Document:

<PAGE>
                                                  CONFIDENTIAL TREATMENT REQUEST

*    Portions denoted with an asterisk have been omitted and filed separately
     with the Securities and Exchange Commission pursuant to a request for
     confidential treatment.

                                                                   EXHIBIT 10.25

                              WAREHOUSING AGREEMENT

                                     BETWEEN

                                  NETGEAR, INC.

                                       AND

                          APL LOGISTICS AMERICAS, LTD.

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                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                <C>
1.  TERM OF AGREEMENT..........................................................     1

2.  APLL'S RESPONSIBILITIES.....................................................    1

3.  NETGEAR'S RESPONSIBILITIES..................................................    3

4.  RATES AND CHARGES...........................................................    3

5.  LIABILITIES AND INDEMNIFICATION.............................................    4

6.  PHYSICAL INVENTORIES AND ADJUSTMENTS........................................    5

7.  FORCE MAJEURE...............................................................    6

8.  DEFAULT.....................................................................    7

9.  EARLY TERMINATION...........................................................    7

10. RECORDS.....................................................................    9

11. INDEPENDENT CONTRACTOR......................................................    9

12. COMPLIANCE..................................................................    9

13. SUCCESSORSHIP...............................................................    9

14. APPLICABLE LAW; ATTORNEYS' FEES; SEVERABILITY; SAVINGS......................    9

15. ENTIRE AGREEMENT; AMENDMENT; CAPTIONS.......................................    9

16. NOTICES.....................................................................   10

17. WAIVER......................................................................   10

18. NON-RECRUITMENT.............................................................   10

19. CONFIDENTIALITY.............................................................   10

20. COOPERATION.................................................................   10

21. EXECUTION IN COUNTERPARTS; FACSIMILE SIGNATURES.............................   11
</TABLE>

SCHEDULES AND ATTACHMENTS

        Schedule "A" -- Description of Services
        Schedule "B" -- Rate Schedule
        Schedule "C" -- Operating Parameters
        Schedule "D" -- APLL Equipment/Systems
        Schedule "E" -- Insurance Schedule
        Schedule "F" -- Start-up Charges
        Attachment #1 -- Mutual Confidentiality, Non-Disclosure and
                         Non-Recruitment Agreement

<PAGE>
                                                  CONFIDENTIAL TREATMENT REQUEST

*    Portions denoted with an asterisk have been omitted and filed separately
     with the Securities and Exchange Commission pursuant to a request for
     confidential treatment.

                              WAREHOUSING AGREEMENT

         AGREEMENT made as of July 5, 2001, by and between NETGEAR, INC.
("NETGEAR") having an office at 4500 Great America Parkway, Santa Clara,
California 95054 and APL LOGISTICS AMERICAS, LTD, f/k/a GATX Logistics, Inc.,
having its principal office at 1301 Riverplace Boulevard, Suite 1200,
Jacksonville, Florida 32207 ("APLL").

                                   WITNESSETH:

         WHEREAS, NETGEAR is a corporation organized and existent in accordance
with the laws of the State of Delaware, and is engaged in the manufacturer of
hardware for computer networks;

         WHEREAS, APLL is a corporation organized and existent in accordance
with the laws of the State of Florida, and is engaged in the business of
providing logistics services, including, among others, warehousing services; and

         WHEREAS, NETGEAR and APLL each represent and warrant that its
representative herein is duly empowered and authorized to execute this Agreement
on its behalf;

         NOW, THEREFORE, for and in consideration of the mutual agreements
herein contained, it is hereby mutually agreed as follows:

                              1. TERM OF AGREEMENT

         The term of this Agreement shall commence on July 16, 2001, and
continue in effect until the close of business on July 15, 2004, with an option
by NETGEAR to terminate on July 15, 2003 after giving APLL sixty days written
notice of its intent to terminate. If NETGEAR either exercises its option to
terminate or this Agreement expires, NETGEAR agrees to pay APLL a balloon
payment for unamortized capital and/or other fixed expenses in Schedules "D" and
"F" or subsequently agreed upon in writing by both parties. If NETGEAR does not
exercise its option, the Agreement shall renew automatically from year to year
until either party shall serve upon the other party written notice of
termination at least ninety (90) days prior to the expiration date of the then
current term.

                           2. APLL'S RESPONSIBILITIES

2.1      SERVICES. During the term of this Agreement, APLL agrees to provide for
         NETGEAR certain warehousing services described in Schedule "A" hereto
         at the facilities identified on Schedule "A"(each such facility being
         hereinafter referred to as "Warehouse"). The services to be provided
         hereunder are those described in this Agreement, subject to the terms
         and conditions of this Agreement, and the attached Schedules "A", "B",
         "C", "D", "E" and "F" and attachments which are made a part hereof (or
         any substitutions or modifications thereto mutually agreed to in
         writing), and to accept and keep in a safe, neat and orderly condition
         such goods (the "Products") as from time to time may be tendered by
         NETGEAR for warehousing or handling (the "Services"). APLL further
         agrees to furnish and/or obtain sufficient personnel, equipment, and
         other accessories necessary to perform the Services herein described.
         The operating parameters and assumptions are set forth in Schedule "C".

2.2      WAREHOUSE OPERATIONS. The Parties agree that, except as specifically
         modified herein, APLL will be a warehouseman as described in Article 7
         of the Uniform Commercial Code ("UCC") as enacted in the state(s) where
         the Warehouse(s) are located and is entitled to all rights and subject
         to all obligations described therein with the exception that APLL has
         waived its right to Warehouseman's Lien in exchange for the Letter of
         Credit provided for in Section 4.5. APLL's standard of care for the
         Services performed hereunder shall be the customary and usual
         warehousing practices as performed in the community in which the
         Warehouse is located; provided that in no event will the standard of
         care be less than the industry standard and practices of skill and care
         customarily observed by similar companies in similar circumstances.

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         The Warehouse space will be utilized by APLL as efficiently as
         practical without creating inefficiencies in handling operations. All
         Products shall be segregated by stock keeping unit, date, lot number,
         or other characteristics or combination of characteristics, as agreed
         upon (a "stock keeping unit" being the lowest level for which inventory
         material handling records are maintained for purposes of this
         Agreement). NETGEAR shall notify APLL of stocking limitations, Products
         to be accounted for separately, and any other Product peculiarities in
         writing, prior to delivery of such Products to the Warehouse. In the
         event of any inconsistencies or conflicts between the terms contained
         in this Agreement and Article 7 of the UCC (as codified in the State of
         California), the terms of this Agreement shall be given preferential
         deference in determining the intent of the parties.

2.3      TRANSFER OF PRODUCTS. No Products shall be delivered or transferred
         except upon receipt by APLL of one of the following: 1) completed
         shipping documents from NETGEAR; 2) packing slips from suppliers for
         inventory product deliveries; or 3) packing slips from customers for
         Return Material Authorization ("RMA"). Instructions to transfer
         Products on the books of APLL shall not be effective until said
         Instructions are delivered to APLL and all charges relating to APLL's
         Services to NETGEAR, including the receipt, storage, servicing,
         handling and transfer of the Products, shall be chargeable to NETGEAR.

2.4      TLS SOFTWARE. APLL will utilize its proprietary TLS software system in
         support of and in connection with its Services under this Agreement.
         NETGEAR shall protect the confidentiality of the TLS Software and
         documentation. NETGEAR shall not make available the TLS Software and
         any documentation supplied hereunder, in any form, to any person or
         firm directly or indirectly, including NETGEAR's employees, agents and
         subcontractors, without APLL's prior written consent. However, NETGEAR
         shall have the right to use the APLL packing list and commercial
         invoice documents to facilitate shipments. NETGEAR shall not sell,
         assign, pledge, lease, sublease, transfer, license or otherwise
         encumber the TLS Software, nor shall NETGEAR transmit, copy, recreate,
         or reproduce, in whole or in part, in any manner, any part of the TLS
         Software or documentation, or permit any person, firm, corporation or
         entity to do so except as expressly permitted in writing by APLL.
         NETGEAR may not modify or attempt to modify the TLS Software or any
         portion thereof or merge or attempt to merge the TLS Software or any
         part thereof into other computer programs. All patents and copyrights
         applicable to the TLS Software or any documentation supplied by APLL
         hereunder shall be retained by APLL. NETGEAR will not divulge or
         disclose to any third party any information concerning the TLS Software
         at any time unless such Information becomes publicly available through
         no fault of NETGEAR. The Systems rates and charges set forth on
         Schedule "B" include any initial TLS enhancements and customization for
         NETGEAR, Any additional development requested by NETGEAR to deliver new
         or altered TLS Software capabilities will be performed at a cost
         mutually agreed to by NETGEAR and APLL prior to the commencement of any
         additional development, such cost to include consulting rates plus
         reasonable travel and other out-of-pocket expenses.

2.5      EXPORTS AND CUSTOMS. Each party agrees that it will not knowingly (I)
         export or re-export, directly or indirectly, any technical data (as
         defined by the U.S. Export Administration Regulations), including
         software received from the other under this Agreement or (II) export or
         re-export, directly or indirectly, any direct product of such technical
         date, including software, to any destination to which such export or
         re-export is restricted or prohibited by U.S. or applicable non-U.S.
         law without obtaining prior authorization from the U.S. Department of
         Commerce and/or other competent government authorities to the extent
         required by those laws. This clause shall survive termination or
         cancellation of this Agreement

         Unless otherwise set forth in this Agreement, APLL shall take all
         administrative actions required to product commercial invoices, packing
         list and export declarations that comply to U.S. Export Regulations. If
         a shipment includes products having different countries of origin, the
         different countries of origin must be identified on the commercial
         invoice and packing list. NETGEAR will be responsible to provide APLL
         with the required information (HTS codes, ECCN codes, country of origin
         list, countries to which no U.S. company can export to (Lybia, Cuba,
         North Korea, etc.)) so that APLL can be in compliance. Fines assigned
         to NETGEAR by the U.S. government resulting from APLL's failure to
         follow NETGEAR's instruction to comply with U.S. Export Regulations
         will be charged to APLL. If the fine to NETGEAR was the result of
         NETGEAR providing incomplete or incorrect information to APLL, then
         NETGEAR will absorb the cost of these fines.

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                          3. NETGEAR'S RESPONSIBILITIES

3.1      DELIVERY AND SHIPMENTS; PACKAGING. NETGEAR will advise APLL of its
         warehousing needs in sufficient time to allow APLL to make necessary
         preparations for such warehousing. NETGEAR will also provide APLL with
         instructions for shipments from the Warehouse, which information will
         constitute NETGEAR's instructions for shipment of Products. All
         Products tendered for warehousing will be properly marked and packaged
         for handling according to the product specifications provided to APLL
         by NETGEAR.

3.2      PRODUCT CHARACTERISTICS/REFUSAL TO ACCEPT PRODUCTS. NETGEAR shall
         promptly notify APLL of the characteristics of any of NETGEAR's
         Products that (a) require special handling instructions, material,
         equipment or precautions; (b) may be hazardous or dangerous to APLL's
         employees, subcontractors or agents, whether by handling or exposure;
         (c) are defined as hazardous materials under any federal, state or
         local law or regulation governing the environment including but not
         limited to The Resource Conservation and Recovery Act (RCRA). The
         Comprehensive Environmental Response, Compensation, and Liability Act
         of 1980, as amended (CERCLA), or Department of Transportation Research
         and Special Programs Administration (RSPA including IATA, ICAO and
         IMDG); or (d) are or should be reasonably believed or known to be
         likely to cause damage to APLL's premises or equipment. NETGEAR's
         Products, or to other goods that may be stored by APLL. APLL may refuse
         to accept any Products that are identified per the above categories or
         that reasonably might cause infestation, contamination, or damage to
         other goods in its custody. APLL shall promptly notify NETGEAR of such
         refusal and shall have no liability for any demurrage, detention,
         transportation or other charges by virtue of such refusal.

3.3      PROHIBITION OF CONSIGNMENT. NETGEAR agrees not to ship Products to APLL
         as the named consignee. If, in violation of this Agreement, Products
         are to be shipped to APLL as named consignee, NETGEAR agrees to notify
         carrier, in writing and prior to such shipment, that APLL named as
         consignee is a warehouseman under law and has no beneficial title or
         interest in such Products. NETGEAR will also deliver a copy of such
         notice to APLL prior to such shipment.

3.4      APLL COMPENSATION. NETGEAR shall pay APLL compensation for the Services
         provided by APLL and the charges made by APLL under the terms of
         Schedule "B" (or any substitutions or modifications thereto which are
         mutually agreed to in writing).

                              4. RATES AND CHARGES

4.1      GENERAL. Rates and charges for contract Warehousing Services are set
         forth in Schedule "B".

4.2      START-UP CHARGES. NETGEAR will pay expenses incurred to start up the
         Services covered by this Agreement as provided in Schedule "F".

4.3      RATE AND CHARGE MODIFICATION. The rates and charges set forth in
         Schedule "B" are based upon the current in and out handling
         characteristics and operating assumptions detailed in Schedule "C". Any
         significant changes in the operating parameters that affect APLL's cost
         of providing the Services may require rate adjustments agreed upon by
         both Parties.

         APLL shall, after the initial year of this Agreement, periodically
         review the rates and charges set forth in Schedule "B" and may revise
         such rates and charges upon sixty (60) days notice to NETGEAR. Upon
         receipt of such notice, NETGEAR may either accept the new rates and
         charges or terminate this Agreement upon ninety (90) days written
         notice to APLL, during which period the prior rates and charges shall
         apply, unless APLL elects to continue to perform pursuant to the then
         current rate structure, in which case this Agreement shall continue in
         accordance with its terms. An exception to the above is the situation
         where volumes fluctuate plus or minus twenty (20%), in which case APLL
         may revise such rates and charges upon thirty (30) days notice to
         NETGEAR.

4.4      TERMS OF PAYMENT. Except as may otherwise be specifically stated in any
         of the applicable Schedules, APLL shall invoice NETGEAR for all
         Services performed and costs incurred by APLL under this

                                        3

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         Agreement during the preceding month. APLL shall provide NETGEAR with a
         monthly statement of account reflecting balance due and days
         outstanding. Upon APLL's request, NETGEAR shall provide APLL with a
         copy of its most recant audited financial statements. NETGEAR shall pay
         the amount invoiced within thirty (30) days from the date of such
         invoice. Payment shall be considered made when payments have been
         received by APLL.

         In the event NETGEAR disputes any invoices (or any part thereof),
         NETGEAR shall provide APLL with written notice of such dispute within
         thirty (30) days of receipt of such invoice. NETGEAR shall, however,
         pay that portion of the invoice not in dispute. Any such amount not in
         dispute and not paid within thirty (30) days shall bear interest at the
         rate of one percent (1%) per month.

         Additionally, if any disputed portion of such invoice is later paid by
         NETGEAR, or is determined subsequently to be due and owing to APLL,
         NETGEAR shall also pay APLL interest on such amount from the original
         due date at the rate of one percent (1%) per month. NETGEAR agrees to
         pay, in the event its account becomes delinquent and is turned over to
         any attorney for collection, reasonable attorneys' fees, plus all
         consultant fees, court costs, and attendant collection costs.

4.5      [*].

                       5. LIABILITIES AND INDEMNIFICATION

5.1      GENERAL - WAREHOUSE. APLL shall be responsible for loss or injury to
         all Products under its care, custody and control in the Warehouse as
         provided in the UCC.

         APLL agrees to indemnify, save harmless, and defend NETGEAR from and
         against any and all claims for loss, damage or injury and from and
         against any suits, actions, or legal proceedings brought against
         NETGEAR for or on account of any loss or damage to the tangible
         property of third parties, or for or on account of any injuries
         received or sustained by any person, including but not limited to,
         employees of APLL and employees and agents of NETGEAR, caused by, or
         arising out of, any intentional, reckless or negligent act or omission
         of APLL or its employees, agents or invitees in performing the
         Services. This Indemnity shall not apply to any such loss, damage or
         injury to the extent such loss, damage or injury is caused as a result
         of the sole or partial negligence of any other party.

         NETGEAR shall indemnify and hold harmless APLL from any and all claims
         for unpaid transportation charges, including undercharges, demurrage,
         detention, or charges of any nature, in connection with NETGEAR's
         Products shipped to or from the Warehouse, except for such claims
         caused by APLL's failure to exercise the standard of care as identified
         in Section 2.2 above.

         In addition, NETGEAR agrees to Indemnify, save harmless, and defend
         APLL from and against any and all claims for loss, damage or injury and
         from and against any suits, actions, or legal proceedings brought
         against APLL for or on account of any loss or damage to the tangible
         property of third parties, or for or on account of any injuries
         received or sustained by any person, including, but not limited, to
         employees of NETGEAR and employees and agents of APLL, caused by, or
         arising out of, any intentional, reckless or negligent act or omission
         of NETGEAR or its employees, agents or invitees, as well as from any
         claims, expenses or demands of any kind made by NETGEAR's employees,
         agents, servants or contractors while at the Warehouse in connection
         with the performance of this Agreement, except to the extent such claim
         arises from the negligence or intentional act of APLL, its employees.

