T.  Duty Free Co.,  Ltd.,  provided that the Airports  Authority of
         Thailand shall notify us without delay.

3.       We shall not revoke this guarantee for as long as J.M.T. Duty Free Co.,
         Ltd. is liable under the agreement.

As evidence,  we,  Bangkok  Metropolitan  Bank Public  Company  Limited,  by the
undersigned who are empowered to enter juristic act binding the bank,  hereunder
sign our names and affixed the seal.
              For Bangkok Metropolitan Bank Public Company Limited
           (Seal of Bangkok Metropolitan Bank Public Company Limited)
         - signed -                Guarantor            - signed -     Guarantor
         (Illegible)                                    (Illegible)

         - signed -                 Witness             - signed -     Witness
(Mr. Sonthaya Sakonwari)   (Mr. Praphat Ungcharoen)

<PAGE>

BANGKOK METROPOLITAN BANK PUBLIC COMPANY LIMITED

No. Nor.Sor. 3.2/174/2543

                                                                     15 May 2000

Subject           Request for Extension of Guarantee

To                Managing Director, Airports Authority of Thailand

Reference         Letter of Guarantee No. L 39-3545 dated 9 December 1996 of
                  Bangkok Metropolitan Bank Public Company Limited, for Baht
                  1,340,085.00 (One Million Three Hundred Forty Thousand Eighty-
                  Five Baht Only)

Whereas in the  reference  letter,  Bangkok  Metropolitan  Bank  Public  Company
Limited is the  guarantor  of King Power Duty Free Co.,  Ltd.,  to the  Airports
Authority  of  Thailand,  according  to the  terms and  conditions  of the Lease
Agreement No. 2-02/2539, for leasing the rooms and space in Building 305 for use
as bonded  warehouse,  for a period of three years,  from 13 December  1996 to 3
December 1999. Now, the said agreement has expired and the Airports Authority of
Thailand has extended the said  agreement to King Power Duty Free Co., Ltd., for
a period of two years,  from 4 December 1999 to 31 December  2001,  according to
the Lease  Agreement  No.  2-02/2542 for leasing the rooms and space in Building
305.

By means of this letter,  we, Bangkok  Metropolitan Bank Public Company Limited,
consent to bind  ourselves as the  guarantor of King Power Duty Free Co.,  Ltd.,
from 4 December  1999 to 31  December  2001,  under the same  conditions  as the
reference  Letter of  Guarantee.  The said  Letter of  Guarantee  shall be valid
throughout the period of the Lease Agreement No. 2-02/2542.

Please be informed accordingly.

                               Yours respectfully,
              For Bangkok Metropolitan Bank Public Company Limited

                                   - signed -
                          Mr. Phatsakorn Thiansawetkun
                               (Guarantee Manager)

<PAGE>
<TABLE>
<CAPTION>

                                                                      Appendix A
                                                                      (3 sheets)
              Details of Rents and Location of the Leased Premises      Page 1
              ----------------------------------------------------
                    Agreement No. 2-02/2542 dated 7 June 2000
                    -----------------------------------------

------------------------------------------------------------------------------------------------------------------------
                                 Area     Rents       Rent      Building/     Fine              Lease Period
       Leased Premises           Sqm.    Baht/Sqm.  Baht/Month  Land Tax
                                         Per month              Baht/Month  Baht/Day       From               To
-----------------------------  --------  ---------  ----------  ----------  ---------  ---------------  ----------------
<S>                            <C>       <C>        <C>         <C>         <C>        <C>              <C>
Rooms & Spaces in Building
305, Bangkok Int'l Airport
Rooms for Offices
-----------------
-  Room No. 1                     13.00    270.00     3,510.00      438.75     263.25  4 December 1999  31 December 2001
-  Room No. 2                     33.50    270.00     9,045.00    1,130.63     678.38  4 December 1999  31 December 2001
-  Room No. 3                     33.50    270.00     9,045.00    1,130.63     678.38  4 December 1999  31 December 2001
Space for Bonded Warehouse
--------------------------
-  No. 4                       2,123.00    165.00   350,295.00   43,786.88  26,272.13  4 December 1999  31 December 2001
Space for Loading/Unloading
---------------------------
Bonded Warehouse
----------------
-  Zone No. 245                  845.00     85.00    71,825.00    8,978.13   5,386.88  4 December 1999   9 June 2000

------------------------------------------------------------------------------------------------------------------------------
</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)Lease Agreement

This agreement is made at Bangkok Inter-Continental Hotels Co., Ltd., on 25 July
2000,

                                     between

Bangkok  Inter-Continental  Hotels Co.,  Ltd.,  with offices at 979 Rama I Road,
Pathum Wan Sub-district,  Pathum Wan District,  Bangkok Metropolis,  hereinafter
called the "Lessor" of one part,

