LAZARD REPORT - PRIVATE SECTOR CONSULTATION PROCESS : Zuiderzee Line Project

Report has been prepared by Lazard B.V. ("Lazard") at the request of Dutch Ministry of Transport (the "MoT" or "Government") for the exclusive use of the Government to evaluate, in its sole discretion and independence of judgment, the Zuiderzee Line Project and, in particular, the involvement of the private sector in such project.