                                        4

<PAGE>

         agents or servants. In addition, this indemnity shall not apply to any
         such loss, damage or injury, to the extent such loss, damage or injury
         is caused as a result of the sole or partial negligence of any other
         party. For claims which have been established to fall under NETGEAR's
         indemnification obligation. NETGEAR has the sole right to control the
         defense, settlement, and/or discharge of the claim. Further, NETGEAR
         agrees to secure a waiver of subrogation from NETGEAR's workers'
         compensation insurance carrier in support of the above.

         APLL and NETGEAR agree to provide timely written notice of any claim to
         the other party when indemnification is sought and to provide
         reasonable assistance to the indemnifying party in defending, settling
         and/or discharging the claim. In the event of any inconsistencies or
         conflicts between the terms contained in this Agreement and Article 7
         of the UCC (as codified in the State of California), the terms of this
         Agreement shall be given preferential deference in determining the
         intent of the parties.

5.2      DEMURRAGE: DETENTION. APLL shall not be liable for demurrage,
         detention, or delays in obtaining and loading cars or vehicles for
         outbound shipments unless APLL has failed to exercise reasonable care
         and judgment as determined by industry practice or failed to act in a
         timely manner. If detention occurs for which APLL is liable, payment of
         such detention shall be made by APLL to the carrier.

5.3      CLAIMS BY NETGEAR. Claims by NETGEAR for loss or damage to Products
         must be presented in writing to APLL by no later than the earlier of
         (a) ninety (90) days after delivery of the Products by APLL or (b)
         ninety (90) days after NETGEAR is notified that loss or damage has
         occurred. APLL shall not be liable to NETGEAR where such loss or damage
         is caused by events of Force Majeure as provided in Article 7 below,
         the act of NETGEAR, its employees or agents, or the inherent vice or
         nature of the Products. APLL will be afforded a reasonable opportunity
         to inspect damaged Products, research shortages, investigate claims,
         and respond to NETGEAR. No legal action may be maintained by NETGEAR
         against APLL for loss or damage to Products or regarding the charges
         hereunder unless timely written claim has been made as provided above
         and, in any event, unless such action is commenced within the earlier
         of (a) one (1) year after the date of delivery by APLL or (b) one (1)
         year after NETGEAR is notified that loss or damage has occurred.

5.4      LIMITATION OF LIABILITY. It is understood and agreed that in the event
         of loss or damage to Products for which APLL is liable, the measure of
         damage for the first $10,000 of loss per annum will be NETGEAR
         inventory standard cost, and for all amounts above $10.000 it will be
         the manufacturer's cost of the Products involved, plus a prorated
         portion of transportation charges; HOWEVER, APLL's legal liability
         shall be limited per any one loss to the maximum amount of legal
         liability insurance in full force and effect with APLL's insurance
         carrier at the time such loss is incurred. If APLL pays any claim of
         NETGEAR for damaged products, APLL or its insurer shall take title to
         the damaged Products and/or obtain credit for the salvage value as
         mutually agreed. Except as otherwise may be specifically provided for
         in this Agreement or any Schedules, neither party shall be liable to
         the other for any consequential, indirect or punitive damages arising
         from the breach or termination of this Agreement.

5.5      INSURANCE. APLL shall maintain at all times during the life of this
         Agreement a policy or policies of insurance in full force and effect
         with companies and in amounts identified on Schedule "E" hereto,
         covering warehouse legal liability for loss or damage to NETGEAR's
         Products due to negligence of APLL. APLL does not otherwise insure
         NETGEAR's Products. APLL agrees to furnish, at NETGEAR's request,
         certificates of all policies of applicable insurance, such certificates
         to name NETGEAR as certificate holder and to stipulate that the
         insurance will not be canceled or substantially changed prior to
         termination of this Agreement.

                     6. PHYSICAL INVENTORIES AND ADJUSTMENTS

6.1      PHYSICAL INVENTORIES. Joint NETGEAR-APLL physical inventories shall be
         performed quarterly. All shipping, receiving and inventory transaction
         processing will be terminated during the period of the physical
         inventory to insure a simultaneous cut-off of all activity. APLL shall
         bill NETGEAR for the physical inventories on an hourly basis. Charges
         for hourly warehouse personnel will be per Schedule "B".

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6.2      INVENTORY ADJUSTMENTS. If stock differences are found in any count,
         APLL and NETGEAR will list gains as receipts, and losses as deductions,
         thus correcting the book record to agree with the actual stock on hand.
         Those changes will be based upon counts agreed to and signed by
         NETGEAR's representative and APLL's representative.

         A.       For purposes of determining the net balance of physical units
                  on APLL's account, all shortages and overages for the period,
                  shall be reconciled by stock keeping unit.

         B.       If there is a shortage for the period covered, after netting
                  across stock keeping units, the dollar amount (number of units
                  multiplied by the measure of damage as stated in Section 5.4
                  and subject to the provisions of subsection 6.2 (D) below)
                  shall be payable to NETGEAR by APLL. If there is an overage on
                  the account, adjustments will be made to inventory book
                  records and no claim will be filed by APLL. The period covered
                  by the physical inventory will be closed to future netting
                  routines except under the following conditions:

                           i.       proven miscount in physical inventory;

                           ii.      proven clerical error by NETGEAR;

                           iii.     located or recovered mis-shipment;

                           iv.      proven packing or case marking error by
                                    NETGEAR's supplier; or,

         C.       Inventory adjustments will be calculated quarterly. Financial
                  reconciliation of inventory variances will be performed twice
                  per year. Netting will occur between the reconciliation of
                  quarters one and two and between the reconciliation of
                  quarters three and four. The reconciliation of quarters one
                  and two will not be netted against the reconciliation of
                  quarters three and four. In performing the financial
                  reconciliation, if the net inventory variance calculated
                  during the physical inventory is an overage and APLL paid for
                  a shortage in connection with the preceding physical
                  inventory, NETGEAR will pay a refund to APLL based on the
                  overage, but only to the extent that it does not exceed the
                  shortage for which APLL has paid.

         D.       The dollar values used to establish the net-money balance
                  shall be NETGEAR Inventory standard cost for the first $10,000
                  of loss per annum and manufacturer's cost plus prorated
                  transportation (if inventory is replenished) for amounts above
                  $10,000, or the amount stipulated in Section 5.4 above,
                  whichever is less.

6.3      RECONCILIATION OF INVENTORY RECORDS. If at any time, discrepancies
         exist between NETGEAR's records and the physical inventory, APLL and
         NETGEAR shall provide to each other their records of all inventory
         adjustments from the time of the previous reconciliation to the time of
         the inventory count in which the discrepancy was found.

6.4      DUAL SYSTEM ENTRY. APLL will have access to NETGEAR's Sun System as
         outlined in Schedule "C" Section (2) Systems. In addition, APLL will
         maintain a full warehouse management system of its own to control
         inventory to ensure back to back accuracy with NETGEAR's Sun System. If
         a variance between the two systems is discovered, APLL and NETGEAR
         agree to perform due diligence to analyze the variance as soon as it is
         identified. Due diligence consists of auditing the trail of
         documentation and system records to pinpoint an error. APLL shall be
         accountable for systems for which APLL controls user access but not for
         systems for which APLL does not control user access. Regardless of
         whether APLL controls user access, APLL will conduct due diligence and
         work to resolve any variances.

                                7. FORCE MAJEURE

         A party shall not be responsible for delay or non-performance hereunder
if performance is prevented or delayed by any cause or event beyond its
reasonable control. Without limiting the generality of the foregoing, such
causes or events shall include, directly or Indirectly, without limitation, Acts
of God or elements of nature, fire, floods, other catastrophes, war, public
enemies, seizure under legal process (not resulting from action or inaction of
the non-performing party), strikes, lockouts, labor disorders, riots, sabotage,
explosion, acts of

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<PAGE>

terrorism, civil commotions, closing of public highways, governmental
interference or regulations, embargo, accident, derailment, epidemics or
quarantine restrictions, the act or default of the other party, or any other
reason of a similar or dissimilar nature beyond such party's reasonable control.

         In the event there is a default or delay due to Force Majeure per the
above, the non-performing party shall be excused from further performance (other
than payment of previously accrued charges) or observance of the obligation(s)
so affected for as long as such circumstances prevail, provided such party
continues to use its best efforts to recommence its performance or observance
whenever and to whatever extent possible without delay. The party claiming a
Force Majeure event will notify the other party as soon as practicable regarding
the existence, nature and approximate duration of the Force Majeure event, and
will promptly give further notice when the Force Majeure event ceases, whereupon
its duty to perform shall resume.

                                   8. DEFAULT

8.1      AUTOMATIC DEFAULT. In the event bankruptcy, receivership, Insolvency,
         reorganization, dissolution, liquidation or other similar proceeding is
         instituted by or against either party under the United States
         Bankruptcy Code or other law of the United States or any state, then
         the other party may, without notice or demand, terminate this Agreement
         and exercise all rights granted under applicable law and this
         Agreement.

8.2      GENERAL DEFAULT; RIGHT TO CURE. Except for reasons provided in Article
         7 and Section 8.1 above, in the event either party fails to perform its
         obligations under this Agreement, then the other party may terminate
         this Agreement upon ninety (90) days prior written notice to the other;
         provided, however, that such notice shall specify all such failures to
         perform and allow the party in default no less than sixty (60) days to
         correct such failures. However, APLL and NETGEAR agree that breach of
         payment terms in Section 4.4 shall constitute default which NETGEAR
         agrees to correct within fifteen (15) days of receipt of notice from
         APLL.

8.3      EFFECT OF TERMINATION. Termination under this provision, or under any
         other provision of this Agreement, shall not relieve or release either
         party from any liability which accrued prior to the date of such
         termination.

                              9. EARLY TERMINATION

9.1      OBLIGATIONS. NETGEAR acknowledges that, if this Agreement is terminated
         prior to its stated term, APLL will have incurred significant costs and
         expenses by reason thereof for which APLL would not be compensated or
         reimbursed for as contemplated under this Agreement or the applicable
         Schedules. Therefore, notwithstanding anything in this Agreement to the
         contrary, if this Agreement terminates prior to its stated term for any
         reason whatsoever including, but not limited to, NETGEAR's termination
         without cause, a termination because of NETGEAR's default, a
         termination because of a Force Majeure event, or a termination because
         of the Parties' inability to reach agreement with respect to
         compensation or rate adjustments (collectively, "Early Termination"),
         APLL will suffer and incur expenses that would otherwise have been paid
         through the stated term of this Agreement or which would have been
         avoided but for the Early Termination, As a consequence thereof,
         NETGEAR agrees, subject to subsection 9.1(G), upon an Early
         Termination:

         A.       To agree to continue to pay to APLL through the end of the
                  stated term of this Agreement or until APLL refills the
                  warehouse space, whichever comes sooner, the prorated space
                  costs associated with the Warehouse square footage occupied by
                  NETGEAR. NETGEAR shall not be required to pay prorated
                  Warehouse space costs if NETGEAR exercises its option to
                  terminate the Agreement on July 15, 2003 after giving APLL
                  sixty (60) days written notice;

         B.       To purchase, prior to the mutually agreed to effective date of
                  the Early Termination, the APLL Equipment listed on Schedule
                  "D" (or any substitutions or modifications thereto) which is
                  owned by APLL at the depreciated value of such Equipment;

                                        7

<PAGE>

         C.       To assume, subject only to lessor's consent, APLL's leases for
                  any APLL Equipment listed on Schedule "D" (or any
                  substitutions or modifications thereto) which is leased by
                  APLL and all APLL's obligations thereunder (not including any
                  liability of APLL for pre-termination lease obligations). In
                  the alternative, if NETGEAR cannot assume such Equipment
                  leases, but is allowed by APLL and lessor to continue to use
                  the Equipment, to continue to pay to APLL through the stated
                  term of this Agreement (at the same time and in the same
                  manner as NETGEAR is obligated to pay or reimburse APLL for
                  such Equipment under this Agreement or any applicable
                  Schedules), the actual costs and expenses associated with such
                  Equipment under the lease(s);

         D.       Prior to the mutually agreed to effective date of the Early
                  Termination, to pay to APLL the balance of the cost of any
                  mutually agreed Warehouse improvements not theretofore paid by
                  NETGEAR to APLL as provided for in this Agreement or any
                  applicable Schedules (the unpaid balance for Warehouse
                  improvements, upon such Early Termination, being accelerated);

         E.       Within 30 days after the date of Early Termination, to pay to
                  APLL the then outstanding balance of the Startup Charges
                  (including any TLS/custom computer programming and
                  installation service costs) not theretofore paid by NETGEAR to
                  APLL as provided in Schedule "F" (the unpaid balance, upon
                  such Early Termination, being accelerated); and

         F.       Within 30 days after the date of Early Termination, to pay to
                  APLL any other reasonable direct casts and expenses relating
                  to warehouse improvements, equipment including racking, and
                  employee severance incurred or expected to be incurred by APLL
                  by reason of such Early Termination.

         G.       If NETGEAR terminates this Agreement early due to breach by
                  APLL. NETGEAR will not be liable for the charges outlined in A
                  through F, but NETGEAR shall be liable for the balance of the
                  cost of any specialized equipment or data processing expenses
                  implemented by APLL to provide services to NETGEAR.

9.2      PROCEDURE. All of the costs and expenses to be paid or reimbursed by
         NETGEAR per Section 9.1 above are hereinafter collectively referenced
         as "Early Termination Costs". Prior to the mutually agreed to effective
         data of any Early Termination, APLL and NETGEAR shall enter into a
         written agreement evidencing the manner and terms and conditions,
         consistent with the provisions hereof, that NETGEAR shall assume APLL's
         obligations or pay or reimburse APLL for the Early Termination Costs.
         Any assumptions of leases by NETGEAR shall be effective as of the
         Effective Date of the Early Termination and, except as provided for
         herein, any payments or reimbursements to APLL shall be made prior to
         or on the Effective Date of the Early Termination. At APLL's option,
         the Early Termination shall not become effective until such agreements
         or arrangements are executed. The provisions of this Article 9 and the
         separate agreements evidencing the same shall survive the termination
         of this Agreement.

9.3      MITIGATION. APLL shall use reasonable efforts to minimize the Early
         Termination Costs. Such efforts may include: negotiating for the early
         termination of the Warehouse lease or equipment leases. In which event
         NETGEAR shall pay any costs, fees or penalties (provided, however, APLL
         shall not agree to any such early termination or any such costs, fees
         or penalties without NETGEAR's prior written consent); subletting of
         all or a part of the Warehouse; utilizing the Warehouse or APLL's
         Equipment for other APLL customer-related work; transferring of
         personnel; and other agreed-upon measures. APLL shall periodically
         provide NETGEAR with information concerning any such endeavors. With
         respect to any subletting or alternative usage, it is understood and
         agreed that NETGEAR shall only be obligated to pay or reimburse APLL
         for the Early Termination Costs that have not been mitigated or reduced
         by such efforts. NETGEAR and APLL shall, prior to the effective date of
         the Early Termination, meet and fully discuss the action or actions to
         be reasonably taken to lessen NETGEAR's liabilities hereunder.

9.4      DUTY TO FULFILL. Notwithstanding any termination or expiration of this
         Agreement, APLL agrees to manage all inventory control functions and to
         fulfill all orders placed prior to the date of expiration or

                                       8

<PAGE>

         termination in accordance with the terms of this Agreement if such
         orders have not been cancelled previously.

                                   10. RECORDS

         APLL shall at all times keep accurate and complete books and records
with regard to receipt, transfer, and other handling of NETGEAR's Products (the
"NETGEAR Files") and shall maintain the NETGEAR Files for a period of two (2)
years. Subject to maintaining the confidentiality of records of any customers
other than NETGEAR, NETGEAR and its authorized representatives shall have the
right, at its own cost and expense, to inspect and audit the NETGEAR files at
any reasonable time. NETGEAR's right to audit the NETGEAR Files shall survive
expiration or termination of this Agreement. NETGEAR shall have the right to
enter upon the Warehouse(s) at all reasonable times for the purpose of
inspecting NETGEAR's Products.

                           11. INDEPENDENT CONTRACTOR

         It is agreed and understood that APLL is entering into this Agreement
as an independent contractor and that all of APLL'S personnel and Contracted
Carrier's personnel engaged in work under this Agreement are to be considered
for all purposes as employees of APLL. Under no circumstances shall employees of
APLL be construed or considered to be employees of NETGEAR. NETGEAR will not be
responsible for acts or omissions of either APLL's employees or agents. The
relationship between the Parties will be, at all times, that of independent
contractors, which status governs all relationships between APLL, NETGEAR and
other third parties.

