Document:

No.  Thor.Or.Thor. 3976/2543

                                                       14 July 2000

Subject       Results  of   Consideration  on  Extension  of  the  Contract  for
              Merchandise and Souvenirs Business Operation

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

Reference     Letter  of King  Power  Tax Free Co.,  Ltd.,  No.  Khor.Phor.Thor.
              183/2542 dated 16 December 1999 &  Khor.Phor.Thor.  191/2542 dated
              21 December 1999

Enclosure     Chart Showing Business Premises for Merchandise and Souvenirs
              Business Operation

Pursuant to the referenced  letters,  in which King Power Tax Free Co., Ltd. has
requested  for an  extension  of the  Contract  for  Merchandise  and  Souvenirs
Business Operation at the Phuket Airport,

Airports  Authority of Thailand (AAT) has  considered the request,  and would be
pleased to extend the Contract for Merchandise and Souvenirs  Business Operation
for three locations : Departure Hall, Zone No. DH 215, 27 square metre; Domestic
Departure  Lounge,  Zone No.  DD 205,  16.30  square  metre;  and  International
Departure  Lounge,  Zone No. DI 209,  53.16 square metre,  for a period of three
years, from 1 February 2000 to 31 January 2003, under the following conditions.

1.     The  monthly  rents shall be Baht  450.00 per square  metre,  the fee for
       using services in the airport at 15% of the rents,  the building and land
       taxes  at  12.5%  of the  rents,  and  other  expenses  on the use of the
       airport, property, services and facilities as set forth by AAT.

2.     The  monthly  remuneration  shall  be Baht  6,747.00  per  square  metre,
       totalling Baht  650,815.62 (not including the value added tax), and to be
       increased by 10% per year.

3.     The Company shall pay the monthly  remuneration to AAT in advance, by the
       5th of every month.

4.     If the  Company  is in  default  of payment to AAT, a penalty at 1.5% per
       month of the  outstanding  amount  shall be charged.  A fraction of month
       shall be counted as one month.

<PAGE>

5.     The  Company  must  obtain  written  approval  from AAT for the plans and
       drawings, and construction shall be at the Company's own expense.

6.     AAT reserves the right to permit other business  operators to operate the
       same business.

7.     The Company's  merchandise  shall be at the same  standards and prices as
       that of the  leading  department  stores.  Price tags shall be  displayed
       clearly,  and in Baht  currency  only.  Any  change of price  requires  a
       written approval of AAT.

8.     The Company shall strictly  comply with the existing  conditions,  rules,
       regulations,  instructions  and directives of AAT, as well as those to be
       issued in the future.

Please be informed,  and kindly give your  confirmation  in writing to AAT by 21
July 2000.

                                  Yours truly,

                                   - signed -

                             (Mr. Bancha Pattanapon)
                            Deputy Managing Director,
                              for Managing Director

Finance Department
Tel.   535-1590
Fax    535-1855No.  Thor.Or.Thor. 2518/2543

                                                          18 May 2000

Subject  Merchandise and Souvenir Business Operation at the Chiang Mai Airport

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

Reference     Letter  of King  Power  Tax Free Co.,  Ltd.,  No.  Khor.Phor.Thor.
              039/2543 dated 27 March 2000

Pursuant to the  referenced  letter,  in which King Power Tax Free Co., Ltd. has
requested  for an  extension  of the  Contract  for  Merchandise  and  Souvenirs
Business  Operation at the Chiang Mai Airport for a period of three  years,  and
offered to pay the  monthly  remuneration  for the first year at Baht  30,000.00
which will be increased by 10% every year, as detailed therein.

Airports  Authority of Thailand (AAT) has  considered the request,  and would be
pleased to extend the Contract for Merchandise and Souvenir  Business  Operation
for the  Company  for two years,  from 1 June 2000 to 31 May 2002,  whereby  the
monthly  remuneration  for the first year shall be Baht 40,000.00 (not including
the value added tax),  which will be increased by 10% per year. AAT reserves the
right to  prohibit  certain  items of  merchandise,  which will be informed at a
later date.  The Company  must  strictly  comply with the  existing  conditions,
rules,  regulations,  instructions and directives of AAT, as well as those to be
issued in the future.

