Orange European dividend strategies enjoy a strong start

Dit is een origineel persbericht.

As of the end of February, the Kempen European dividend strategy was implemented in both the Orange European High Dividend Fund ('OEHDF') and the Orange European Dividend Fund ('OEDF'). Both funds focus on European quality companies with an attractive dividend yield. The strategy should produce a superior total return and more favorable risk characteristics compared with the overall market in the longer run. The focus on dividend yield has proved to offer downside protection if European equity markets experience a downward shift. In rising markets the strategy is expected to participate and achieve substantial positive returns. The fund will offer an appealing dividend yield, which will be distributed by OEHDF on an annual basis. OEDF is expected not to distribute any dividends in the coming years and has a slightly higher expense ratio.

In March both funds benefited from good stock picking related to mergers and acquisition activity. Jorik van den Bos (senior portfolio manager OEHDF / OEDF): 'Due to our focus on quality companies with an attractive dividend yield, our strategy clearly benefits from the M&A wave we are currently experiencing in Europe'.

Until the end of February, OEHDF was known as the Orange Large Cap Fund with a focus on Dutch large caps and OEDF was known as the Orange European Large Cap Fund with a focus on European large caps.

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

The key figures of OEDF as at 31 March 2007 were as follows.
Net assets: EUR 38.5m
Number of outstanding shares: 3,909,176
Net asset value per share: EUR 9.86
Market price per share: EUR 9.88
Total investment return 1): 8.4%

The key figures of OEHDF as at 31 March 2007 were as follows.
Net assets: EUR 201.7m
Number of outstanding shares: 21,668,042
Net asset value per share: EUR 9.31
Market price per share: EUR 9.33
Dividend paid per share: EUR 0.25 (February 2007)
Total investment return 2): 1.6%

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.
2) This figure relates to the short reporting period, 1 January 2007 until 31 March 2007.


Amsterdam, 11 May 2007

Kempen Capital Management N.V.

For more information:
Erik Luttenberg: +31 (0)20 348 8712
Jorik van den Bos: +31 (0)20 348 8824



Bloomberg:
OEDF: OREUDIV NA
OEHDF: OREUHDI 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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