Orange European Largecap Fund N.V. reports strong performance

Dit is een origineel persbericht.

The Orange European Largecap Fund N.V. (OELF) had a total return of 13.8% (based on NAV) over the financial year 2005/2006, which comprises the period from October 1, 2005 to September 30, 2006. Both in absolute terms as compared to the benchmark (the DJ Europe Stoxx 50 index had a total return of 12%), this was a good result.

During the reporting period OELF changed its focus to companies with more attractive dividend yields, as well as dividend outlook, as a new team of portfolio managers took over the fund. Jorik van den Bos (Senior Portfolio Manager OELF): 'We are convinced that companies that return a lot of their cash flow to shareholders, in the long run will outperform the overall market. We have recorded very favourable results with this strategy'.

OELF participated in the strong rising European equity markets. The focus on dividend yield also paid off in the correction of the second quarter of 2006 when the fund showed its defensive qualities.

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

The annual report 2005/2006 is expected to be available at the end of November 2006.

The key figures as at 30 September 2006 are as follows.

Net assets1: EUR 139.0m

Number of outstanding shares: 15,272,448

Net asset value per share: EUR 9.10

Market price per share: EUR 9.12

Total return on basis of net asset value: 13.8%

1 Before profit appropriation

Amsterdam, 13 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

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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