Please be informed,  and kindly give your  confirmation  in writing to AAT by 31
May 2000.

                                  Yours truly,

                                   - signed -

                             (Mr. Bancha Pattanapon)
                            Deputy Managing Director,
                              for Managing Director

Finance Department
Tel.     535-1585
Fax      535-1855SIAM CITY BANK PUBLIC COMPANY LIMITED

           Agreement for Pledge of Instrument Issued to Person by Name

                                                             Made at Head Office

                                                                28 December 2000

We, King Power Duty Free Co.,  Ltd.,  with  offices at 989,  Siam Tower,  Rama I
Road,  Pathum  Wan  Sub-district,   Pathum  Wan  District,  Bangkok  Metropolis,
hereinafter  called  the  "Pledgor,"  have made  this  Agreement  for  Pledge of
Instrument  Issued to Person by Name and  submitted  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 of

       [/]  Passbook of Fixed Deposit Account No. 001-3-09768-5
                        Baht  79,867,822.20

totaling Baht  79,867,822.20  (Seventy-Nine  Million  Eight Hundred  Sixty-Seven
Thousand  Eight Hundred  Twenty-Two  Baht Twenty Satang) which is an "instrument
issued  to  person  by name,"  with the bank  being  the  debtor  under the said
instrument, hereinafter called the "Pledged Property" as follows :

1.     The pledgor has  pledged the pledged  property  with the bank as security
       for the  overdraft,  loan,  debts  related  to  letter of  credit,  trust
       receipt,  issuance of all types of letter of guarantee,  sale at discount
       or acceptance of sale at discount of promissory note, aval,  guarantee of
       promissory or other debt related to the promissory  note, debt related to
       guarantee or any other debt that the pledgor and/or -, hereinafter called
       "the said debtor"  owed to the pledgee at the time of entering  into this
       agreement  or the  future  debts  for an  amount  of  Baht  79,564,157.00
       (Seventy-Nine  Million  Five  Hundred  Sixty-Four  Thousand  One  Hundred
       Fifty-Seven  Baht Only) and all  accessories  thereof in accordance  with
       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 14.50% p.a.

2.     The pledgor  confirms  and promises  that the pledgor  owns/has the right
       over the  pledged  property  legally  and that it is free of  proprietary
       interest or  preferential  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  submitted  the same to the bank for
       retention.

4.     The pledgor  agrees not to exercise  the right to withdraw the money from
       the pledged property, except for performance of obligation to the bank.

<PAGE>

5.     In case the right on the  pledged  property  becomes due prior to the due
       date of  performance  of  obligation,  the pledgor  consents  the bank to
       extend  validity  of the  deposit  further  and which shall be deemed the
       pledge under this agreement continuously.

6.     Should  there be any  problem  arisen  regarding  ownership/right  of the
       pledgor over the pledged property and/or the said debtor is in default of
       performance  of the  obligation or the pledgor is in breach of any clause
       herein,  the  bank is  entitled  to  call  the  pledgor  to  perform  the
       obligation and enforce the pledge immediately.

7.     Due to the fact that the bank is the debtor  under the  pledged  property
       and also the pledgee,  therefore the bank and the pledgor agree that this
       agreement  shall be the notice of the pledge to the debtor of  instrument
       in accordance with Section 752 of the Civil and Commercial Code.

The pledgor,  having read and understood the agreement entirely,  hereunder sign
his name and affix seal, if any, in the presence of witnesses.

                                                Viratana Suntaranond    Pledgor
(Seal of King Power Duty Fee Co., Ltd.)   (King Power Duty Fee Co., Ltd.)

                                                     - signed -         Witness
                                               (Mr. Chaowana Sae Tae)

                                                     - signed -         Witness
                                               (Mr. Chanwut Amnuaisin)(OFFICIAL EMBLEM)

                 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED

                               Guarantee Contract

<PAGE>

                 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED

                               Guarantee Contract

This contract is made at the Siam Commercial Bank Public Company Limited, Lak Si
Branch, on 20 July 2000, as evidence that the undersigned,

-Signed- a.       Mr. Vichai Raksriaksorn, aged 42, Thai race, Thai nationality,
         residing at House No. 20, Soi  Sukhumvit  64,  Bang Chak  Sub-district,
         Phra Khanong District, Bangkok Metropolis, and