                                       and

King Power Duty Free Co., Ltd. (with 1. Mr. Vichai Raksriaksorn; 2. Mr. Viratana
Suntaranond;  3. Mr. Suwan Panyapas;  4. Mrs. Aimon  Boonkhundha;  5. Mr. Sombat
Dechapanichkul; 6. ACM Nipon Sakornyen; 7. Mr. Tawat Anukoon; 8. Flight Lt. M.L.
Yom Ngonrath; 9. Flight Lt. Pradit Mongkolapibal;  10. Flight Lt. Usar Borisuth;
11. Mr. Bancha Pattanapon, as Directors,  whereby the number or name of Director
authorized to sign binding the Company is "Either Mr. Vichai Raksriaksorn or Mr.
Viratana  Suntaranond is to sign and affix the Company seal," represented by Mr.
Viratana  Suntaranond,  the authorized  Director,  with the head office at 26th,
27th Floors,  Siam Tower, 989 Rama I Road, Pathum Wan  Sub-district,  Pathum Wan
District,  Bangkok  Metropolis,  and the leased premises on the 27th Floor, Siam
Tower, hereinafter called the "Lessee" of the other part. Whereas

(a)    The  Lessor  is the  owner of the  spaces in the  building  called  "Siam
       Tower," situated at 989 Rama I Road, Pathum Wan Sub-district,  Pathum Wan
       District, Bangkok Metropolis,  (hereinafter called the "Office Building")
       and

(b)    The Lessee  wishes to lease and the Lessor  agrees to lease out the space
       in the said office building.

Both parties,  having read and  understood the terms and conditions of the lease
as appear in the attachment, which shall be deemed part of this lease agreement,
and agree to enter this agreement as follows :

1.     The Lessor  agrees to lease out and the Lessee agrees to lease the office
       space on the 27th Floor of the office building, covering an area of 1,364
       square metre, which the Lessor and the Lessee have inspected  accordingly
       (hereinafter called the "leased premises"), with the location and details
       as appear in the  colored  area in the  attached  chart,  which  shall be
       deemed part of this Lease Agreement.

<PAGE>

2.     The  lease  period  shall be from 1  November  2000 to 31  October  2003,
       whereby the Lessor and the Lessee agree on the rents throughout the lease
       period, as follows :

       2.1    From 1 November 2000 to 31 October  2001,  the rents shall be Baht
              174.00/square metre (One Hundred Seventy-Four Baht Only), totaling
              Baht 237,336.00 (Two Hundred  Thirty-Seven  Thousand Three Hundred
              Thirty-Six Baht Only).

       2.2    From 1 November 2001 to 31 October  2002,  the rents shall be Baht
              183.00/square metre (One Hundred Eighty-Three Baht Only), totaling
              Baht  249,612.00  (Two  Hundred  Forty-Nine  Thousand  Six Hundred
              Twelve Baht Only).

       2.3    From 1 November 2002 to 31 October  2003,  the rents shall be Baht
              191.00/square  metre (One Hundred Ninety-One Baht),  totaling Baht
              260,524.00  (Two Hundred Sixty  Thousand Five Hundred  Twenty-Four
              Baht Only).

3.     The Lessee  agrees to pay the rents to the Lessor  commencing  1 November
       2000.

4.     The Lessee agrees to make use of the leased premises for offices only.

5.     The Lessee shall undertake decoration of the leased premises and open for
       business by -. In case the Lessee shall be unable to open for business on
       the said date due to force  majeure  according  to Clause 13 of the terms
       and conditions of the lease, for which the Lessee has notified in writing
       to the Lessor  within 3 (three)  days from the date of the said  incident
       and the Lessor has approved  it, or handing  over of the leased  premises
       under Clause 2 of the terms and conditions of the lease was delayed,  the
       Lessor shall postpone  collection of the rents and other money the Lessee
       is to pay the  Lessor  for the same  period as the force  majeure  or the
       delay of the handing over of accordingly.

6.     As security for  compliance  with the agreement of the Lessee and for any
       damage  which may occur to the  Lessor,  the  Lessee  agrees to place the
       security deposit to the Lessor for the amount equivalent to the maximum 3
       (three)-month  rents,  totaling Baht 781,572.00 (Seven Hundred Eighty-One
       Thousand Five Hundred Seventy-Two Baht Only). On the signing date of this
       agreement,  the Lessee has placed the security deposit of Baht 781,572.00
       (Seven Hundred Eighty-One Thousand Five Hundred Seventy-Two Baht Only) to
       the Lessor accordingly.

<PAGE>

7.     Prior to  undertaking  decoration,  the  Lessee  shall  place a  security
       deposit  for  decoration  of Baht -. If payment  is made by  cheque,  the
       payment  shall be complete  only after the Lessor has collected the money
       accordingly.

8.     Payment by cheque to the Lessor under any  circumstances  shall be deemed
       as complete only after the Lessor has collected the money accordingly.

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.