                                 12. COMPLIANCE

         APLL shall at all times comply with all applicable federal, state and
municipal laws and the regulations of the respective regulatory bodies having
jurisdiction over APLL. APLL will procure and maintain all necessary and
applicable operating authorities and licenses.

                                13. SUCCESSORSHIP

         Neither party will have the right or power to assign any of its rights
or delegate the performance of any of its duties under this Agreement without
the express written prior consent of the other party, which shall not be
unreasonably withheld; provided however, that such prior written consent shall
not be required for APLL to subcontract the performance of the Services to any
of its parent, subsidiary or affiliated companies, including APL Logistics
Warehouse Management Services, Inc. (formerly named, GATX Logistics, Inc.).

           14. APPLICABLE LAW; ATTORNEYS' FEES; SEVERABILITY; SAVINGS

         This agreement, and any disputes arising out of or in connection with
this Agreement, shall be governed by and construed in accordance with the laws
of the State of California, excluding its rules governing conflicts of laws. The
courts located within the State of California shall have exclusive jurisdiction
to adjudicate any disputes arising out of or in connection with this Agreement.
Both parties hereby consent to the personal jurisdiction of the courts located
in the State of California for the resolution of disputes hereunder. The
prevailing party in any proceeding brought by one party against the other party
arising out of or in connection with this Agreement shall be entitled to recover
its legal expenses, including court costs and reasonable attorneys' fees. If any
provision of this Agreement shall be held to be invalid or unenforceable for any
reason, the remaining provisions shall continue to be valid and enforceable. If
a court finds that any provision of this Agreement is invalid or unenforceable,
but that by limiting such provision it would become valid and enforceable, than
such provision shall be deemed to be written, construed, and enforced as so
limited.

                    15. ENTIRE AGREEMENT; AMENDMENT; CAPTIONS

         This Agreement, together with all schedules and attachments, and the
Mutual Confidentiality, Non-Disclosure and Non-Recruitment Agreement dated
February 26, 2001, and executed by both Parties (the "Mutual Agreement"), a copy
of which is attached hereto as Attachment #1, constitutes the entire agreement
between the Parties and may not be amended or changed except by written
agreement signed by APLL and

                                       9

<PAGE>

NETGEAR. To the extent that the terms of any warehouse receipts, acknowledgment
forms, order forms, bills of lading, invoices, or similar documents sent and/or
signed by one or both Parties conflict with or are inconsistent with the terms
of this Agreement, the terms of this Agreement shall control. The captions
herein are for convenience only and shall not be construed as interpretive or as
a substantive part of this Agreement.

                                   16. NOTICES

         Any notice or demand required or permitted hereunder shall be given in
writing addressed to NETGEAR or APLL as listed below or to such other address as
may be specified in writing to the other party. Notices shall be given (a) by
certified or registered mail, (b) commercial overnight delivery service, or (c)
facsimile transmission confirmed by certified mailing or overnight delivery
thereof. The notice shall be deemed given upon receipt of the notice by the
intended party of the facsimile (if properly confirmed) or, in the case of
notice by mail, when properly addressed with sufficient postage affixed, three
days after deposit in the U.S. Mail or, for notices sent by overnight delivery
service, when properly addressed and submitted with a sufficient fee, one day
after being left with the carrier.

For notices to APLL:                             For notices to NETGEAR:
APL Logistics Americas, Ltd. f/k/a GATX          NETGEAR, Inc.
Logistics, Inc.                                  4500 Great America Parkway
1301 Riverplace Boulevard, Suite 1200            Santa Clara, California 95054
Jacksonville, Florida 32207                      Attn.: Brian McGinnis
Attn.: William Alexander Miller                         Director of Logistics
       Sr. Managing Director-Operations          Telephone No. (408) 907-8029
       Telephone No.: (336) 859-0014             Facsimile No. (408-) 907-8097
Facsimile No.: (336) 659-0179

                                   17. WAIVER

         Compliance with the provisions of this Agreement may be waived only by
a written document signed by the party granting the waiver. The failure of
either party at any time to require performance by the other party of any
provision hereof shall in no way affect the full right to require such
performance at any time thereafter. Neither shall the waiver by any party of a
breach of any provision hereof be taken or held to be a waiver of any succeeding
breach of such provision or as a waiver of the provision itself.

                               18. NON-RECRUITMENT

         During the period of this Agreement and for a period of one (1) year
thereafter, neither party shall solicit, entice, or attempt to solicit either
directly or indirectly, for employment, or employ, an employee of the other
party without the prior written consent of such other party, provided that this
provision shall not apply to employees that answer generally published
advertisements for employment.

                               19. CONFIDENTIALITY

         The terms and provisions of this Agreement are confidential and
proprietary and either party shall reveal only so much of its contents as shall
be required by law. The Mutual Agreement shall be effective in accordance with
its terms.

                                 20. COOPERATION

         The Parties acknowledge that they are both experienced in business and
have entered into this Agreement to establish business relationships intended to
be mutually beneficial and profitable for both Parties. Accordingly, each of the
Parties will work together and cooperate with each other in implementing the
purposes and intents of this Agreement and in attempting to resolve any
questions and settle any disputes hereunder. Both Parties will respond to such
matters in a cooperative and practical, problem-resolving manner. Each will make
every effort (without waiving any rights) to avoid litigation or other legal
process.

                                       10

<PAGE>

               21. EXECUTION IN COUNTERPARTS; FACSIMILE SIGNATURES

         This Agreement and the attached Schedules may be executed in one or
more counterparts, all of which shall be considered one and the same agreement,
and shall become a binding agreement when one or more counterparts have been
signed by each party and delivered to the other parties. A signature to this
Agreement or a Schedule delivered by telecopy or other artificial means shall be
deemed valid and each party agrees to manually sign a copy of such signature and
deliver such original document within ten (10) business days after such telecopy
or other signature is delivered.

         IN WITNESS WHEREOF, the Parties have caused this Agreement to be
executed by their respective duly authorized representatives:

APL LOGISTICS AMERICAS, LTD, F/K/A            LOGISTICS, INC.
GATX NETGEAR, INC.

By: /s/ W. Alex Miller                        By: /s/ Robert E. Collins
    ------------------                            ---------------------

Name Printed: W. ALEX MILLER                  Name Printed: ROBERT E. COLLINS

Title: SR. MANAGING DIRECTOR-OPERATIONS       Title: VP & CFO

Date: 7-13-01                                 Date: 7/12/01

                                       11

<PAGE>
                                                  CONFIDENTIAL TREATMENT REQUEST

*    Portions denoted with an asterisk have been omitted and filed separately
     with the Securities and Exchange Commission pursuant to a request for
     confidential treatment.

                                  SCHEDULE "A"

                             DESCRIPTION OF SERVICES

         Attached to and made a part of the Warehousing Agreement (the
"Agreement") dated as of July 5, 2001, by and between NETGEAR, INC. ("NETGEAR")
and APL LOGISTICS AMERICAS, LTD. F/K/A GATX LOGISTICS, INC. ("APLL").

         1)       LOCATION(S):

                  20405 East Business Parkway
                  Walnut, California  91789

         2)       BASIC SERVICES TO INCLUDE: (All Services will be in accordance
                  with APLL standard warehouse operating procedures and
                  standards unless specifically modified in this Agreement or
                  any Schedule):

                  A.       Receiving;

                  B.       Inventory Management;

                  C.       Product Fulfillment and Logistics;

                  D.       System Transaction Processing;

                  E.       Receiving Return Materials;

                  F.       Freight Out Transportation Management Services;

                  G.       Product Conversions and Repackaging; and

                  H.       Reporting.

         3)       WORKDAY, WORKWEEK AND HOLIDAYS: NORMAL OPERATING HOURS:

                  7:00 a.m. - 5:00 p.m. (PST), Monday through Friday.

                  Holidays: New Years Day, Memorial Day, Independence Day, Labor
                  Day, Thanksgiving Day, the day after Thanksgiving, Christmas
                  Eve, Christmas Day.

         Accepted and agreed to by and between the parties set forth below:

APL LOGISTICS AMERICAS, LTD. F/K/A            NETGEAR, INC.
GATX LOGISTICS, INC.

By: /s/ W. Alex Miller                        By: /s/ Robert E. Collins
    ------------------                            ---------------------

Name Printed: W. ALEX MILLER                  Name Printed: ROBERT E. COLLINS

Title: SR. MANAGING DIRECTOR-OPERATIONS       Title: VP & CFO

Date: 7-13-01                                 Date:7/12/01

                                       12

<PAGE>
                                                  CONFIDENTIAL TREATMENT REQUEST

*  Portions denoted with an asterisk have been omitted and filed separately with
   the Securities and Exchange Commission pursuant to a request for confidential
   treatment.

                                  SCHEDULE "B"

                                  RATE SCHEDULE

         Attached to and made a part of the Warehousing Agreement (the
"Agreement") dated as of July 5, 2001, by and between NETGEAR, Inc. ("NETGEAR")
and APL LOGISTICS AMERICAS, LTD. F/K/A GATX LOGISTICS, INC. ("APLL").

         1)       GENERAL WAREHOUSE SERVICES:

                  APLL's actual cost plus fifteen percent (15%) margin ("margin"
                  is calculated by totaling the charges and dividing by 0.85).

         2)       RATES FOR MATERIALS OR SPECIAL SUPPLIES USED FOR NETGEAR:

                  Actual cost plus a fifteen percent (15%) margin.

         3)       ESTIMATED ANNUAL OPERATING COSTS:

<TABLE>
<CAPTION>
                                                                    Costs with
                                                                    ----------
                                                     Costs            Margin
                                                     -----            ------
<S>                                                     <C>         <C>
Management and Supervision                         $    [*]          $      [*]
Warehouse Labor                                    $    [*]          $      [*]
Process Support Personnel                          $    [*]          $      [*]
Equipment                                          $    [*]          $      [*]
Information Systems-Hardware                       $    [*]          $      [*]
Space - 50,000 sq. ft.                             $    [*]          $      [*]
Miscellaneous Storage                              $    [*]          $      [*]
Miscellaneous Handling                             $    [*]          $      [*]
Total Estimated Annual Operating Costs             $    [*]          $      [*]
   (Cost Plus)
</TABLE>

         Accepted and agreed to by and between the parties set forth below:

APL LOGISTICS AMERICAS, LTD F/K/A             NETGEAR, INC.
GATX LOGISTICS, INC.

By: /s/  W. Alex  Miller                      By: /s/ Robert E. Collins
    --------------------                          ---------------------

Name Printed: W. ALEX MILLER                  Name Printed: ROBERT E. COLLINS

Title: SR. MANAGING DIRECTOR-OPERATIONS       Title: VP & CFO

Date: 7-13-01                                 Date:7/12/01

                                       13

<PAGE>
                                                  CONFIDENTIAL TREATMENT REQUEST

*  Portions denoted with an asterisk have been omitted and filed separately with
   the Securities and Exchange Commission pursuant to a request for confidential
   treatment.

                                  SCHEDULE "C"

                              OPERATING PARAMETERS

         Attached to and made a part of the Warehousing Agreement (the
"Agreement") dated as of July 5, 2001, by and between NETGEAR, Inc. ("NETGEAR")
and APL LOGISTICS AMERICAS, LTD. F/K/A GATX LOGISTICS, INC. ("APLL").

         1)       ASSUMPTIONS:

                  A.       FORECASTS OF EXPECTED RECEIPTS AND SHIPMENTS: NETGEAR
                           shall provide to APLL a non-binding, rolling,
                           forecast covering a period of four months beyond the
                           Build Plan (Forecast"). Each Forecast shall be a good
                           faith estimate of the anticipated requirements for
                           the Product(s) anticipated to ship listed for the
                           periods indicated.

                  B.       RECEIPT: 1,000 pallets per week; 95+ % of this volume
                           is containerized sea freight. The receipts will be
                           delivered throughout the week. The remaining is by
                           ad-hoc airfreight. All pallets are 100 x 120 x
                           160/200 plywood-shipping pallets. All inbound and
                           outbound receipts and shipments shall be scheduled
                           twenty-fours in advance.

                           APLL shall check all outer cartons immediately upon
                           delivery thereof to its warehouse for visible loss or
                           damage and quantity of the delivered outer cartons.
                           If the Products are damaged or the number of Products
                           is incorrect, APLL shall remark this on the waybill
                           or document received from the carrier. Furthermore,
                           APLL shall notify NETGEAR of the inconsistency within
                           two working days after receipt of the Products.

                           Each shipment is to be verified against the packing
                           list and/or invoice and booked into the storage
                           location.

                           The majority of pallets received will contain single
                           part numbers. Where a pallet contains mixed part
                           numbers it will be split down into an individual part
                           number per pallet. Each mixed pallet has to be marked
                           on all four (4) sides with the label: Mixed Pallet.

                           Approximately one month's supply of product is held
                           stock i.e. 2,600 pallets, covering approximately 250
                           part numbers.

                           A clear product code identification, not necessarily
                           a bar code identification, is sufficient to handle
                           incoming products.

                           After discharge, the products will be sorted by Stock
                           Keeping Unit ("SKU") and checked on outer damage and
                           quantity. The system will create a location and a put
                           away. For the storage of pallets, APLL will maintain
                           a random storage system although products of a
                           customer are stored together as much as possible.

                           Weekly order volumes are expected to fluctuate by
                           plus or minus 25% per week, with the third week of
                           the month seeing the highest volume.

                  C.       INVENTORY MANAGEMENT: NETGEAR will specify shipping
                           instructions and designate default shipping
                           instructions. Products will be received into the
                           NETGEAR inventory Location using purchase order
                           receipts on NETGEAR's Sun System. APLL will maintain
                           a full warehouse management system of its own to
                           control inventory to ensure back to back accuracy
                           with NETGEAR's Sun System.

                           All products will require a cycle count by APLL to be
                           completed on a weekly basis. A joint cycle count to
                           be performed by representatives of APLL and NETGEAR
                           will take place quarterly.

                                       14

<PAGE>

                           Products returned from NETGEAR Customers will be
                           initially received into the NETGEAR Inventory
                           Location using the Sales Order Return transaction in
                           Sun System. APLL will have the responsibility to
                           verify contents, receive, transact and report all
                           customer product returns.

                           [*].

                           [*].

                           Once per quarter, APLL and NETGEAR will jointly
                           complete a reconciliation of book inventory (stock
                           status) and actual on-hand inventory. Positive
                           variances (additional units found) and negative
                           variances (missing units) will be netted against each
                           other. If the total net variance is negative after
                           netting across stock keeping units, then NETGEAR will
                           charge APLL at NETGEAR's inventory standard cost for
                           variances up to $10,000 per annum and at the
                           manufacturer's cost of the Products involved, plus a
                           prorated portion of transportation charges for
                           variances in amounts over $10,000 per annum. Damaged
                           products are not a part of the quarterly
                           reconciliation netting process for positive and
                           negative variances. Damages will be charged as they
                           take place.

                  D.       ORDER PICKING: The current NETGEAR customer base is
                           twenty four. The average number of customer order per
                           month is 700. The average number of lines per
                           customer order is five (5). Orders are placed over
                           night and are visible by 7:00 a.m. to APLL at which
                           time an order requirement report (shippable backlog)
                           is to be produced. The majority of shipments (83%)
                           are in full case and pallet quantities, but there are
                           some shipments that require case breaks.

                           All orders, provided the orders do not exceed the
                           average daily order profile, are to be picked, made
                           ready for dispatch and confirmed on the system by
                           18:00, with all stock being picked on a FIFO basis.

                           Weekly order volumes are expected to fluctuate by
                           plus or minus 25% per week, with the third week of
                           the month seeing the highest volume.

                           The required service level is for all Customer orders
                           to be dispatched from the distribution hub within 24
                           hours of receipt of order.

                  E.       SHIPMENT QUALITY AND MIS-SHIPS: NETGEAR will specify
                           shipping instructions and designate default shipping
                           instructions. All packing list and commercial
                           invoices will be generated by APLL. Upon delivery of
                           the Products to the carrier for distribution, APLL
                           shall check the number of Products stated on the
                           waybill or other document used by the carrier. In
                           case of an inconsistency, the number stated on the
                           waybill or document used by the carrier shall be
                           amended before departure of the Products from the
                           warehouse.

                           Mis-shipments, excluding losses and damages during
                           transportation, are shipments reported by NETGEAR's
                           customer that reportedly do not contain what the
                           packing list declared. In this case, NETGEAR will
                           immediately credit the customer with an RMA or
                           invoice them according to the actual contents. The
                           customer will then either return

                                       15

<PAGE>

                           to NETGEAR the extra units received or receive credit
                           from NETGEAR for any short shipment. APLL and NETGEAR
                           will then jointly review the audit trail
                           documentation associated with the shipment. This may
                           include a warehouse cycle count for extra units in
                           relation to book inventory, proof of delivery for the
                           shipment, pieces, weights, dimensions, shipping
                           documentation and other related pick and pack
                           documents.

