OELF,OLF focus on Eur. comp with attractive dividend yields

Dit is een origineel persbericht.

Orange European Largecap Fund N.V. and Orange Largecap Fund N.V. will focus on European companies with attractive dividend yields

Kempen Capital Management N.V., the Director of Orange European Largecap Fund N.V. ('OELF') and Orange Largecap Fund ('OLF'), firmly believes that companies that offer attractive dividend yields generate a better total return in the medium to long term. Moreover, this strategy can best be implemented in a European investment universe - as opposed to a Dutch investment universe - as Europe offers more and better-diversified opportunities. As a consequence, the Director wants to shift the focus of the investment policy of both funds to shares of European companies with an attractive dividend yield and to use the MSCI Europe Total Return Index with reinvestment of net dividends (calculated in Euro) as the benchmark. To reflect this change of strategy, the name of OELF will be changed into 'Orange European Dividend Fund N.V.' ('OEDF') and of OLF into 'Orange European High Dividend Fund N.V.' ('OEHDF').

At the same time, the structure of investments held by OELF, shall be altered; OELF - at that time OEDF - shall invest its assets in OLF - at that time OEHDF. Both funds shall have the same investment policy. However, the important difference being that OEDF is expected to distribute hardly any dividends the coming years, whereas OEHDF does intend to distribute dividends to its shareholders.

Another change that will be implemented by both funds, is the abolition of the performance fee and an adjustment of the management fee. The new management fee of OEHDF will be 0.105% (on a monthly basis). The new management fee of OEDF will be 0.025% (on a monthly basis), adding up to a total management fee of 0.125% (on a monthly basis, including the indirect management fee of OEHDF). This change is the result of increased costs of investment management and of a rise in distribution costs.

All these changes will be discussed during the Extraordinary Meeting of Shareholders on 6 December 2006, for OLF at 13:30 hours and for OELF at 15:30 hours, and a further explanation can be found on www.kcm.nl. All amendments will only be invoked after 21 February 2007. Until that date, shareholders in OLF and OELF may sell their shares under the usual terms. In addition, the Director plans to allow shareholders in OEDF - the former OELF - to switch their shares into shares of OEHDF. The Director will publish the details on this conversion possibility in the course of February 2007.

The team managing the Fund consists of Jorik van den Bos, Joris Franssen and Joost de Graaf.


Amsterdam, 21 November 2006
Kempen Capital Management N.V.

For more information:
Jorik van den Bos: +31 (0)20 348 8824
Joris Franssen: +31 (0)20 348 8826
Joost de Graaf: +31 (0)20 348 8727

Bloomberg: OREURLC NA; ORANLGC 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. CM'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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