-Sigend- b.       Mr.   Viratana   Suntaranond,   aged  59,   Thai  race,   Thai
         nationality,  residing  at  House  No.141-143-145,  Soi  Sukha  1,  Wat
         Ratchabopit Sub-district, Phra Nakhon District, Bangkok Metropolis,

hereinafter  called the  "Guarantor"  consent to guarantee  the  performance  of
obligations of King Power Duty Fee Co., Ltd.,  hereinafter  called the "Debtor,"
to the Siam  Commercial  Bank Public  Company  Limited,  hereinafter  called the
"Bank," for the total  amount of  guarantee  Baht  125,000,000.00  (One  Hundred
Twenty-Five Million Baht Only), as follows :

1.     The obligations under this guarantee contract are overdraft,  loans, debt
       related to letter of credit, debt related to trust receipt,  debt related
       to sale at a discount or  acceptance  of sale at a discount of promissory
       notes, debt related to aval/guarantee of the promissory notes by the bank
       as requested by the debtor or other debts  related to  promissory  notes,
       debt  related  to the  letters  of  guarantee  issued by the bank for the
       debtor,  and the  existing  debts the debtor has with the bank and/or the
       debts the debtor may have with the bank in the future.

       Both parties  mutually  understand  that the guarantor shall be liable to
       not only the guarantee  amount  prescribed  above (if any),  but also the
       accessories thereof such as the unpaid interest and compensation  payment
       of the debtor,  encumbrances which are accessories of debt, including all
       expenses  that the bank has to pay  regarding  collection  or  litigation
       against the debtor for enforcement of performance of obligations as well.

2.     In case the debtor  fails to  perform  the above  obligations,  be it all
       items or separate item, or is subject to  receivership by court order, or
       dies or becomes  incompetence  or  quasi-incompetence  or  disappears  or
       leaves the  residence  and  cannot be found,  or the debtor can no longer
       take  advantage of the  beginning or the end of the term,  the  guarantor
       shall be liable jointly with the debtor of the obligations under Clause 1
       immediately,  whereby the guarantor  agree to perform the  obligations to
       the bank promptly  and/or consent the bank to deduct such amount from the
       bank  account  of  the  guarantor  under  Clause  9,  as the  bank  deems
       appropriate.

<PAGE>

       In case any  particular  item of the  obligations  guaranteed  under this
       contract  is a Letter  of  Guarantee  that the  bank has  issued  for the
       debtor, the guarantor hereby consent that if the creditor demands payment
       from the bank  according  to the said  Letter of  Guarantee,  the bank is
       entitled to make such payment  immediately  without  having to notify the
       guarantor and/or the debtor first, and it is not necessary to inquire the
       debtor whether the debtor has any defense against the creditor or not; or
       though the bank may be informed that the debtor has a defense against the
       creditor,  but if the bank  deems it  appropriate  the bank can make such
       payment without having to raise such defense against the creditor.

3.     This guarantee shall be valid, and the guarantor shall not revoke it, for
       as long as the bank has not received  performance  of  obligations  under
       Clause 1 in full.

4.     This guarantee shall bind the guarantor completely,  though it may appear
       at a later  date that the  debtor  shall not be liable to the bank due to
       the fact that such agreement was entered with  misunderstanding or due to
       being an incompetent  person,  disregarding  the fact that at the time of
       entering  into  this  Guarantee  Contract,  the  guarantor  know  of  the
       misunderstanding or incompetence or not.

5.     The bank  reserves  the right to claim or not to claim or to release  any
       guarantor,  without  having to request  for  consent  or to notify  other
       guarantor, thereby the remaining guarantor shall continue to be liable to
       the total obligations accordingly.

6.     In case the debtor  dies and the bank has not sued for  enforcement  from
       the heir or the  estate  or the  subrogee  of  rights  and  duties of the
       debtor,  until one year from the date of death,  the guarantor  shall not
       raise preclusion by prescription as a defense against the bank, and shall
       consent to be liable to performance of the outstanding obligations to the
       bank accordingly.