                           APLL will provide proof of shipment upon request and
                           reasonable assistance to NETGEAR in any claim it may
                           make against a carrier or insurer for misdelivery,
                           loss or damage to Products.

                           NETGEAR will not charge APLL for the missing units if
                           NETGEAR and APLL mutually agree:

                           A)       The documentation audit trail is consistent
                                    to the commercial invoices/customer order.

                           B)       The inventory cycle count does not show
                                    inventory discrepancy for the SKU's under
                                    query.

                           NETGEAR will charge APLL for the missing units if
                           NETGEAR and APLL mutually agree:

                           A)       The documentation audit trail is not
                                    consistent to the commercial
                                    invoices/customer order.

                           B)       The inventory cycle count does show
                                    inventory discrepancy for the SKU's under
                                    query.

                  F.       REPORTS: APLL will provide NETGEAR with mutually
                           agreed to set of standard reports on a daily, weekly
                           and/or monthly basis as required. Any customized
                           reports will be at an additional charge. Current
                           available reports are at no charge. NETGEAR will also
                           be allowed to run any standard or custom reports
                           available to NETGEAR for comparison to NETGEAR's Sun
                           System database. APLL will provide NETGEAR with daily
                           access to web site and account activity.

         2)       SYSTEMS:

                  A.       INVENTORY MANAGEMENT: APLL will maintain a full
                           warehouse management system of its own to control
                           inventory to ensure back to back accuracy with
                           NETGEAR's Sun System.

                  B.       NETGEAR has five primary stockroom locations within
                           the Sun System; IQC, two finished goods locations,
                           stock rotation and warranty returns. Receipts must be
                           played into the correct location based on the
                           specific type of transaction.

                  C.       NETGEAR will send via an EDI 940 transaction all the
                           information to generate shipment packing list and
                           commercial invoices to be generated from APLL's
                           system.

                  D.       NETGEAR will share inventory records (APLL will have
                           access to NETGEAR's operating system).

                  E.       All receipts and picks/dispatches are to be
                           transacted daily on NETGEAR's Sun System.

                  F.       APLL agrees to have NETGEAR's Sun System installed
                           at its site and will process transactions according
                           to NETGEAR requirements. APLL will access NETGEAR's
                           Sun System through the Internet. If APLL is unable to
                           connect via the Internet, NETGEAR shall provide a
                           phone number back-up for secondary access to
                           NETGEAR's Sun System.

                                       16

<PAGE>

                  G.       APLL will provide NETGEAR with daily access to web
                           site and account activity.

                  H.       ACCESS TO SYSTEMS: NETGEAR will be provided with
                           direct access to service to APLL systems limited to
                           NETGEAR account information. This would be via web
                           access or modem access. This would include access to
                           on-hand inventory, receipts, shipments, RMA's TLS
                           account information etc.

         3)       PERFORMANCE REQUIREMENTS:

                  A.       QUARTERLY REVIEWS: APLL and NETGEAR shall, in
                           conjunction with each other, conduct quarterly
                           operations reviews of the business processes and
                           procedures of both APLL and NETGEAR with the intent
                           to improve overall physical distribution services
                           performance. The review shall include, at a minimum,
                           performance measurements of quality, delivery,
                           customer satisfaction, cost model review,
                           transportation cost review and update, capacity and
                           innovations. Staff allocation, and the plan to meet
                           future requirements in these areas, shall be
                           reviewed.

                  B.       All Sun System receipt transactions to be manually
                           data entered on the day of delivery.

                  C.       Trucks/container arriving before 1200 hours will be
                           off loaded and the goods put on location the same
                           day. This also applies for the stock update.

                  D.       All orders are to be picked, made ready for dispatch
                           and confirmed on the system by 15:00, with all stock
                           being picked on a FIFO basis.

                  E.       All shipments are to be audited to confirm 98.5 %
                           accuracy to Customer Order and packing/delivery
                           specifications (which may vary from Customer to
                           Customer).

                  F.       The required service level is for all Customer orders
                           to be dispatched from the distribution hub within 24
                           hours of receipt of order.

                  G.       APLL will provide two administrative resources to
                           play all receipt and shipment transactions in the Sun
                           System on a daily basis.

                  H.       APLL will produce periodic performance, measurement
                           and activity reports.

         Accepted and agreed to by and between the parties set forth below:

APL LOGISTICS AMERICAS, LTD. F/K/A.           NETGEAR, INC.
GATX LOGISTICS, INC.

By: /s/ W. Alex Miller                        By: /s/ Robert E. Collins
    ------------------                            ---------------------

Name Printed: W. ALEX MILLER                  Name Printed: ROBERT E. COLLINS

Title: SR. MANAGING DIRECTOR-OPERATIONS       Title: VP & CFO

Date: 7-13-01                                 Date: 7/12/01

                                       17

<PAGE>
                                                  CONFIDENTIAL TREATMENT REQUEST

*  Portions denoted with an asterisk have been omitted and filed separately with
   the Securities and Exchange Commission pursuant to a request for confidential
   treatment.

                                  SCHEDULE "D"

                             APLL EQUIPMENT/SYSTEMS

         Attached to and made a part of the Warehousing Agreement (the
"Agreement") dated as of July 5, 2001, by and between NETGEAR, Inc. ("NETGEAR")
and APL LOGISTICS AMERICAS, LTD. F/K/A GATX LOGISTICS, INC. ("APLL").

         The following Equipment has been procured and placed into service by
APLL and Systems costs have been incurred by APLL for exclusive use in
performing its obligations to NETGEAR (excluding final and maintenance):

<TABLE>
<CAPTION>
Date-In-Service           Description       Amortization Period (Months)   Monthly Depreciation
----------------          -----------       ----------------------------   --------------------
<S>                  <C>                    <C>                            <C>
July 2001            Forklifts (4)                      60
August 2001          Electric Pallet Jack               60
July 2001            Manual Pallet Jack (2)             60
SUBTOTAL:                                                                      $      [*]
July 2001            Racking                            84
SUBTOTAL:                                                                      $      [*]
July 2001            PC (3)                             36
July 2001            Printer (2)                        36
July 2001            RF Equipment                       36
SUBTOTAL:                                                                      $      [*]
</TABLE>

         Accepted and agreed to by and between the parties set forth below:

APL LOGISTICS AMERICAS, LTD, F/K/A      NETGEAR, INC.
GATX LOGISTICS, INC.

By: /s/ W. Alex Miller                  By: /s/ ROBERT E. COLLINS
    -------------------------               ------------------------------------

Name Printed:  W. Alex Miller           Name Printed: ROBERT E. COLLINS

Title: Sr. Managing Director --         Title: VP & CFO
       Operations

Date: 7/13/01                           Date: 7/12/01

                                       18

<PAGE>

                                  SCHEDULE "E"

                               INSURANCE SCHEDULE

         Attached to and made a part of the Warehousing Agreement (the
"Agreement") dated as of July 5, 2001, by and between NETGEAR, Inc. ("NETGEAR")
and APL LOGISTICS AMERICAS, LTD. F/K/A GATX LOGISTICS, INC. ("APLL").

                 A Certificate of Insurance naming NETGEAR as Certificate Holder
                 is attached hereto as Attachment E-1.

         Accepted and agreed to by and between the parties set forth below:

APL LOGISTICS AMERICAS, LTD, F/K/A      NETGEAR, INC.
GATX LOGISTICS, INC.

By: /s/ W. Alex Miller                  By: /s/ ROBERT E. COLLINS
    -------------------------               ------------------------------------

Name Printed: W. Alex Miller            Name Printed: ROBERT E. COLLINS

Title: Sr. Managing Director -          Title: VP & CFO
       Operations

Date: 7/13/01                           Date: 7/12/01

                                       19

<PAGE>
                                                  CONFIDENTIAL TREATMENT REQUEST

* Portions denoted with an asterisk have been omitted and filed separately with
  the Securities and Exchange Commission pursuant to a request for confidential
  treatment.

                                  SCHEDULE "F"

                                Start-Up Charges

         Attached to and made a part of the Warehousing Agreement (the
"Agreement") dated as of July 5, 2001, by and between NETGEAR, Inc. ("NETGEAR")
and APL LOGISTICS AMERICAS, LTD. F/K/A GATX LOGISTICS, INC. ("APLL").

         The following startup costs have been incurred by APLL for exclusive
use in performing its obligations to NETGEAR:

<TABLE>
<CAPTION>
STARTUP COATS
-------------
<S>                             <C>
Project Management & Testing    $  [*]
Site Services                   $  [*]
Software Purchases              $  [*]
Operations Training             $  [*]
One-Time Expense                $  [*]
Total Startup Costs             $  [*]
</TABLE>

                  If NETGEAR has not Initialed In the blank to the left, then
                  APLL will Invoice the total of the startup costs, above, with
                  the first invoice for services. If NETGEAR has initialed the
                  blank, then NETGEAR agrees to pay $2,509 each month for 38
                  months.

         Accepted and agreed to by and between the parties set forth below:

APL LOGISTICS AMERICAS, LTD, F/K/A      NETGEAR, INC.
GATX LOGISTICS, INC.

By: /s/ W. Alex Miller                  By: /s/ ROBERT E. COLLINS
    -------------------------               ------------------------------------

Name Printed: W. Alex Miller            Name Printed: ROBERT E. COLLINS

Title: Sr. Managing Director -          Title: VP & CFO
       Operations

Date: 7/13/01                           Date: 7/12/01

                                       20<PAGE>
                                                  CONFIDENTIAL TREATMENT REQUEST

* Portions denoted with an asterisk have been omitted and filed separately with
  the Securities and Exchange Commission pursuant to a request for confidential
  treatment.

                                                                   EXHIBIT 10.26

Netgear and Furness Logistics Operating Agreement

                        DISTRIBUTION OPERATIONS AGREEMENT

Effective Date: April 27, 2001      Term: 2 year (with possible renewal periods)

This Distribution Operations Agreement ("Agreement") is entered into between
Netgear, Inc., a Delaware corporation ("Netgear"), and Furness Logistics, a
Dutch corporation, and is made as of the Effective Date for the Term. Subject to
the terms and conditions set forth in this Agreement, the parties have caused
this Agreement to be executed by their duly authorized representatives on the
date(s) shown below.

NETGEAR, INC.

Signature Robert E. Collins             Signature P. W A.M Mulders
          -------------------                     ------------------------------

Printed  Robert E. Collins              Printed   P. W A.M Mulders

Title VP & CFO                          Title     Operations Manager

Date APRIL 27, 2001                     Date      MAY 7, 2001

4500 Great America Parkway              Trade Boulevard 4
P.O. Box 51815                          476l RL Moerdijk (Zevenbergen)
Santa Clara, CA 95054                   The Netherlands

Netgear, Inc.                CONFIDENTIAL INFORMATION                Page 1/3322

<PAGE>

Netgear and Furness Logistics Operating Agreement

In consideration of their mutual representations, promises and obligations,
Netgear and Furness Logistics agree as follows:

1.       SCOPE OF THE AGREEMENT

This Agreement sets forth the terms and conditions pursuant to which Furness
Logistics shall provide Netgear full Distribution Services (the "Services") as
listed below in a timely, competent and cost effective manner from the
Netherlands in support of the European sales region, all as more fully described
in the Statement of Work attached hereto as Exhibit 1:

         -        Receiving

         -        Inventory management

         -        Product fulfillment and logistics

         -        System transaction processing

         -        Return Materials processing

         -        Freight out transportation management services

         -        VAT Management

         -        Product Conversions & Repackaging

         -        Reporting

This Agreement contains those terms that shall pertain to Furness Logistics
Netherlands location. Furness Logistics will initially conduct all of it's
Netgear operations from the Netherlands.

2.       DEFINITIONS

         The following words and expressions shall have the meanings set forth
         below:

         "Affiliate" means, with respect to a party hereto, a corporation that
         directly or indirectly controls, is controlled by, or is under common
         control with, that party.

         "Furness Logistics' Systems" means all software and systems used by
         Furness Logistics in the performance of this Agreement, excluding any
         software or systems provided to Furness Logistics by Netgear.

         "Confidential Information" means a party's proprietary, confidential or
         trade secret information.

         "Customer" means a customer purchasing Netgear Products.

         "Netgear Inventory Location" means the physical location (identified by
         Furness Logistics) where Products will be staged prior to shipment to
         Customers.

         "Netgear Proprietary Information" means any information, technology,
         processes, or other proprietary property, including copyrights, trade
         secrets, know-how, mask work rights, moral rights, patents and/or
         patent applications in any form or medium, developed or acquired by
         Netgear or its licensors from the Production Effort.

         "Order" shall mean any order for Products placed by a Customer in
         accordance with the terms of this Agreement.

         "Sun System" means Netgear's operating system used to manage receiving,
         inventory control, pick, pack, ship and RMA activities.

         "Conversions" means the process of unpacking, changing product
         accessories and repacking products consistent to Netgear assembly
         process instructions.

Netgear, Inc.                CONFIDENTIAL INFORMATION                     Page 2

<PAGE>

Netgear and Furness Logistics Operating Agreement

3.       BUSINESS MANAGEMENT PROCEDURES

3.1.     METHODOLOGY

(a) Assign a account management teams whose goal is to provide consistent and
efficient responses to program requirements.

         (b)      Conduct quarterly business review of performance, cost and
                  continuous improvement opportunities

         (c)      Create a process to communicate about and resolve issues
                  promptly and to drive continuous improvement of the day-to-day
                  operation.

         (d)      Comply with reporting requirements as outlined in this
                  Agreement.

         (e)      Meet annually at the executive level to exchange business
                  strategies with the specific purpose of working to ensure that
                  each party's business goals can be met.

3.2      QUARTERLY REVIEWS

Furness Logistics and Netgear shall, in conjunction with each other, conduct
quarterly operations reviews of the business processes and procedures of both
Furness Logistics and Netgear with the intent to improve overall distribution
services performance. The review shall include, at a minimum, performance
measurements of quality, delivery, customer satisfaction, cost model review,
transportation cost review and update, capacity and innovations. Staff
allocation, and the plan to meet future requirements in these areas, shall be
reviewed.

The quarterly reviews shall be held in person at a Netgear's facility and
Furness Logistics agrees to comply at its own cost.

3.3      TARGET COST REDUCTION

Furness Logistics agrees to participate in periodic cost reviews with the intent
to reduce the costs of the operation to include transportation, transaction
processing and distribution services where applicable. Such reviews shall be
held in person at a Netgear facility and Furness Logistics agrees to comply at
its own cost.

3.4      LOCATION OF FURNESS LOGISTICS OPERATIONS

Furness Logistics shall initially perform the Services for all Distribution
Services from its facility in the Netherlands. Any deviation from this policy
must be authorized by Netgear in writing. Furness Logistics will not relocate
Netgear inventory without the written approval of Netgear.

3.5      FORECASTS OF EXPECTED RECEIPTS AND SHIPMENTS

Netgear shall deliver to Furness Logistics with a non-binding, rolling, forecast
covering a period of four months beyond the Build Plan ("Forecast"). Each
Forecast shall be a good faith estimate of the anticipated requirements for the
Product(s) anticipated to ship listed for the periods indicated.

Netgear, Inc.                CONFIDENTIAL INFORMATION                     Page 3

<PAGE>

Netgear and Furness Logistics Operating Agreement

4        PRICES

4.1      PRICES FOR SERVICES

The price for Services shall be as set forth on the price list attached hereto
as Exhibit 3 (the "Price List"). Furness Logistics and Netgear agree that the
price includes all service cost and the Furness Logistics service fee. Furness
Logistics service fee generally includes all overheads, allocations, services
and profits, Furness Logistics agrees to provide a breakdown of actual cost for
each Service in final form on or before Monday of week ten in each quarter to
meet Netgear's standards setting calendar requirements. Transportation services
pricing is also attached hereto as part of Exhibit 3.

4.2      CURRENCY EXCHANGE RATE

All prices shall be in US$ at the agreed to exchange rate of [*]

5        ORDER FULFILLMENT AND PAYMENT

5.1.     ORDER FULFILLMENT AND RETURNS

Netgear's Operations Centers in the U.S. will handle all of Netgear's Order
Administration functions. Furness Logistics will be responsible for fulfilling
orders including the preparation of all shipping documents and coordination with
a common carrier.

5.2.     PAYMENT

All amounts shall be calculated in US Dollars. Payment terms are net 30 days.
Invoice for services to be submitted on a monthly basis to Netgear.

