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(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.    King Power  International Co., Ltd., with offices at 989, Rama
1 Road, Pathum Wan Sub-district, Pathum Wan District, Bangkok Metropolis,

(Seal of King Power International Co., Ltd.)

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  385,000,000.00  (Three  Hundred
Eighty-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.

       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.

<PAGE>

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.

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.

<PAGE>

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
                                (King Power International Co., Ltd)
(Seal of King Power International Co., Ltd.)

                                             - signed -                Witness
                                     (Mr. Phakkhaphong Tansakun)

                                             - signed -                Witness
                                     (Miss Orawan Thamwatthana)

(Revenue Stamps)(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,

       a.     King Power Tax Free Co.,  Ltd.,  with offices at 989, Rama 1 Road,
Pathum Wan Sub-district, Pathum Wan District, Bangkok Metropolis,

(Seal of King Power Tax Free Co., Ltd.)   -Signed-

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
                      (King Power Tax Free Co., Ltd.)

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

                                - signed -                         Witness
                        (Mr. Phakkhaphong Tansakun)

                                - signed -                         Witness
                        (Miss Orawan Thamwatthana)

(Revenue Stamps)

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"}]]