Results OESF (21.1%) and OEMF (18.1%)

Dit is een origineel persbericht.

Results Orange European Smallcap N.V. (21.1%) and Orange European Midcap Fund N.V. (18.1%)

The investment results of Orange European Smallcap Fund N.V. (OESF) and Orange European Midcap Fund N.V. (OEMF) over the first half of the financial year 2006/2007, for the period from 1 October 2006 to 31 March 2007 inclusive, were as follows:

Taking into account the dividend paid of EUR 0.36 in January 2007, OESF realised a total investment return of 21.1% based on net asset value. OESF focuses on investments in listed small European companies.

Taking into account the dividend paid of EUR 1.48 in January 2007, OEMF realised a total investment return of 18.1% based on net asset value. OEMF focuses on investments in listed medium-sized European companies.

David Simons, Managing Director, Kempen Capital Management UK: 'Small and midcap stock prices continued to rise during the first half of the financial year 2006/2007, thanks to trends that have been in place now for quite some time, such as earnings momentum and M&A activity. We expect these trends to continue, though we would like to caution that the current level of returns cannot be sustained indefinitely, as the valuation discount of smallcaps versus largecaps has disappeared. Still, valuations appear not to be stretched, except in some specific areas of the market, which we aim to avoid. We do not consider ourselves capable of forecasting the direction of stock markets, but we are certain that corrections will remain an inevitable feature of equity investment and as such you should expect one to occur at anytime. When such a situation occurs, it may be comforting to know that the Funds hold stocks of companies that are capable of withstanding setbacks, creating shareholder value through the ups and downs of the economic cycle. The annualised return of OESF (16.7%) and OEMF (15.4%) since launch shows the power of compounding. Up until this day, stock markets have always recovered from corrections, rewarding investors patiently sitting through intermediate market corrections.'

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

The key figures of OESF as at 31 March 2007 were as follows.
Net assets: EUR 305.8m
Number of outstanding shares: 9,322,770
Net asset value per share: EUR 32.80
Market price per share: EUR 32.69
Dividend paid per share: EUR 0.36 (January 2007)
Total investment return 2: 21.1%

The key figures of OEMF as at 31 March 2007 were as follows.
Net assets: EUR 141.5m
Number of outstanding shares: 5,373,350
Net asset value per share: EUR 26.33
Market price per share: EUR 26.24
Dividend paid per share: EUR 1.48 (January 2007)
Total investment return 2: 18.1%



Amsterdam, 11 May 2007



Kempen Capital Management N.V.

For more information:
Paul Gerla: +31 (0)20 348 8700



Bloomberg:
OEMF: OREURMC NA
OESF: OESF 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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