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

Lessor  Bangkok Inter-Continental Hotels Co., Ltd.
------
Lessee  King Power Tax Free Co., Ltd.
------

By              - signed -                  By              - signed -
         (Mr. Phanat Simasathian)                   (Mr. Viratana Suntaranond)

                - signed -
         (Mrs. Chadatip Jutrakul)

Witness
                - signed -
        (Mrs. Panchai Thong-urai)

                - signed -
          (Mr. Naruenat Numahan)

<PAGE>

                                Service Contract

This contract is made at Bangkok  Inter-Continental Hotels Co., Ltd., on 25 July
2000,

                                     between

Bangkok  Inter-Continental  Hotels Co.,  Ltd.,  with offices at 979 Rama I Road,
Pathum Wan Sub-district,  Pathum Wan District,  Bangkok Metropolis,  hereinafter
called the "Service Provider" of one part,

                                       and

King Power Duty Free Co., Ltd. (with 1. Mr. Vichai Raksriaksorn; 2. Mr. Viratana
Suntaranond;  3. Mr. Suwan Panyapas;  4. Mrs. Aimon  Boonkhundha;  5. Mr. Sombat
Dechapanichkul; 6. ACM Niphn Sakornyen; 7. Mr. Tawat Anukoon; 8. Flight Lt. M.L.
Yom Ngonrath; 9. Flight Lt. Pradit Mongkolapibal;  10. Flight Lt. Usar Borisuth;
11. Mr.  Bancha  Pattanapon,  as  Directors,  and the number or name of Director
authorized to sign binding the Company : "Either Mr. Vichai  Raksriaksorn or Mr.
Viratana  Suntaranond is to sign and affix the Company seal," represented by Mr.
Viratana  Suntaranond,  the authorized  Director,  with the head office at 26th,
27th Floors,  Siam Tower, 989 Rama I Road, Pathum Wan  Sub-district,  Pathum Wan
District, Bangkok Metropolis, and the servicing premises on the 27th Floor, Siam
Tower, hereinafter called the "Service Receiver" of the other part. Whereas

(a)    The  Service  Receiver  has  entered  into the Lease  Agreement  with the
       Service  Provider  for leasing the office  space in the  building  called
       `Siam  Tower,"  situated  at 989 Rama I Road,  Pathum  Wan  Sub-district,
       Pathum Wan  District,  Bangkok,  for the total area of 1,364 square metre
       (hereinafter called the "leased premises") and

(b)    The Service  Provider  agrees to provide the services for the benefits of
       the Service  Receiver and the leased  premises,  and the Service Receiver
       wishes to receive the said services.

Both  parties,  having  read and  understood  the  terms and  conditions  of the
services as appear in the attachment, which shall be deemed part of this Service
Contract, and agree to enter this contract as follows :

1.     The Service Provider agrees to provide and the Service Receiver agrees to
       receive the services,  details of which appear in the attachment, for the
       period  from 1 November  2000 to 31 October  2003,  whereby  the  Service
       Provider and the Service  Receiver  agree on the service fees  throughout
       the lease period, as follows :

<PAGE>

       1.1    From 1 November 2000 to 31 October 2001,  the service fee shall be
              Baht  226.00/square  metre (Two  Hundred  Twenty-Six  Baht  Only),
              totaling Baht  308,264.00  (Three  Hundred and Eight  Thousand Two
              Hundred Sixty-Four Baht Only).

       1.2    From 1 November 2001 to 31 October 2002,  the service fee shall be
              Baht  237.00/square  metre (Two Hundred  Thirty-Seven  Baht Only),
              totaling Baht 323,268.00 (Three Hundred Twenty-Three  Thousand Two
              Hundred Sixty-Eight Baht Only).

       1.3    From 1 November 2002 to 31 October 2003,  the service fee shall be
              Baht  249.00/square  metre (Two  Hundred  Forty-Nine  Baht  Only),
              totaling Baht 339,636.00 (Three Hundred  Thirty-Nine  Thousand Six
              Hundred Thirty-Six Baht Only).

2.     The  Service  Receiver  agrees  to pay the  service  fees to the  Service
       Provider commencing 1 November 2000.

       The monthly  service  fee shall be paid in  advance,  by the 5th of every
       month.  If  the  5th of any  month  falls  on a  holiday  of the  Service
       Provider, payment shall be postponed to the following working day.

3.     As security for compliance with the contract of the Service  Receiver and
       for any  damage  which may occur to the  Service  Provider,  the  Service
       Receiver agrees to place the security deposit to the Service Provider for
       the  amount  equivalent  to the  maximum 3  (three)-month  service  fees,
       totaling Baht  1,018,908.00  (One Million Eighteen  Thousand Nine Hundred
       and Eight Baht Only),  not  including the value added tax. On the signing
       date of this  contract,  the  Service  Receiver  has placed the  security
       deposit of Baht  1,018,908.00 (One Million Eighteen Thousand Nine Hundred
       and Eight Baht Only) to the Service Provider accordingly.

<PAGE>

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.

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

Service  Provider  Bangkok  Inter-Continental  Hotels Co.,  Ltd.
-----------------
Service  Receiver  King Power Tax Free Co., Ltd.
-----------------

By            - signed -                    By            - signed -
       (Mr. Phanat Simasathian)                   (Mr. Viratana Suntaranond)

              - signed -
       (Mrs. Chadatip Jutrakul)

Witness
              - signed -
       (Mrs. Panchai Thong-urai)

              - signed -
         (Mr. Naruenat Numahan)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}]]