5.3.     TAXES AND DUTIES

Netgear will pay as a separate item on an invoice any tax lawfully imposed on
the sale of the Products or on the provision of Services to Netgear or will
provide Furness Logistics with a certificate of exemption acceptable to the
appropriate taxing authority. Furness Logistics agrees to provide reasonable
assistance without charge in any proceeding for the refund or abatement of any
such taxes Netgear is required to pay. Without limiting the generality of the
foregoing, Netgear shall have no obligation to pay taxes based upon Furness
Logistics net income.

5.4.     TITLE AND RISK OF LOSS AND SHIPMENT

Title to the Products will remain with Netgear in accordance to the terms of
sale and delivery to Netgear's customer. Prior to title passing, Furness
Logistics shall bear risk of all loss, damage or theft while in the care,
custody and control of Furness Logistics. Shipping instructions shall be
specified and Netgear will designate default shipping instructions. Furness
Logistics will provide proof of shipment upon request and will provide
reasonable assistance to Netgear at no charge in any claim it may make against a
carrier or insurer for misdelivery, loss or damage to Products.

Netgear, Inc.                CONFIDENTIAL INFORMATION                     Page 4

<PAGE>

Netgear and Furness Logistics Operating Agreement

5.5      FISCAL REPRESENTATION

'Foreign principals', meaning not domiciled or resident in the Netherlands, are
offered the possibility to have themselves represented by Furness as limited
fiscal representative for the levy of Dutch VAT as regards the monthly
declaration of VAT and other administrative obligations such as the so-called
VAT listing, By appointing Furness, the individual registration of the foreign
entrepreneur in the Netherlands therefore has become superfluous.

In that case Furness acts on behalf of its principal both for the import of
goods and the ensuing delivery of those goods i.e. the onward delivery of goods
to customers in the European Union. Under this arrangement payments of VAT are
shifted to the EU customers.

After receipt of a legally undersigned Power of Attorney, Furness will confirm
the appointment on behalf of Netgear Inc.

6        INVENTORY MANAGEMENT

Products will be received into the Netgear Inventory Location using purchase
order receipts on Netgear's SunSystem. Furness Logistics will maintain a full
warehouse management system of it's own to control inventory to ensure back to
back accuracy with Netgear's Sun System.

All products will require a cycle count be completed on a weekly basis.

Products returned from Netgear Customers will be initially received into the
Netgear Inventory Location using the Sales Order Return transaction in
SunSystem, Furness Logistics will have the responsibility to verify contents,
receive, transact and report all customer product returns.

Lost or damaged inventory while in the care, custody and control of Furness
Logistics will be charged to Furness Logistics at the Netgear full inventory
standard cost of that inventory as substantiated by Netgear's Sun System at the
time the actual loss or damage took place. Furness Logistics will have access to
Netgear inventory standard cost.

7        TERM AND TERMINATION

7.1.1    TERM

This Agreement will commence on the Effective Date and continue for a period of
two years. Unless terminated earlier pursuant to the terms of this Agreement,
this Agreement will automatically renew for successive one-year periods upon
expiration of the term of this Agreement. Either party can terminate the
agreement upon at least 120 days notice prior to the end of the initial two
years or any one year renewal thereof.

7.2      TERMINATION

A party shall be in default under this Agreement if it:

(a)      ceases conducting business in the normal course, makes a general
         assignment for the benefit of creditors, suffers or permits the
         appointment of a receiver for its business or assets, or becomes
         subject to any proceeding under any statute of any governing authority
         relating to insolvency or the protection of rights of creditors; or

(b)      fails to perform any material obligation required to be performed by it
         under this Agreement for a period of 30 days after receipt of written
         notice by the other party of such failure.

Netgear, Inc.                CONFIDENTIAL INFORMATION                     Page 5

<PAGE>

Netgear and Furness Logistics Operating Agreement

In such event, the non-defaulting party shall have the right to terminate this
Agreement immediately by giving written notice to the other.

(c)      Netgear shall have the right to terminate this agreement for
convenience upon serving a 60 day written notice to the other party. Furness
Logistics shall have the right to terminate for convenience upon providing a 120
day notice to Netgear.

7.3.     EFFECT OF EXPIRATION OR TERMINATION

Upon expiration or any termination of this Agreement by either party:

(a)      Netgear shall pay all undisputed amounts or charges owed to Furness
Logistics as provided in this Agreement, provided that Netgear shall have the
right to set-off any such amounts or charges owed to Furness Logistics against
any amounts owing to Netgear by Furness Logistics pursuant to this Agreement. If
the aggregate amount owing by Netgear to Furness Logistics is less than the
aggregate amounts owing by Furness Logistics to Netgear. Furness Logistics shall
pay such net amount owing to Netgear promptly and in full within forty-five days
of the date which is the earliest of expiration or termination, as the case may
be.

(b)      The provisions of this Agreement relating to Confidential and
Proprietary Information (Section 8),. Warranties (Section 10), Indemnification
(Section 11) and Section 14.1, shall remain in effect beyond any expiration or
termination.

(d)      Furness Logistics shall return all Netgear Proprietary Information, and
under Netgear's supervision, destroy or erase all copies of such Netgear
Proprietary Information in the possession of Furness Logistics or any of its
Affiliates or their respective employees, consultants, agents or
representatives, including copies on paper or other hard copy and copies on
computer or other storage media.

7.4.     DUTY TO FULFILL

Notwithstanding any termination or expiration of this Agreement, Furness
Logistics agrees to manage all inventory control functions and to fulfill all
Orders placed prior to the date of expiration or termination in accordance with
the terms of this Agreement if such Orders have not previously been cancelled.

8.       CONFIDENTIAL AND PROPRIETARY INFORMATION

8.1      PROTECTION OF INFORMATION

During the term of this Agreement, the parties anticipate that each shall
disclose to the other in connection with this Agreement certain of its
Confidential Information. The recipient shall protect the disclosed Confidential
Information by using the same degree of care to prevent the unauthorized use,
dissemination, or publication of the Confidential Information as the recipient
uses to protect its own confidential information of a like nature, but no less
than a reasonable degree of care. Recipient's duty to protect the Confidential
Information disclosed under this Agreement shall expire three years from the
expiration or termination of this Agreement, except that source code shall be
protected hereunder indefinitely. Except as permitted by this Agreement, the
recipient shall disclose no part of such Confidential Information to anyone
except to those of its employees or contractors who have (i) a need to know the
same to accomplish the purposes of this Agreement, (ii) signed an Agreement
under which they shall keep confidential such Confidential Information (iii)
before receiving access to the Confidential Information, acknowledged its
confidential, proprietary and trade secret nature, (iv) agreed to use such
Confidential Information only for the purposes of performing recipient's
obligations under this Agreement. The terms of this Agreement may also be
disclosed to directors, officers, employees, attorneys, accountants,
contractors, banks or actual or potential financing sources of recipient, but
only if and to the extent such persons need to know the information for the
performance of their duties and are subject to confidentiality agreements or
fiduciary duties of confidentiality to recipient and agree to use such
information only for such duties.

Netgear, Inc.                CONFIDENTIAL INFORMATION                     Page 6

<PAGE>

Netgear and Furness Logistics Operating Agreement

This Agreement imposes no restriction upon the recipient with respect to
disclosure or use of information: (a) that was in the recipient's possession
before receipt from the discloser; (b) that is or becomes (prior to such
disclosure or use) a matter of public knowledge through no fault of the
recipient; (c) that is received by the recipient from a third party without a
duty of confidentiality; (d) that is disclosed by the discloser to a third party
without a duty of confidentiality on the third party; (e) is independently
developed by the recipient; (e) to the extent disclosed in accordance with the
order or requirement of a court, administrative agency, or other governmental
body (provided, however, that the receiver shall provide prompt notice thereof
to enable the discloser to seek a protective order or otherwise prevent such
disclosure); or (f) that is disclosed by the recipient with the discloser's
prior written approval; or (g) as required by the federal securities law and
rules and regulations thereunder.

8.2      PUBLICITY

All press releases and printed material using the name, logo or other
identifying characteristics of a party shall be subject to prior approval of the
other party.

8.3      CONFIDENTIALITY

Each party agrees that the price of services negotiated by it and provided to
the other party shall be deemed to be Confidential Information of that party.
Each party agrees not to discuss the origins of such information with any third
party. Each party agrees not to use such information to solicit a discount from
the disclosing supplier, from any of the supplier's competitors or from any
other supplier for use by the recipient other than for the purposes of
performing its obligations under this Agreement. Each party acknowledges that
unauthorized disclosure of such information may irreparably damage the
discloser's relationship with its suppliers and that any benefit accruing to the
recipient shall belong to Netgear and/or the disclosing party.

8.4      INJUNCTIVE RELIEF

Each party acknowledges that damage from improper disclosure of Confidential
Information is irreparable and that it would be extremely impracticable to
measure the resulting damages. Accordingly, in addition to any other rights and
remedies that a party may have, the injured party is entitled to equitable
review, including preliminary and permanent injunction, and the other party
expressly waives the defense that a remedy in damages will be adequate.

8.5      RETURN OF CONFIDENTIAL INFORMATION

If this Agreement is terminated, and upon request of the discloser, the
recipient shall promptly return all Confidential Information received from the
discloser, together with all copies, or if requested by the discloser, certify
that all such Confidential Information has been destroyed.

9.0      CAPITAL ASSETS

In order to perform the testing, rework, conversions and repackaging that may be
required as stipulated in the Specific Services Addendum, Furness Logistics may
have to use certain capital equipment specified by Netgear. If Furness Logistics
can use the equipment for current or future applications other than for Netgear
assemblies, this equipment shall be the property of Furness Logistics and shall
be funded as such. If the capital equipment cannot be used by other non-Netgear
applications, such equipment shall be solely the property of Netgear and shall
have Netgear asset tags affixed to the equipment. Such property shall be funded
by Netgear.

Furness Logistics shall maintain inventory of all capital assets, regardless of
ownership, and shall provide inventory records to Netgear on demand. Inventory
records should include, but not be limited to, date of acquisition, description
of asset, serial number, and location.

Netgear, Inc.                CONFIDENTIAL INFORMATION                     Page 7

<PAGE>

Netgear and Furness Logistics Operating Agreement

10.      WARRANTIES

10.1.    SERVICES

Furness Logistics warrants that all Services performed under this Agreement will
be performed in a competent, professional manner and in accordance with the
Statement of Work and the applicable Services under this Agreement.

10.2.    LIMITATIONS

THIS CLAUSE 10.2 SETS OUT THE FURNESS LOGISTICS SOLE OBLIGATION AND LIABILITY,
AND NETGEAR'S EXCLUSIVE REMEDIES, FOR CLAIMS BASED ON SERVICE OR THE SUBJECT
MATTER OF ANY SERVICE AND REPLACES ALL OTHER WARRANTIES AND CONDITIONS, EXPRESS
OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OR CONDITIONS OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE PROVIDED ALWAYS THAT THE
FURNESS LOGISTICS DOES NOT EXCLUDE OR LIMIT ITS LIABILITY FOR DEATH OR PERSONAL
INJURY RESULTING FROM ITS NEGLIGENCE NOR LIABILITY FOR BREACH OF ANY TERM
IMPLIED BY STATUTE TO THE EXTENT THAT SUCH LIABILITIES CANNOT BY LAW BE LIMITED
OR EXCLUDED.

11.      INDEMNIFICATION

11.1.    INDEMNIFICATION BY NETGEAR

Netgear will, at its expense and at Furness Logistics request, defend any claim
or action brought against Furness Logistics by a third party (i) to the extent
that it is based on a claim that any Specification provided under this Agreement
infringes or violates any patent, copyright, trademark, trade secret or other
proprietary right of the third party or (ii) to the extent caused by any grossly
negligent act or omission or willful misconduct of Netgear; and Netgear will
indemnify and hold Furness Logistics harmless from and against any costs and
liability reasonably incurred by Furness Logistics that are attributable to that
claim, subject to compliance with the notice provisions below.

Netgear shall have no liability if the alleged infringement is the result of
Furness Logistics modification or alteration of the Specification; or Netgear's
compliance with Furness Logistics specifications, designs, or processes; or if
Furness Logistics had actual notice that use of such Specification or its
incorporation into a product would cause such infringement; provided, however,
that if Furness Logistics has such actual notice and promptly informs Netgear of
such actual notice. Furness Logistics shall not be liable for failure to deliver
Products hereunder, but only to the extent that such failure is a result of such
actual notice.

11.2.    INDEMNIFICATION BY FURNESS LOGISTICS

Furness Logistics will, at its expense end at Netgear's request, defend any
claim or action brought against Netgear by a third party to the extent caused by
any negligent act or omission or willful misconduct of Furness Logistics or its
Affiliates: and Furness Logistics will indemnify and hold Netgear harmless from
and against any costs and liability reasonably incurred by Netgear that ore
attributable to that claim, subject to compliance with the notice provisions
below.

11.3.    PROCEDURE FOR INDEMNIFICATION

Netgear, Inc.                 CONFIDENTIAL INFORMATION                    Page 8

<PAGE>

Netgear and Furness Logistics Operating Agreement

If any claim or action shall be brought or asserted against an indemnified party
as provided above (the "Indemnified Party") in respect of which indemnity may be
sought from an indemnifying party under such Sections (the "Indemnifying Party")
the Indemnified Party shall promptly notify the Indemnifying Party who shall
assume the defense thereof and the payment of all expenses; except that any
delay or failure to so notify the Indemnifying Party shall only relieve the
indemnifying Party of its obligations hereunder to the extent, if at all, that
it is prejudiced by reason of such delay or failure. The Indemnified Party shall
have the right to employ separate counsel in any such claim or action and
participate in the defense thereof, but the fee and expenses of such counsel
shall be at the expense of the Indemnified Party, unless (i) the employment
thereof shall have been specifically directed and required by the Indemnifying
Party or (ii) the Indemnifying Party shall have elected not to assume the
defense and employ counsel. Without the consent of the Indemnified Party, the
Indemnifying Party shall have no right to settle or compromise on any
non-monetary matter.

11.4.    LIMITATION OF LIABILITY

EXCEPT FOR BREACHES OF OBLIGATIONS UNDER SECTION (8) OF THIS AGREEMENT
(CONFIDENTIAL AND PROPRIETARY INFORMATION) AND OBLIGATIONS UNDER SECTION 11
(INDEMNIFICATION), TO THE MAXIMUM EXTENT PERMITTED BY LAW, UNDER NO
CIRCUMSTANCES AND UNDER NO LEGAL THEORY, TORT, CONTRACT, OR OTHERWISE, SHALL
NETGEAR BE LIABLE TO SUPPLIER OR ANY OTHER PERSON FOR ANY INDIRECT (INCLUDING
BUT NOT LIMITED TO LOST PROFITS), SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES,
EVEN IF NETGEAR SHALL HAVE BEEN INFORMED OF THE POSSIBILITY OF SUCH DAMAGES, OR
FOR ANY CLAIM BY ANY OTHER PERSON.

EXCEPT FOR BREACHES OF OBLIGATIONS UNDER SECTION (8) OF THIS AGREEMENT
(CONFIDENTIAL AND PROPRIETARY INFORMATION) AND OBLIGATIONS UNDER SECTION 11
(INDEMNIFICATION), TO THE MAXIMUM EXTENT PERMITTED BY LAW, UNDER NO
CIRCUMSTANCES AND UNDER NO LEGAL THEORY, TORT, CONTRACT, OR OTHERWISE, SHALL
FURNESS LOGISTICS BE LIABLE TO NETGEAR OR ANY OTHER PERSON FOR ANY INDIRECT
(INCLUDING BUT NOT LIMITED TO LOST PROFITS), SPECIAL. INCIDENTAL OR
CONSEQUENTIAL DAMAGES, EVEN IF SUPPLIER SHALL HAVE BEEN INFORMED OF THE
POSSIBILITY OF SUCH DAMAGES, OR FOR ANY CLAIM BY ANY OTHER PERSON.

12.      GENERAL PROVISIONS

12.1.    ACCESS TO FACILITIES

Netgear shall have the right to review and audit Furness Logistics facilities,
operations, and procedures at any reasonable time with reasonable notice for
purposes of determining compliance with the requirements of this Agreement. From
time to time Netgear's Customers will request the right to review Furness
Logistics facilities and operations for the purpose of qualification. Furness
Logistics agrees to permit such Customer surveys with five to ten working days
notice, provided Furness Logistics does not consider such Customer of Netgear to
be a competitor of Furness Logistics or one of Furness Logistics customers.

12.2.    FORCE MAJEURE

"Force Majeure" shall include all acts or events beyond the control of a party,
including but not limited to acts of God, government restrictions, continuing
domestic or international problems such as wars or insurrections, strikes,
fires, floods, work stoppages, and embargoes, which prevent totally or partially
the fulfillment of the obligations of either party.

