Result OSF over 1st half financial year 2005/2006

Kempen en co

Result Orange SeNSe Fund N.V. over 1st half financial year 2005/2006

Over the first half of the financial year 2005/2006, which comprises the period from 1 October 2005 to 31 March 2006 inclusive, Orange SeNSe Fund N.V. realised a total investment return of 26.3% based on the net asset value. Orange SeNSe Fund N.V. focuses on investments in listed small and medium-sized European companies which adhere to sustainability criteria.

'Companies in our SRI portfolio have achieved very strong results as a consequence of strong reported earnings and M&A activity. We continue to see solid prospects for socially responsible companies that can benefit from a further rebound in economic growth in Europe', says David Simons, Managing Director, Kempen Capital Management UK.

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: EUR 60.1m
Number of outstanding shares: 2,315,177
Net asset value per share: EUR 25.96
Market price per share: EUR 26.35
Total investment return based on net asset value per share: 26.3%

Amsterdam, 15 May 2006

Director
Kempen Capital Management NV

END OF PRESS RELEASE


-For (semi-)annual reports and more information on Orange SeNSe Fund, please visit: www.kempen.nl

-For information concerning Orange SeNSe Fund, contact mr P.A.M. Gerla, tel. +31 (0)20-348 8700.

Orange SeNSe Fund is managed by Kempen Capital Management NV (KCM), a wholly owned subsidiary of Kempen & Co NV. KCM is specialised in asset management. For more information please visit: www.kempen.nl