1. 1 Benchmark Study Le Havre – Antwerp – Rotterdam July 2003

2. 2 1 – Operational Costs 2 – Labor 3 – Land Availability & Costs 4 – Investment Incentives 5 – Productivity 6 – Taxation 7 – Sources of information

3. 3 1 – Operational Costs

4. 4 Average Employment Costs Charges = employer's payroll costs such as social security, pension premiums, insurance and other taxes (gross estimates Le Havre 48,5%, Antwerp 33-38%, Rotterdam 45%) Logistics warehouse with 30 employees in the port area (cost = average base salaries + charges, rounded up to closest 500€/year)

5. 5 Average Employment Costs

6. 6 Average Employment Costs Average Employment Costs Le Havre = Base 100

7. 7 Average Rental Costs Rental charges include property management, maintenance and repair charges, but not taxes. *In the Netherlands, the long term charges are supported by the landlord and included in the rent: tenants pay for short term charges at an average of 2-3.5%, depending on the configuration an service provided in the building/business park (for the purpose of this benchmark/type of property, we have taken an average figure of 3%). New generation logistics warehouse of 10 000 sqm in the port area (rent + charges, in €/year)

8. 8 Average Rental Costs

9. 9 Le Havre = Base 100

10. 10 Average Operational Costs New generation logistics warehouse of 10 000 sqm in the port area with 30 employees (employment + real estate costs, in €/year)

11. 11 Average Operational Costs

12. 12 Average Operational Costs Le Havre = Base 100

13. 13 2 – Labor

14. 14 Labor availability « Lower secondary » = left school at 16, « Intermediary » = has a school certificate (left around 18), « Tertiary » = has a higher education degree Statistics apply to the regional areas=Le Havre/Haute Normandie, Antwerp/NUTS2 and Rotterdam/Zuid Holland Numbers for qualifications do not add up to 100% because some qualifications may apply to more than one level or may not apply

15. 15 Labor availability

16. 16 Labor availability Le Havre = Base 100

17. 17 Labor availability

18. 18 Labor availability Le Havre = Base 100

19. 19 3 – Land Availability & Costs

20. 20 Land availability

21. 21 Land costs

22. 22 4 – Investment Incentives

23. 23 Investment incentives (summary)

24. 24 Investment incentives (detail) LC = Large Companies SME = Small & medium size Enterprises of 250 employees and 40M€ turnover maximum

25. 25 5 – Productivity

26. 26 Importing textile goods from Asia in TC 40’ 1000 cartons & 3 references per container Average Handling & Storage Costs

27. 27 Average Handling & Storage Costs Importing textile goods from Asia in TC 40’ 1000 cartons & 3 references per container

28. 28 Average Handling & Storage Costs

29. 29 Average Handling & Storage Costs

30. 30 Average Handling & Storage Costs Le Havre = Base 100

31. 31 Average Handling & Storage Costs Le Havre = Base 100

32. 32 Average costs of transportation Prices/destination vary from one truck company to other because they each have their own special routes and rates Textile goods by truck – One-way trip

33. 33 Average costs of transportation

34. 34 Average costs of transportation Le Havre = Base 100

35. 35 Average costs of transportation

36. 36 Average costs of transportation Le Havre = Base 100

37. 37 6 – Taxation

38. 38 Corporate Income Tax

39. 39 Local taxes

40. 40 Treatment of VAT

41. 41 Sources of information

42. 42 COPYRIGHT  DTZ Consulting & Research 2003 This report should not be relied upon as a basis for entering into transactions without seeking specific, qualified, professional advice. Whilst facts have been rigorously checked, DTZ Consulting & Research can take no responsibility for any damage or loss suffered as a result of any inadvertent inaccuracy within this report. Information contained herein should not, in whole or part, be published, reproduced or referred to without prior approval. Any such reproduction should be credited to DTZ Consulting & Research.