A party affected by an event of Force Majeure shall be released without any
liability on its part from the performance of its obligations (other than an
obligation to pay money) under this Agreement and the applicable Site

Netgear, Inc.                 CONFIDENTIAL INFORMATION                    Page 9

<PAGE>

Netgear and Furness Logistics Operating Agreement

Agreement, if any, but only to the extent and only for the period that its
performance of such obligations is prevented by circumstances of Force Majeure
and provided that such party shall have given prompt notice to the other party.
Such notice shall include a description of the nature of the event of Force
Majeure, its cause, and its possible consequences. The party claiming
circumstances of Force Majeure shall promptly notify the other party of the
conclusion of the event. The period of Force Majeure shall be deemed to commence
on the date that the event of Force Majeure first occurs. Regardless of the
excuse of Force Majeure, if either party is not able to perform within ninety
(90) days after such event, the other party may terminate the Agreement.
Termination of this Agreement shall not affect the obligations of either party
which exist as of the date of termination.

During the period that the performance by one of the parties of its obligations
under this Agreement or a Site Agreement has been suspended by an event of Force
Majeure, the other party may likewise suspend the performance of all or part of
its obligations under this Agreement.

13.      NOTICES

All notices shall be sent by certified mail, postage prepaid, by personal
delivery, courier service, or by facsimile or other form of recorded
communication to the parties at their respective addresses set forth below. Any
notices given shall be deemed to have been received as follows: if sent by
facsimile or other form of recorded communication, when transmitted; if sent by
certified mail, on the date of delivery as shown on the return receipt; and if
by courier service, on the date delivered. Either party may change its notice
address by written notice to the other.

If to Furness Logistics:                             If to Netgear:
Trade Boulevard 4                                    Netgear, Inc.
4761 RL Moerdijk                                     4401 Great America Parkway
The Netherlands                                      Santa Clara, CA 95052-8185

Attention:

With a copy to CFO at the same address

14.1.    EXPORTS AND CUSTOMS

Each party agrees that it will not knowingly (i) export or re-export, directly
or indirectly, any technical data (as defined by the U.S. Export Administration
Regulations), including software received from the other under this Agreement or
(ii) export or re-export, directly or indirectly, any direct product of such
technical data, including software, to any destination to which such export or
re-export is restricted or prohibited by U.S., or applicable non-U.S. law
without obtaining prior authorization from the U.S. Department of Commerce
and/or other competent government authorities to the extent required by those
laws. This clause shall survive termination or cancellation of this Agreement.

Unless otherwise set forth in this Agreement, Furness Logistics shall take all
administrative actions required to produce customs invoices and country of
origin documents for all shipments crossing international borders which comply
with all laws, treaties and regulations of both the exporting country and the
importing country. If a Product includes Materials having different countries of
origin, the different countries of origin must be identified on the customs
invoices, along with the related quantities/serial numbers of such Materials.
Furness Logistics shall be solely responsible for all fines, penalties and costs
resulting from a customs invoice not being so compliant.

Netgear, Inc.                 CONFIDENTIAL INFORMATION                   Page 10

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Netgear and Furness Logistics Operating Agreement

Furness Logistics shall perform all administrative actions required to determine
the eligibility of each Product for preferential treatment under the rules of
any applicable trade treaties/agreements and, if eligible, provide the necessary
documentation and obtain such preferential treatment. Furness Logistics shall
use it's best efforts to minimize any penalties and costs resulting from any
such documents subsequently determined to be invalid, shall maintain all
documentation to support the eligibility and shall respond in a timely manner to
verification questionnaires or reviews.

14.2.    AMENDMENT, MODIFICATION OR WAIVER

The provisions of this Agreement may be amended or waived only by an instrument
in writing signed by the authorized representatives of each party, except as
otherwise expressly provided in this Agreement.

14.3.    DISASTER RECOVERY PLAN

Furness Logistics agrees to develop and maintain a disaster recovery plan to be
put into effect in the event that it becomes unable to fulfill Orders for any
reason for a period of more than 15 calendar days. The disaster recovery plan
shall be submitted by Furness Logistics to Netgear for review within 15 days of
the Effective Date of this Agreement, and shall be reviewed yearly thereafter.
Furness Logistics agrees that the disaster recovery plan must enable Furness
Logistics to continue to fulfill Orders in accordance with the time schedules
required under this Agreement.

14.5.    INDEPENDENT CONTRACTOR

This Agreement shall not constitute Furness Logistics the agent or legal
representative of Netgear for any purpose and Furness Logistics shall not hold
itself out as an agent of Netgear other than as expressly provided in this
Agreement. This Agreement creates no relationship of joint venturers, partners,
associates, employment or principal and agent between the parties, and both
parties are acting as independent contractors. Neither party shall have the
right to exercise any control or direction over the operations, activities,
employees or agents of the other party in connection with this Agreement.
Furness Logistics is not granted any right or authority to, and shall not
attempt to, assume or create any obligation or responsibility for or on behalf
of Netgear. Furness Logistics shall not have any authority to bind Netgear to
any contract, whether of employment or otherwise, and Furness Logistics shall
bear all of its own expenses for its operations, including, without limitation,
the compensation of its employees and sales people and the maintenance of its
offices, service, warehouse and transportation facilities. Furness Logistics
shall be solely responsible for its own employees and sales people and for their
omissions, acts and the things done by them. Netgear expressly disclaims any
liability for any commitments on behalf of Netgear made by Furness Logistics.

14.6.    FURNESS LOGISTICS RESPONSIBLE FOR ITS SUBCONTRACTORS

The acknowledgment by Netgear of any subcontractor of Furness Logistics shall in
no way be construed to relieve Furness Logistics of any of its duties,
responsibilities and obligations to Netgear under this Agreement.

14.7.1   NO ASSIGNMENT

Neither this Agreement nor any right or obligation under it shall be assigned or
delegated by Furness Logistics, voluntarily or by operation of law, without the
prior written consent of the other party, which consent may not be unreasonably
withheld. Any attempted Assignment shall be deemed voidable. An attempted
assignment shall be deemed to occur in the event of a sale or transfer of
substantially all of the assets of, or a majority interest in, the voting shares
to, or the merger or consolidation with or into, any other entity.

Netgear, Inc.                  CONFIDENTIAL INFORMATION                  Page 11

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Netgear and Furness Logistics Operating Agreement

14.8.    APPLICABLE LAW

All issues and questions concerning the construction, validity, enforcement,
interpretation and performance of this Agreement, the rights and obligations
arising hereunder and any purchase made hereunder shall be governed by the laws
of the State of California and the federal laws of the United States applicable
therein, without reference to the UNCITRAL Conventions on Contracts for the
International Sale of Goods and without giving effect to any choice of law or
conflict of law, rules or provisions (whether of California or any other
jurisdiction) that would cause the application of the laws of any jurisdiction
other than California. The parties hereto submit to and consent to the
nonexclusive jurisdiction of the courts located in the State of California.

14.9.    RIGHTS CUMULATIVE

Except as otherwise expressly provided in this Agreement or in any Site
Agreement, all rights and remedies conferred by this Agreement, by any other
instrument, or by law are cumulative and may be exercised singularly or
concurrently.

14.10    SEVER ABILITY

If any one or more of the provisions of this Agreement for any reason shall be
held to be invalid, illegal, or unenforceable in any respect by any law or
regulation of any government or by any court, such provision shall not affect
any other provision, and this Agreement shall be construed as if such invalid,
illegal or unenforceable provision had never existed, except in those instances
where removal or elimination of such provision would result in a failure of
consideration under this Agreement.

14.11.   ENTIRE AGREEMENT

This Agreement and each Site Agreement, including all Exhibits, constitutes the
entire Agreement between the parties pertaining to the subject matter of this
Agreement. This Agreement supersedes all prior agreements and understandings
between the parties, written or oral, with respect to such subject matter. No
representations or statements of any kind made by any representative of Netgear
which are not stated in this Agreement shall be binding on Netgear. No course of
dealing or course of performance shall be relevant to explain or supplement any
term expressed in this contract.

14.10    NO COLLATERAL

Furness Logistics will not attach, or cause liens to be attached to any of our
inventory, and that they will not use our inventory as collateral for any
purposes.

Netgear, Inc.                  CONFIDENTIAL INFORMATION                  Page 12

<PAGE>
                                                  CONFIDENTIAL TREATMENT REQUEST

* Portions denoted with an asterisk have been omitted and filed separately with
  the Securities and Exchange Commission pursuant to a request for confidential
  treatment.

Netgear and Furness Logistics Operating Agreement

                    SPECIFIC SERVICES AND AGREEMENTS ADDENDUM

FINISHED GOODS

2.1      PROCESS OVERVIEW & ENVIRONMENT

The requirement is to receive, into a bonded warehouse, a regular receipt of
product, which has been manufactured in Asia. The product is to be stored,
controlled and accounted for and then picked to match specific customer order
requirements for mainland Europe (85% of the volume) and UK orders (15% of the
volume).

WAREHOUSES IN THE NETHERLANDS

In the Netherlands Furness operates 1.2 million sq ft modern warehouses at
Dordrecht, Moerdijk (both close to Rotterdam)and 's-Heerenberg (close to the
German border).

REAL TIME OPERATION

At all our warehouses the operation is real time. The product flow through the
warehouse is bar code controlled from handling-in till the loading of the truck.
Further we use RF equipment as result of which stock is updated immediately when
the goods are put on location and after the pick.

SECURITY SYSTEMS

We have video cameras throughout the warehouse monitoring all activities. The
tapes are kept for a period of 4 month. We have a burglar alarm throughout the
warehouse even in the walls connected with a security company and a fire alarm
system directly connected with the fire station.

BONDED WAREHOUSE

Like all our warehouses the warehouse is bonded. We have the license type E,
meaning that we can store bonded and non- bonded even together at the same
location. License E is a fictitious administrative system, which allows us to
ship 24 hours per day and only declare to customs once a month.

LEAD-TIME

Standard is that orders received before 1200 are ready for shipment the same
day.

Netgear, Inc.                 CONFIDENTIAL INFORMATION                   Page 13

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Netgear and Furness Logistics Operating Agreement

2.2      RECEIPT

100 to 120 pallets per week, forecast to double over next 12 months. 95+% of
this volume is containerized sea freight. The receipts will be delivered
throughout the week. The remaining is by ad-hoc airfreight. All pallets are 120
x 120 x 120 plywood-shipping pallets.

The shipment is to be verified against the packing list and/or invoice, booked
into the storage location and all Sun System receipt transactions to be
completed on the day of delivery.

The majority of pallets received will contain single part numbers. Where a
pallet contains mixed part numbers it will be split down into an individual part
number per pallet.

Approximately 1 month's supply of product is held stock i.e. 800-1000 pallets,
covering approximately 250 part numbers. All products are to receive a weekly
physical stock check or cycle count.

Netgear has five primary stockroom locations within the Sun System; IQC, two
finished goods locations, stock rotation and warranty returns. Receipts must be
played into the correct location based on the specific type of transaction.

Furness Logistics will provide a safe and secure warehouse environment.

A product identification, not necessarily a bar code id, is sufficient to handle
incoming products. Trucks/containers arriving before 1600 hours will be off
loaded and the goods put on location the same day. This also applies for the
stock update.

After discharge the products will be sorted by SKU (stock keeping unit) and
checked on outer damage and quantity. The system will create a location and a
put away. For the storage of pallets we maintain a free storage system although
products of a customer are stored as much as possible together. For shelves and
bins we maintain a fixed storage location system. Depending whether the customer
maintain a strict FIFO system or not the incoming products will added to a
location containing the same product or a new location will created.

The person bringing the product on location will scan the put away and then the
location. If the scanner will tell him that he is at the right location he will
put the product on location and confirm this and through RF stock will be
updated.

Netgear, Inc.                  CONFIDENTIAL INFORMATION                  Page 14

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Netgear and Furness Logistics Operating Agreement

2.3      ORDER PICKING

The current Netgear customer base is thirty-two. The average number of customer
orders per month is 200. The average number of lines per customer order is seven
(7). Orders are placed over night (in the US) and are visible by 7am at which
time an order requirement report (shippable backlog) is to be produced. The
majority of shipments (+95%) are in full case and pallet quantities, but there
are some shipments that require case breaks.

All orders are to be picked, made ready for dispatch and confirmed on the system
by 16:00 Europe time, with all stock being picked on a FIFO basis.

Weekly order volumes are expected 10 fluctuate by plus or minus 25% per week,
with the third week of the month seeing the highest volume.

The required service level is for all Customer orders to be dispatched from the
distribution hub within 48 hours of entering on Sun.

2.4      SHIPMENT QUALITY AND MIS-SHIPS

All packing list and commercial invoice are to be generated from the Sun System.
All shipments are to be audited to confirm 100% accuracy to Customer order and
packing / delivery specifications (which may vary from Customer to Customer).

Mis-shipments are shipments reported by Netgear's customer that do not contain
what the invoice declared. In this case, Netgear credits the customer and then
charges the Furness Logistics for the inventory standard cost of the missing
items. Upon review of the audit trail documentation, if the Furness Logistics
can prove to Netgear that it did infact ship what the invoice called for, and
then Netgear will reimburse the service provider for the mis-ship charge.

2.5      IMPORT/EXPORT CUSTOMS CLEARANCE AND VAT

Netgear will use it's own freight forwarder and customs broker to manage the
import of finished goods and raw materials from it's Asia trading partners to
the distribution center.

Furness Logistics will be responsible for completing all required export
documentation and complying with export formalities throughout the European
continent.

Furness Logistics agrees to provide VAT Management Services to Netgear and the
cost of such services has been factored into the proposed cost and cost model
agreement. Another administrative obligation Furness has to fulfil on behalf of
Netgear Inc. is the filing and reporting of all Intra EU-transactions.
Declarations have to be sent to the Central Bureau of Statistics. The commercial
invoices mentioned under Customs are also used to meet these requirements

Netgear, Inc.                CONFIDENTIAL INFORMATION                    Page 15

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Netgear and Furness Logistics Operating Agreement

2.6      TRANSACTION PROCESSING

All receipts & picks/dispatches are to be transacted daily on Netgear's Sun
System. The service provider will be expected to provide and maintain a full
warehouse management system to control the inventory held and to ensure "back to
back" accuracy with Netgear's Sun System.

Furness Logistics will provide two administrative resources to play all receipt
and shipment transactions in the Sun System on a daily basis.

2.7      TRANSPORTATION

All import transportation costs will be paid for and managed by Netgear Inc.

Furness Logistics will provide freight out transportation services to Netgear
customers. All outbound transportation costs will be paid for by Furness
Logistics and then invoiced to Netgear at the agreed to rate schedule attached
to this document. Transportation cost are over and above the agreed to cost
model for distribution services.

2.8      RMA (RETURN MATERIAL AUTHORIZATION) PROCESSING

Currently, approximately 31 RMA Orders per month of "faulty" product are
returned to the distribution hub from Netgear Customers. This represents 408
line items and 3200 units per month. This is audited against RMA information in
SUN and transacted to allow credits to be issued to Netgear Customers. A
nominated carrier then returns the product to Hong Kong.

The cost to receive, inventory, report, stage and ship RMA's has been included
in the cost plus model.

2.9      ADDITIONAL ACTIVITIES

RMA TEST & REPACK:

The intention is to introduce a screening process for RMA returns, with No Fault
Found units being returned to stock and faulty units being sent for replacement
or repair. Often the RMA units will require repackaging into a new "gift" or
retail carton. Netgear will be responsible for supplying any test
specifications, equipment, packaging, materials and training.

The cost to test and repackage product will be negotiated at a later date on a
cost per unit basis.

CONVERSION:

This is an activity, which will involve the re-packing of product and the
addition of specific items such as manuals or a change in power cords, or a
change in retail packaging etc. The repacked item would be assigned a different
pan number.

The cost of managing conversions will be negotiated at a later date on a cost
per unit basis.

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Netgear and Furness Logistics Operating Agreement

2.10     COST PLUS MODEL

Netgear intends to manage the European distribution center on a cost-plus model
basis. Freight charges are to be excluded from the cost model and will be
managed separately. The cost of RMA Test, Repackaging and Conversion will also
be excluded from the cost model.

2.11     REPORTING:

Netgear will be provided with direct access to service Furness Logistics systems
limited to Netgear account information. This would be via web access or modern
access. This would include access to on-hand inventory, receipts, shipments,
RMA's etc. Netgear will also be allowed to run any standard or custom reports
available to Netgear for comparison to Netgear's Sun System database. Furness
Logistics will provide Netgear with daily access to web site and account
activity. Furness Logistics will provide Netgear with mutually agreed to set of
standard reports on a daily, weekly and/or monthly basis as required.

2.12     PERFORMANCE INDICATORS

Inbound flows

The time for handling in and stock up date is depending on the number of SKU in
the incoming container. Standard is that product is handled in the stock updated
the day of arrival. The lead time measured through scanning.

Warehousing

Furness Logistics accepts an inventory accuracy of [*] and accept full
responsibility for missing goods. Measurement method: cycle count.

