Over the first half of the financial year 2005/2006, which comprises the period from 1 October 2005 to 31 March 2006 inclusive, Orange European Property Fund N.V. (OEPF), realised a total investment return of 16.1%, taking into account the dividend paid of Eur0.48 in February 2006. OEPF focuses on investments in listed European property companies.

“Orange European Property Fund profited from the continuing value uptrend in the property sector. The portfolio of high quality property companies profited from the ongoing yield shift for offices and shopping centres and recovering rents in several major European cities”, says Boudewijn Brouwer, Senior Portfolio Manager with Orange European Property Fund N.V.

The semi-annual report as at 31 March 2006 is expected to be available from the end of May 2006.

The key figures as at 31 March 2006 were as follows.

Net assets: EUR383.2m
Number of outstanding shares: 15,447,271
Net asset value per share: EUR24.81
Market price per share: EUR25.15
Dividend paid per share: EUR0.48 (February 2006)
Total investment return 1): 16.1%

1) Over the first half of the financial year 2005/2006, based on net asset value per share and inclusive of dividend paid in 2006.

Orange European Property Fund is managed by Kempen Capital Management N.V. (KCM), a wholly owned subsidiary of Kempen & Co N.V. KCM is specialised in asset management. For more information please visit www.kempen.com.