7.     The  guarantor  consent  the bank to grant  leniency to the debtor as the
       bank deems appropriate  without having to notify the guarantor first, and
       it shall be deemed  that the  guarantor  agree to such  leniency on every
       occasion,  and that the guarantor waive the right on the debtor's defense
       against the bank when the bank  demands the  guarantor to comply with the
       contract.

8.     Though it may appear that any act of the bank may cause the  guarantor to
       be  unable  to  subrogate,  either  in whole or in part,  of the  rights,
       mortgage,  pledge or  preference  right which the debtor has submitted to
       the bank  prior to or at the time of  entering  into this  contract,  the
       liabilities  of the guarantor  under this contract shall not be relieved,
       either in whole or in part.

9.     The  guarantor  consent the bank to deduct  money from all  deposit  bank
       accounts the guarantor have with the bank for  performance of obligations
       of the guarantor  under this contract  immediately,  and after  deduction
       should there be an outstanding payment, the guarantor consent the bank to
       debit such amount into the current  deposit  account of the guarantor and
       it shall  become  the debt  that  the  guarantor  have to pay to the bank
       accordingly.

<PAGE>

10.    The guarantor consent that any act of the debtor or a third party causing
       an interruption  to the  prescription of the debts under guarantee to the
       disadvantage of the debtor, it shall be the disadvantage of the guarantor
       as well.

11.    All  correspondence,  collection letter,  notice or other documents to be
       forwarded  to  the  guarantor,  by  registered  or  regular  mail,  or by
       messenger,  if they have been forwarded to the above address  herein,  it
       shall be deemed as having been  legitimately  forwarded to the guarantor,
       without  regard to whether  there is a  recipient  or not,  and though it
       could not be forwarded due to the fact that such address has been changed
       or  demolished  and the  guarantor  has failed to notify  such  change or
       demolition  in writing to the bank,  or due to the fact that such address
       could  not  be  found,   it  shall  be  deemed  that  the  guarantor  has
       acknowledged the same accordingly.

12.    The guarantor consent to submit..........................................
       .........................................................................
       .........................................................................
       to the bank for retention until  performance of the obligations  shall be
       made in full.

       The guarantor,  having read and understood  this contract and found it to
be in accordance  with their  intention,  hereunder sign their names on the date
indicated above.

                                      - signed -                     Guarantor
                              (Mr. Vichai Raksriaksorn)

                                      - signed -                     Guarantor
                              (Mr. Viratana Suntaranond)

                                      - signed -                     Witness
                              (Mr. Phakkhaphong Tansakun)

                                      - signed -                     Witness
                              (Miss Orawan Thamwatthana)

(Revenue Stamps)

<PAGE>

Letter of Consent for Entering into All Types of Juristic Act

                                         Made at the Siam Commercial Bank Public
                                                  Company Limited, Lak Si Branch

                                                                    20 July 2000

       I, Mrs.  Aimon  Raksriaksorn,  aged 43,  residing  at House No.  20,  Soi
Sukhumvit 64, Bang Chak Sub-district, Phra Khanong District, Bangkok Metropolis,
hereby consent Mr. Vichai  Raksriaksorn,  my spouse,  to enter into all types of
juristic act with the Siam Commercial Bank Public Company Limited with regard to
the dowry, which may be binding to my portion of the property, and I agree to be
liable to the obligations according to such juristic acts.

       I have read the contents of this letter and found it to be in  accordance
with my intention, and hereunder sign my name on the date indicated above.

                                     - signed -             Spouse/Consent Giver
                             (Mrs. Aimon Raksriaksorn)

                                     - signed -             Witness
                             (Mr. Vichai Raksriaksorn)

                                     - signed -             Witness
                            (Mr. Phakkhaphong Tansakun)

<PAGE>

                             Letter of Confirmation

                                         Made at the Siam Commercial Bank Public
                                                  Company Limited, Lak Si Branch

                                                                    20 July 2000

       By means of this letter, I, Mr. Viratana  Suntaranond,  hereby confirm to
the Siam  Commercial  Bank Public Company  Limited that as at the date of making
this letter,  I have not  registered my marriage,  and am eligible to enter into
any juristic act with the Siam Commercial Bank Public Company Limited by myself.
If any damage  occurred  to the bank,  I shall be  responsible  therefor  in all
respects.

                                               - signed -
                                       (Mr. Viratana Suntaranond)

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