Order picking

Standard is that orders received before noon are ready for shipment the same
day. Depending on the number of orders and lines to be shipped an agreement has
to be reach on the percentage of orders to be received over night. Measurement
method the system will tell when an order is ready for shipment.

Order correctness

99.85 % of the order lines picked under the condition that the content of the
cartons in stock is correct.

Administrative

% of reported non-conformities per day      [*]

Distribution

Furness Logistics do not accept direct liability for on time deliveries as
delivery is subcontracted. However the carriers used offer a [*] on- time
delivery but do not guarantee same.

Netgear, Inc.              CONFIDENTIAL INFORMATION                     Page 17

<PAGE>

Netgear and Furness Logistics Operating Agreement

3.0      SUMMARY

Netgear will provide its own marine and property insurance to cover fires,
flood, and other acts of god. Furness Logistics will be insured at it's own
cost for workers compensation and losses and damages caused by Furness
Logistics negligence.

Furness Logistics will not charge Netgear start up cost. In case a system
interface has to be built it is agreed that each party bears its own cost.

Netgear can use Furness VAT and deferment account for the duration of the
relationship.

Furness Logistics agrees to provide Netgear with web-based access to account
information.

Furness Logistics accepts [*] responsibility for inventory discrepancies from
the time of receipt to the time of shipment, or while in the care, custody and
control of Furness Logistics.

Furness Logistics agrees to have Netgear Sun System installed at our site and we
will process transactions according to Netgear requirements.

Furness Logistics agrees to a cost plus model pricing with a quarterly review.

All inventories will remain the property of the Netgear. The service provider
will be financially liable for any and all inventory variances while the
inventory is in the care, custody and control of the Furness Logistics.
Reimbursement for unexplained variance will be at the full inventory standard
cost reflected on Netgear's books.

Furness Logistics will designate a Netgear Account Manager to address any/all
operational, business and continuous improvement plans with.

Furness Logistics will produce periodic performance, measurement and activity
reports.

A periodic management review (initially monthly leading to quarterly) will take
place between Netgear and the Furness Logistics to review specific agenda items
(to be mutually agreed).

Netgear, Inc.              CONFIDENTIAL INFORMATION                     Page 18

<PAGE>
                                                  CONFIDENTIAL TREATMENT REQUEST

* Portions denoted with an asterisk have been omitted and filed separately with
  the Securities and Exchange Commission pursuant to a request for confidential
  treatment.

Netgear and Furness Logistics Operating Agreement

                                  PRICING TABLE

QUOTATION (BASED ON COST PLUS)

ANNUAL COST INDICATION

Inbound                         Euro  [*]

Warehousing                     Euro  [*]

Weekly inventory count          Euro  [*]

Outbound                        Euro  [*]

Wrapping foil                   Euro  [*]

One way pallets                 Euro  P.M.

RMA                             Euro  [*]

Customs/fiscal rep.             Euro  [*]

Account manager                 Euro  [*]

Administrative support          Euro  [*]

Total Annual Cost to Netgear    Euro  [*]

MANAGEMENT FEE AND OVERHEAD INCLUDED IN TOTAL COST

12% on warehouse rent and equipment
20% on labor

Wrapping foil              Euro  1,35
One way pallets            Euro  5,00
Packaging material As per outlay
Labels as per outlay

Netgear, Inc.              CONFIDENTIAL INFORMATION                     Page 19

<PAGE>

Netgear and Furness Logistics Operating Agreement

                             TRANSPORTATION SERVICES

<TABLE>
<CAPTION>
                         RATE         USUAL TRANSIT TIME
DESTINATION              EUR           IN WORKABLE DAYS
<S>                     <C>           <C>
-------------------------------------------------------
Germany                  7.80             2 or 3
-------------------------------------------------------
France                  12.00             3 or 4
-------------------------------------------------------
United Kingdom          12.00             3 or 4
-------------------------------------------------------
Austria                 12.90             4 or 5
-------------------------------------------------------
Belgium                  6.50             1 or 2
-------------------------------------------------------
Denmark                 13.40             3 or 4
-------------------------------------------------------
Finland                 33.30             6 or 7
-------------------------------------------------------
Italy                   18.10             4 or 5
-------------------------------------------------------
Holland                  5.80             1
-------------------------------------------------------
Norway                  29.60*            5, 6 or 7
-------------------------------------------------------
Spain                   27.00             4 or 5
-------------------------------------------------------
Sweden                  18.60             4 or 5
-------------------------------------------------------
Switzerland             10.90*            5 or 6
-------------------------------------------------------
</TABLE>

* Customs clearance not included

Netgear, Inc.              CONFIDENTIAL INFORMATION                     Page 20

<PAGE>

Netgear and Furness Logistics Operating Agreement

Netgear, Inc.              CONFIDENTIAL INFORMATION                     Page 21

<PAGE>

<TABLE>
<CAPTION>
WEIGHT IN KG                BELGIUM   ZONE 1      ZONE 2     ZONE 3    ZONE 4     ZONE 5   ZONE 6      ZONE 7      ZONE 8    ZONE 9
                              ECX      ECX         ECX        ECX       WPX        WPX       WPX        WPX         WPX        WPX
<S>                         <C>       <C>         <C>        <C>       <C>        <C>      <C>         <C>         <C>       <C>
 0.5                         18.88     19.12       20.09      21.01     32.82      38.51     46.52      46.98       58.78      63.50
 1.0                         19.76     21.66       22.63      24.02     35.83      42.31     51.61      51.24       64.48      70.82
 1.5                         20.80     24.21       25.18      26.98     38.79      46.15     56.70      55.50       70.12      78.13
 2.0                         21.48     26.75       27.73      29.99     41.80      49.94     61.79      59.75       75.82      85.44
 2.5                         22.31     29.30       30.27      32.96     44.76      53.78     66.88      64.01       81.46      92.76
 3.0                         23.19     31.84       32.82      35.96     47.77      57.58     71.97      68.27       87.16     100.07
 3.5                         24.02     34.39       35.36      38.93     50.73      61.42     77.07      72.53       92.80     107.38
 4.0                         24.90     36.94       37.91      41.93     53.74      65.22     82.16      76.79       98.50     114.70
 4.5                         25.73     39.48       40.45      44.90     58.70      69.06     87.25      81.05      104.14     122.01
 5.0                         26.61     42.03       43.00      47.91     59.71      72.85     92.34      85.30      109.84     129.51
 5.5                         26.94     42.91       44.20      49.62     61.61      75.35     96.60      88.87      115.16     136.54
 6.0                         27.31     43.74       45.41      51.33     63.55      77.81    100.86      92.39      120.48     143.53
 6.5                         27.63     44.62       46.61      53.04     65.55      80.31    105.11      95.95      125.80     150.52
 7.0                         28.00     45.45       47.81      54.76     67.39      82.78    109.37      99.47      131.50     157.51
 7.5                         28.33     46.33       49.02      56.47     69.29      85.26    113.63     103.03      137.33     164.55
 8.0                         28.70     47.17       50.22      58.18     71.23      87.71    117.89     106.55      143.21     171.53
 8.5                         29.02     48.04       51.42      59.89     73.13      90.21    122.15     110.11      149.04     178.52
 9.0                         29.39     48.88       52.63      61.61     75.08      92.66    125.41     113.63      154.92     185.51
 9.5                         29.72     49.76       53.83      63.32     76.97      95.16    130.99     117.20      160.75     192.55
10.0                         30.09     50.59       55.03      65.03     78.92      97.62    135.71     120.71      166.63     199.54
10.5                         30.32     51.19       55.96      68.28     80.17      99.38    138.67     122.89      169.73     204.07
11.0                         30.55     51.75       56.88      67.58     81.46     101.09    141.68     125.02      172.83     208.88
11.5                         30.78     52.35       57.81      68.83     82.78     102.85    144.69     127.19      175.93     213.19
12.0                         31.01     52.90       58.74      70.12     84.05     104.58    147.70     129.51      179.03     217.77
12.5                         31.24     53.51       59.66      71.37     85.35     106.32    150.71     131.91      182.13     222.31
13.0                         31.47     54.08       60.59      72.67     86.65     108.03    153.71     134.27      185.23     228.89
13.5                         31.71     54.88       61.51      73.92     87.94     109.79    156.72     136.64      188.34     231.43
14.0                         31.94     55.22       62.44      75.21     89.24     111.50    159.73     139.00      191.48     238.01
14.5                         32.17     55.82       63.36      76.48     90.53     113.25    162.74     141.36      194.58     240.55
15.0                         32.40     56.38       64.29      77.76     91.83     114.97    165.75     143.72      197.69     245.08
15.5                         32.63     56.98       65.22      79.01     93.13     116.73    168.71     146.08      200.79     249.66
16.0                         32.86     57.53       66.14      80.31     94.42     118.44    171.72     148.48      203.89     254.20
16.5                         33.09     58.13       67.07      81.56     95.72     120.20    174.73     150.84      206.99     258.76
17.0                         33.33     58.69       67.99      82.85     97.01     121.92    177.74     153.21      210.09     263.32
17.5                         33.56     59.29       68.92      84.10     98.31     123.68    180.75     155.57      213.19     267.90
18.0                         33.79     59.85       69.84      85.40     99.61     125.39    183.75     157.93      216.29     272.44
18.5                         34.02     60.45       70.77      86.66    100.90     127.15    186.76     160.29      219.39     277.02
19.0                         34.25     61.00       71.70      87.94    102.20     129.00    189.77     162.69      222.54     281.56
19.5                         34.48     61.61       72.62      89.19    103.49     130.94    192.78     165.05      225.64     286.09
20.0                         34.71     62.16       73.55      90.49    104.79     132.84    195.79     167.41      228.74     290.67
20.5                         34.85     62.58       74.10      91.23    105.58     134.32    198.24     169.45      231.57     294.70
21.0                         34.99     62.99       74.66      92.02    106.36     135.85    200.69     171.49      234.44     298.73
21.5                         35.13     63.41       75.21      92.76    107.15     137.33    203.19     173.52      237.31     302.75
22.0                         35.27     63.83       75.77      93.54    107.94     138.86    205.65     175.56      240.13     308.78
22.5                         35.41     64.24       76.32      94.28    108.72     140.34    208.10     177.60      243.00     310.76
23.0                         35.55     64.66       78.88      95.07    109.51     141.87    210.60     179.63      245.82     314.79
23.5                         35.69     65.08       77.44      95.81    110.30     143.35    213.05     181.67      248.89     318.82
24.0                         35.83     65.49       77.99      96.60    111.09     144.87    215.51     183.71      251.58     322.84
24.5                         35.96     65.91       78.55      97.34    111.87     146.36    218.01     185.74      254.39     326.87
25.0                         38.10     66.33       79.10      98.13    112.66     147.84    220.46     187.78      257.26     330.90
Addit. 0.5kg 25.5-50kg        0.15      0.43        0.61       0.84      0.87       1.50      2.47       2.04        2.85       4.02
Tariff 50 kg                 43.05     86.00      108.87     137.19    154.45     222.96    343.95     289.61      399.81     532.01
Addit. 0.5kg 50.5-100kg       0.15      0.43        1.27       1.48      1.55       1.50      2.47       2.04        2.85       4.02
Tariff 75 kg                 49.99    105.67      168.43     211.02    232.12     298.03    457.39     391.44      542.37     733.12
Tariff 100 kg                56.93    125.34      232.08     284.84    309.74     373.15    590.88     493.27      684.93     934.23
Addit. 0.5kg 100.5-200kg      0.20      0.43        1.17       1.43      1.55       1.50      2.47       2.04        2.85       4.02
Tariff 150 kg                75.45    168.43      349.18     427.40    485.03     523.35    837.82     696.92      970.05    1338.45
Tariff 200 kg                93.96    211.71      466.25     569.96    620.32     673.55   1084.75     900.58     1255.17    1738.87
Addit. 0.5kg >200 kg          0.25      0.51        1.27       1.43      1.55       2.34      3.64       3.11        5.19       6.49
</TABLE>

Netgear, Inc.                CONFIDENTIAL INFORMATION                    Page 22

<PAGE>

Netgear and Furness Logistics Operating Agreement

           Euro per shipment or per 0.5 kg excl. fuel surcharge

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
                                                                    DHL zone-indexing 2001
----------------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>    <C>                                  <C>        <C>                             <C>
Albania                               9      Ecuador                                8        Libya                           (???)
Algeria                               9      Egypt                                  8        Liechtenstein                   (???)
American Samoa                        9      El Salvador                            9        Lithuania                       (???)
Andorra                               4      Equatorial Guinea                      9        Luxembourg                      (???)
Angola                                9      Eritrea                                9        Macau                           (???)
Angulila                              9      Estonia                                7        Macedonia                       (???)
Antigua                               8      Ethiopia                               9        Madagascar                      (???)
Argentina                             8      Faroe Islands                          9        Malawi                          (???)
Armenia                               7      Fiji                                   9        Malaysia                        (???)
Aruba                                 6      Finland                                3        Maldives                        (???)
Australia                             6      France                               1/2        Mali                            (???)
Austria                               3      French Guiana                          8        Malta                           (???)
Azerbaijan                            7      Gabon                                  9        Marshall Islands                (???)
Bahamas                               9      Gambia                                 9        Martinique                      (???)
Bahrain                               6      Georgia                                7        Mauritania                      (???)
Bangladesh                            9      Germany                              1/2        Mauritius                       (???)
Barbados                              9      Ghana                                  9        Mexico                          (???)
Belarus                               7      Gibraltar                              4        Moldova, Republic of            (???)
Belgium                               8      Greece                                 3        Monaco                          (???)
Belize                                9      Greenland                              9        Mongolia                        (???)
Benin                                 9      Grenada                                9        Montserrat                      (???)
Bermuda                               9      Guadeloupe                             9        Morocco                         (???)
Bhutan                                9      Guam                                   9        Mozambique                      (???)
Bolivia                               8      Guatemala                              9        Myanmar                         (???)
Bonaire                               6      Guernsey                               4        Namibia                         (???)
Bosnia & Herzegovina                  7      Guinea Republic                        9        Nauru, Republic of              (???)
Botswana                              9      Guinea Bissau                          9        Nepal                           (???)
Brazil                                8      Guyana (British)                       8        Nevis                           (???)
Brunei                                9      Haiti                                  9        New Caledonia                   (???)
Bulgaria                              7      Honduras (Republic)                    9        New Zealand                     (???)
Burkina Faso                          9      Hong Kong                              6        Nicaragua                       (???)
Burundi                               9      Hungary                                7        Niger                           (???)
Cambodia                              9      Iceland                                4        Nigeria                         (???)
Cameroon                              9      India                                  6        Niue                            (???)
Canada                                5      Indonesia                              6        Norway                          4
Canary Islands                        4      Iran                                   9        Oman                            8
Cape Verde                            9      Ireland, Republic of                   3        Pakistan                        8
Cayman Islands                        9      Israel                                 9        Panama                          8
Chad                                  9      Italy                                2/3        Papua New Guinea                9
Chile                                 8      Ivory Coast                            9        Paraguay                        8
China People's Republic               8      Jamaica                                9        Peru                            8
Colombia                              8      Japan                                  6        Philippines, The                6
</TABLE>

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<PAGE>

Netgear and Furness Logistics Operating Agreement

<TABLE>
<S>                                   <C>    <C>                                    <C>      <C>
Comores                               9      Jersey                                 4        Poland
Congo                                 9      Jordan                                 8        Portugal
Cook Islands                          9      KazaKhstan                             7        Puerto Rico
Costa Rica                            9      Kenya                                  8        Qatar
Croatia                               7      Kiribati                               9        Reunion Island of
Cuba                                  9      Korea, Republic of                     6        Romania
Curacao                               6      Kuwait                                 6        Russian Federation, The
Cyprus                                6      Kyrgyzstan                             7        Rwanda
Czech Republic. The                   7      Laos                                   9        Saipan
Denmark                               2      Latvia                                 7        San Marino
Djibouti                              9      Lebanon                                9        Sao Tome & Principe
Dominica                              9      Lesotho                                9        Saudi Arabia
Dominican Republic                    9      Liberia                                9
</TABLE>

