Result OEPF over the financial year 2005/2006

Dit is een origineel persbericht.

Result Orange European Property Fund N.V. over the financial year 2005/2006

Over the financial year 2005/2006, which comprises the period from 1 October 2005 to and including 30 September 2006, Orange European Property Fund N.V. realised a total investment return of 26% based on the net asset value, taking into account the dividend paid of EUR 0.48 in February 2006. In this financial year - and up till now - investors gave evidence of a warm interest in the fund, as a result of which the number of outstanding shares increased considerably. With due attention to the tax regime governing investment institutions, the drawback of this increase is that the dividend has to be distributed among a considerably larger number of shares.

'During the financial year European real estate securities posted an excellent return. As real interest rates remain at their current low levels we still see upside potential for the sector. We expect a total return of about 8%. This will be more in line with the long term average for the sector,' says Boudewijn Brouwer, Senior Portfolio Manager with Orange European Property Fund N.V.

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 472.6m
Number of outstanding shares: 17,543,270
Net asset value per share: EUR 26.94
Market price per share: EUR 27.21
Proposed dividend per share2: EUR 0.32
Total investment return3: 26.0%

1 Before profit appropriation
2 Based on the number of outstanding shares as at 30 September 2006
3 Over the financial year, based on net asset value per share and inclusive of dividend paid in 2006



Amsterdam, 10 November 2006

Kempen Capital Management N.V.


For more information:
Boudewijn Brouwer: +31 (0)20 348 8700



Bloomberg: ORE NA Equity



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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