Director OSF announces amendment of management fee

Dit is een origineel persbericht.

Director Orange SeNSe Fund N.V. announces amendment of management fee

As of 22 February 2007, the management fee that is charged to Orange SeNSe Fund N.V. (the 'Fund') will be increased from 0.085% to 0.125% of the total of assets calculated on the first day of each month. The management fee will be increased due to increased costs with respect to management and distribution of the Fund.

The prospectus of the Fund dated November 2006 will be amended accordingly. The prospectus as well as the details of the recent amendments will be published on the website of the Director: www.kcm.nl.

Amsterdam, 21 November 2006

Kempen Capital Management N.V.

For more information:

Mr. P.A.M. Gerla: +31 (0)20 348 8733

Bloomberg: OSENS NA

Kempen & Co Profile

Kempen & Co is a Dutch merchant bank providing various specialised financial services in asset management, corporate finance and securities brokerage. Clients include institutional investors, companies, financial institutions, public and semi-public institutions, foundations and high-net-worth private clients.

Kempen Capital Management (KCM), a fully owned subsidiary of Kempen & Co, provides asset management services. KCM manages portfolios in European equities, bonds and real estate securities for a range of institutional investors, foundations and high-net-worth private clients, through mandates and investment funds, including the well-known 'Orange' funds. KCM's mission is to achieve attractive investment performance by fielding highly specialised asset management teams. Moreover, KCM offers integral fiduciary investment solutions and selects investment boutiques for its clients. KCM pursues optimal investment results and works with highly specialised management teams.

Kempen & Co Corporate Finance, a fully owned subsidiary of Kempen & Co, focuses on providing advice on mergers and acquisitions as well as capital market transactions. Clients include both listed and non-listed Dutch companies as well as foreign companies who have entered the Dutch market or are planning to do so.

Kempen & Co Securities focuses on securities brokerage, with special emphasis on Dutch stocks and derivatives and European real estate securities, serving professional investors in Europe and the US. Kempen & Co Securities provides clients with high-quality research and order execution.

For more information on Kempen & Co, go to: www.kempen.nl

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