OEPF reports return of 22.4% over 1st half financial year 2006

Dit is een origineel persbericht.

Orange European Property Fund N.V. reports return of 22.4% over 1st half financial year 2006/2007

Over the first half of the financial year 2006/2007, which comprises the period from 1 October 2006 to 31 March 2007 inclusive, Orange European Property Fund N.V. (OEPF) realised a total investment return of 22.4%, taking into account the dividend paid of EUR 0.32 in February 2007. OEPF focuses on investments in listed European property companies.

'Orange European Property Fund has continued to perform well. Since the start of the fund in 2000 the cumulative return amounted to 256%, which translates into an annual equivalent of 22%. However, we do not expect these exceptionally high returns to continue. Although underlying fundamentals of the real estate markets are often strong and will improve further, most of this is already reflected in the share prices. Going forward we expect positive, but more moderate returns on the investment portfolio thereby clearly outperforming the benchmark', says Boudewijn Brouwer, Senior Portfolio Manager of Orange European Property Fund.

The semi-annual report as at 31 March 2007 is expected to be available from the end of May 2007.

The key figures as at 31 March 2007 were as follows.

Net assets:EUR 560.3m
Number of outstanding shares: 17,165,692
Net asset value per share: EUR 32.64
Market price per share: EUR 32.62
Dividend paid per share: EUR 0.32 (February 2007)
Total investment return 1): 22.4%

1) Over the first half of the financial year 2006/2007, based on net asset value per share and inclusive of dividend paid in 2007.


Amsterdam, 15 May 2007

Kempen Capital Management N.V.

For more information:
Erik Luttenberg: +31 (0)20 348 8712,
Boudewijn Brouwer : +31 (0)20 348 8740.


Bloomberg: ORE NA


Kempen & Co Profile
Kempen & Co N.V. (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 & Co is a fully owned subsidiary of F. van Lanschot Bankiers N.V. (Van Lanschot). Van Lanschot and Kempen & Co as banks operate under license granted by the Dutch Central Bank ('De Nederlandsche Bank N.V.') in accordance with article 2:11 of the Act on Financial Supervision (Wet op het financieel toezicht or Wft), and are registered as securities institutions with the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten or AFM).

Kempen Capital Management N.V. (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. 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. KCM operates under a license in accordance with articles 2:65 and 2:96 of the Wft and is registered with the AFM.

Kempen & Co Corporate Finance B.V., 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 intending to do so.

Kempen & Co Securities focuses on securities brokerage, with special emphasis on Dutch equities and derivatives and publicly quoted real estate companies in Europe, serving professional investors in primarily 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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