<TABLE>
<S>                    <C>
GERMANY (*)
ZONE 1                 NORTH AND WEST
Service Centers:       Bremen (BRE). Cologne (CGN), Dortmund (DTM), Duesseldorf (DUS), Frankfurt (FRA), Hannover (HAJ), Hamburg
                       (HAM)
Postal codes:          20000-38999   40000-54599  (???)4700-65936
ZONE 2                 EAST AND SOUTH
Service Centers:       Berin (BER), Freiburg (QFB), Karlsruhe (OKA), Leipzig (LEJ), Mannheim (MHN), Munich (MUC), Nuemberg
                       (NUE), Stuttgart (STR
Postal codes:          01000-19999  39000-39999  84600-64699  66000-99999
FRANCE (*)
ZONE 1                 NORTH
Service Centers:       Paris (CDG), La Havre (LEH), Lille (LIL), Metz (MZM). Orleans (ORE)
Postal codes:          02... 08... 10... 14... 18... 27... -28... 36... -37... 41... 45... 50... -52...  54... -55... 57... -62...
                       72... 75... -78... 80... 88... -89... 91...
                       EAST, WEST AND
ZONE 2                 SOUTH
Service Centers:       Bordeaux (BOD), Lyon (LYS), Marseille (MRS), Mulhouee (MLH), Nantes (NTE), Nice (NCE), Strasbourg (SXB),
                       Toulouse (TLS)
Postal codes:          01...   03...  04... -07...   09... 11... -13...  15... -17...  19... -28...  29... -35...   38...
                       -40... 42... -44... 46... -49...   53...  56...   63... -71...
                       79...   81... -87...  90...  98...
UNITED KINGDOM (*)
ZONE 1                 ENGLAND/WALES
Service Centers:       Birmingham (BHX), Bristol (BRS), Cambridge (CBG), East Midlands (EMA), Leeds (LBA), london-GatwicK (LOW),
                       London Heathro Liverpool (LPL), Manchester (MAN), Teesslda (MME), Newcastle (NCL), Reading (RED), Southampton
                       (SOU), Swindon (SWN)
Postal codes:          AL..-BS..   CA..-DA..   DE.. DH.. -EC.. EN.. EX..  FY.. GL... -MR.. MU..-IG.. IP..  KT.. L..-MK.. N.. -OX..
                       PE..  PL.. -TA.. TF
ZONE 2                 SCOTLAND/NORTHERN IRELAND
Service Centers:       Aberdeen (ABZ), Belfast (BFS), Edinburgh (EDI), Glasgow (GLA), Inverness (INV), Isle of Man (IOM)
Postal codes:          AB..  BT..   DD..   DO..   EH..   FK..   G.. HS..   IM..   IV..   KA..   KW..   KY..   ML..   PA..   PH..
                       TD..  ZE..
ITALY (**)
ZONE 2                 NORTH
Service Centers:       Ancona (AOI), Bergamo (BQY), Bologna (BLQ), Brescia (QBS), Florence (FLR), Genoa (QOA), Livamo (LEG),
                       Milan (MIL), Rome(???) Trieste (TRS), Turin (TRN), Vonice (VCE), Verona (VRN)
Postal codes:          00010-00199  02019  03010-04100  07010-67100  86010-93011 93013-93019  94010-94100
ZONE 3                 SOUTH
Service Centers:       Bari (BRI), Catania (CTA), Naples (NAP), Perugia(QPG)
Postal codes:          01010-02018  02020-02100   05010-06100   70010-86100 93012  93100   95010-98100
</TABLE>

Netgear, Inc.                  CONFIDENTIAL INFORMATION                  Page 24

<PAGE>

Netgear and Furness Logistics Operating Agreement

<TABLE>
<CAPTION>
                                                                                        RATES
FURNESS LOGISTICS    DISTRIBUTION FROM TERMINAL MOERDIJK TO EUROPEAN DESTINATIONS      IN EURO
<S>                <C>       <C>         <C>         <C>       <C>       <C>        <C>      <C>
NUMBER OF
100 X 120CM
PALLETS            10        23          35          40        50        60         68       80
</TABLE>

<TABLE>
<CAPTION>
                                                LINZ-
NOT HEAVIER    WIEN   VOSENDORF  KREMS-DONAU  LEONDING  SALZBURG  INNSBRUCK  DORNBIRN   GRAZ
THAN 900 KG  AUSTRIA   AUSTRIA     AUSTRIA     AUSTRIA   AUSTRIA   AUSTRIA   AUSTRIA   AUSTRIA
<S>          <C>      <C>        <C>          <C>       <C>       <C>        <C>       <C>
     1         193       193         193         189       189       174        174      212
     2         337       337         337         327       327       286        286      369
     3         430       430         430         407       407       376        376      456
     4         444       444         444         412       412       383        383      470
     5         464       464         464         429       429       397        397      482
     6         478       478         478         444       444       406        406      493
     7         537       537         537         496       496       456        456      551
     8         537       537         537         496       496       456        456      551
     9         610       610         610         562       562       517        517      622
    10         683       683         683         622       622       579        579      695
    11         732       732         732         665       665       623        623      747
    12         781       781         781         709       709       663        663      796
    13         842       842         842         757       757       709        709      857
    14         891       891         891         801       801       746        746      906
    15         952       952         952         850       850       793        793      967
    16         952       952         952         850       850       793        793      967
    17        1010      1010        1010         893       893       842        842     1025
    18        1054      1054        1054         923       923       878        878     1066
    19        1098      1098        1098         964       964       922        922     1116
    20        1132      1132        1132         998       998       951        951     1150
    21        1176      1176        1176        1039      1039       990        990     1197
    22        1215      1215        1215        1076      1076      1021       1021     1238
    23        1281      1201        1281        1134      1134      1069       1069     1305
    24        1281      1281        1281        1134      1134      1069       1069     1305
    25        1281      1281        1281        1134      1134      1069       1069     1305
    26        1317      1317        1317        1170      1170      1086       1086     1357
</TABLE>

Netgear, Inc.                  CONFIDENTIAL INFORMATION                  Page 25

<PAGE>

Netgear and Furness Logistics Operating Agreement

                             VALID UNTIL 31.12.2001

<TABLE>
<S>              <C>        <C>       <C>                 <C>      <C>        <C>         <C>
NUMBER OF
100 X 120
CM PALLETS       90         95        93                  60       26         27          0
</TABLE>

<TABLE>
<CAPTION>
NOT HEAVIER  KLAGENFURT  VILLACH   AALST     SOFIA      BRNO     GREVE   BALLERUP  HELSINKI
THAN 900 KG   AUSTRIA    AUSTRIA  BELGIUM  BULGARIA  CZECH REP  DENMARK   DENMARK   FINLAND
<S>          <C>         <C>      <C>      <C>       <C>        <C>      <C>       <C>
      1         212        212       69       361        247       204      204       201
      2         369        369      105       634        376       259      259       343
      3         456        456      137       828        449       394      394       574
      4         470        470      151      1127        508       492      492       604
      5         482        482      167      1385        583       589      589       749
      6         493        493      187                  599                          984
      7         551        551      206                  614                          984
      8         551        551      216                  694                          984
      9         622        622      226                  730                         1209
     10         695        695      236                  762                         1209
     11         747        747      245                  788                         1209
     12         796        796      255                  814                         1402
     13         857        857      264                  840                         1402
     14         906        906      274                  866                         1402
     15         967        967      284                  889                         1564
     16         967        967      300                  913                         1564
     17        1025       1025      305                  936                         1564
     18        1066       1066      309                  960                         1651
     19        1116       1116      312                  983                         1651
     20        1150       1150      314                 1007                         1651
     21        1197       1197      316                 1030                         2212
     22        1238       1238      321                 1054                         2212
     23        1305       1305      322                 1077                         2212
     24        1305       1305      323                 1101                         2212
     25        1305       1305      324                 1124                         2212
     26        1357       1357      327                 1148                         2212
</TABLE>

Netgear, Inc.                  CONFIDENTIAL INFORMATION                  Page 26

<PAGE>

Netgear and Furness Logistics Operating Agreement

<TABLE>
<S>     <C>       <C>          <C>          <C>      <C>       <C>        <C>
1       75        78           95           95       93        47         56
</TABLE>

<TABLE>
<CAPTION>
                                                                       MOERS
      VANTAA    PARIS    CHESNAY   GOUSSAINVILLE   ROISSY   PANTIN   HUELSDONK   NEUWIED
     FINLAND   FRANCE    FRANCE       FRANCE       FRANCE   FRANCE    GERMANY    GERMANY
<S>  <C>       <C>       <C>       <C>             <C>      <C>      <C>         <C>
 1      219      150       150          150          150      150        68         93
 2      368      267       267          267          267      267        82        112
 3      609      267       267          267          267      267       128        192
 4      638      321       321          321          321      321       147        223
 5      789      321       321          321          321      321       179        274
 6     103S      374       374          374          374      374       196        298
 7     1035      428       428          428          428      428       214        326
 8     1035      428       428          428          428      428       237        363
 9     1266      481       481          481          481      481       262        398
10     1266      481       481          481          481      481       282        430
11     1266      535       535          535          535      535       307        457
12     1464      535       535          535          535      535       333        493
13     1464      588       588          588          588      588       354        515
14     1464      641       641          641          641      641       374        522
15     1635      641       641          641          641      641       425        544
16     1635      681       681          681          681      681
17     1635      681       681          681          681      681
18     1725      722       722          722          722      722
19     1725      762       762          762          762      762
20     1725      762       762          762          762      762
21     2314      802       802          802          802      802
22     2314      802       802          802          802      802
23     2314      802       802          802          802      802
24     2314      802       802          802          802      802
25     2314      802       802          802          802      802
26     2314      802       802          802          802      802
</TABLE>

Netgear, Inc.                  CONFIDENTIAL INFORMATION                  Page 27

<PAGE>

Netgear and Furness Logistics Operating Agreement
<TABLE>
<S>        <C>             <C>           <C>        <C>      <C>         <C>       <C>
64         80              82            85         85       94          94        10
</TABLE>

<TABLE>
<CAPTION>
     DARMSTADT   MUNICH    FURSTENFELDBRUCK   ISMANING    POING    DORNACH   STRAUBING  ATHENS*
      GERMANY    GERMANY        GERMANY       GERMANY    GERMANY   GERMANY    GERMANY   GREECE
<S>  <C>         <C>       <C>                <C>        <C>       <C>       <C>        <C>
 1      122        139             139           139        139      139         139      243
 2      146        167             167           167        167      167         167      407
 3      248        340             340           340        340      340         340      645
 4      295        407             407           407        407      407         407      927
 5      369        507             507           507        507      507         507     1098
 6      403        565             565           565        565      565         565     1230
 7      442        628             628           628        628      628         628     1435
 8      495        698             698           698        698      698         698     1435
 9      537        764             764           764        764      764         764     1600
10      579        817             817           817        817      817         817     1801
11      622        879             879           879        879      879         879     2001
12      668        947             947           947        947      947         947     2059
13      698        985             985           985        985      985         985     2240
14      699       1030            1030          1030       1030     1030        1030     2420
15      719       1061            1061          1061       1061     1061        1061     2601
16                                                                                       2601
17                                                                                       2781
18                                                                                       2908
19                                                                                       3084
20                                                                                       3260
21                                                                                       3435
22                                                                                       3611
23                                                                                       3611
24                                                                                       3611
25                                                                                       3611
26                                                                                       3611
</TABLE>

Netgear, Inc.                  CONFIDENTIAL INFORMATION                  Page 28

<PAGE>

Netgear and Furness Logistics Operating Agreement

<TABLE>
<S>      <C>        <C>         <C>        <C>         <C>         <C>       <C>
20       29         50          74         20          20          8         19
</TABLE>

<TABLE>
<CAPTION>
                SAN                            GARDERMOEN
     MILAN   GIULIANO   EINDHOVEN   DEVENTER      PARK       KLOFTA   BARCELONA   ALOVERA
     ITALY     ITALY     HOLLAND     HOLLAND     NORWAY      NORWAY     SPAIN      SPAIN
<S>  <C>     <C>        <C>         <C>        <C>           <C>      <C>         <C>
 1     117      117         50          50        230         230        156        244
 2     163      163         74          74        358         358        256        446
 3     227      227         85          85        570         570        396        723
 4     288      288         97          97        584         584        446        844
 5     351      351        109         109        715         715        496        970
 6     415      415        123         123                               496        970
 7     481      481        138         138
 8     547      547        149         149
 9     612      612        161         161
10     676      676        168         185
11     732      732        173         209
12     786      786        187         232
13     837      837        204         251
14     881      881        221         263
15     932      932        232         275
16     978      978        244         287
17    1022     1022        256         299
18    1059     1059        268         311
19    1105     1105        280         322
20    1152     1152        292         334
21    1191     1191        303         346
22    1230     1230        315         358
23    1266     1266        327         370
24    1300     1300        339         382
25    1357     1357        351         394
26    1400     1400        363         404
</TABLE>

Netgear, Inc.                  CONFIDENTIAL INFORMATION                  Page 29

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Netgear and Furness Logistics Operating Agreement

<TABLE>
<S>    <C>      <C>         <C>          <C>         <C>          <C>          <C>
28     45       10          17           19          19           21           62
</TABLE>

<TABLE>
<CAPTION>
       MADRID   MEJORADA    STOCKHOLM    JARFALLA    KUNGSANGEN   ROSERSBERG     MALMO      ALTISHOFEN
       SPAIN     SPAIN       SWEDEN       SWEDEN       SWEDEN       SWEDEN       SWEDEN     SWITZERLAND
<S>    <C>      <C>         <C>          <C>         <C>          <C>            <C>        <C>
 1      178       244          207          207          207          207          162          179
 2      299       446          313          313          313          313          236          224
 3      467       723          498          498          498          498          376          262
 4      564       844          511          511          511          511          386          285
 5      662       970          625          625          625          625          469          337
 6      662       970          782          782          782          782          591          384
 7                             782          782          782          782          591          429
 8                             782          782          782          782          591          456
 9                             905          905          905          905          681          506
10                             905          905          905          905          681          538
11                             905          905          905          905          681          582
12                            1135         1135         1135         1135          864          594
13                            1135         1135         1135         1135          864          647
14                            1135         1135         1135         1135          864          694
15                            1254         1254         1254         1254          966          741
16                            1254         1254         1254         1254          966          767
17                            1254         1254         1254         1254          966          816
18                            1394         1394         1394         1394         1074          863
19                            1394         1394         1394         1394         1074          900
20                            1394         1394         1394         1394         1074          927
21                            1660         1660         1660         1660         1381          968
22                            1660         1660         1660         1660         1381         1016
23                            1660         1660         1660         1660         1381         1021
24                            1660         1660         1660         1660         1381         1026
25                            1660         1660         1660         1660         1397         1035
26                            1660         1660         1660         1660         1397         1044
</TABLE>

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Netgear and Furness Logistics Operating Agreement

<TABLE>
<S>               <C>
62                34
</TABLE>

<TABLE>
<CAPTION>
          NEBIKON          ISTANBUL*
        SWITZERLAND         TURKEY
<S>     <C>                <C>
 1          179               236
 2          224               447
 3          262               784
 4          285               953
 5          337              1180
 6          384              1239
 7          429              1434
 8          456              1434
 9          506              1448
10          538              1620
11          582              1792
12          594              1865
13          647              2028
14          694              2192
15          741              2355
16          767              2355
17          816              2518
18          863              2682
19          900
20          927
21          968
22         1016
23         1021
24         1026
25         1035
26         1044
</TABLE>

Netgear, Inc.               CONFIDENTIAL INFORMATION                     Page 31

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Netgear and Furness Logistics Operating Agreement

<TABLE>
<S>         <C>        <C>        <C>         <C>         <C>       <C>
B           BB         CV         KT          RG          SL        YO
</TABLE>

<TABLE>
<CAPTION>
      BIRMINGHAM   ACCRINGTON   WARWICK  CHESSINGTON  BRACKNELL  MAIDENHEAD   YORK
          UK           UK         UK         UK          UK          UK        UK
<S>   <C>          <C>          <C>      <C>          <C>        <C>          <C>
 1        179          210        171        156         171         163       186
 2        301          343        290        269         290         280       311
 3        417          478        402        372         402         387       433
 4        438          515        419        380         419         400       458
 5        541          642        516        465         516         491       566
 6        549          645        525        478         525         502       573
 7        593          696        567        515         567         541       619
 8        636          748        608        552         608         580       664
 9        661          777        632        574         632         603       690
10        746          848        721        670         721         695       772
11        829          942        801        744         801         773       857
12        857          951        834        787         834         810       881
13        914          995        893        853         893         873       934
14        957         1048        934        889         934         912       980
15        993         1086        969        923         969         946      1016
16       1028         1123       1004        957        1004         980      1052
17       1099         1198       1074       1024        1074        1049      1124
18       1134         1252       1105       1046        1105        1075      1163
19       1199         1324       1168       1106        1168        1137      1231
20       1225         1367       1190       1119        1190        1154      1261
21       1288         1438       1251       1176        1251        1213      1326
22       1351         1509       1312       1233        1312        1272      1391
23       1360         1526       1318       1235        1318        1277      1401
24       1368         1542       1324       1237        1324        1281      1412
25       1428         1611       1382       1290        1382        1336      1473
26       1488         1680       1440       1344        1440        1392      1536
</TABLE>

Netgear, Inc.               CONFIDENTIAL INFORMATION                     Page 32

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