Strategy

Value is an actively managed strategy that offers clients the potential for capital growth and income. We strive to construct a portfolio of stocks of well-established companies that are undervalued relative to other companies in their respective industries, historical prices or the overall market. We seek attractive companies that may be temporarily out of favor in the marketplace, meaning that they may have sound business fundamentals but their stock prices are lower than what we believe they should be.

Investment Philosophy

Our philosophy is rooted in a deep-value investment discipline. We believe that companies in different sectors and industries should be evaluated according to different valuation measures, as they tend to vary in terms of earnings growth and balance sheet data. Our process allows us to focus on evaluating individual stocks, looking at each company's business model, competitors and revenue streams in relation to other companies within a distinct industry. We believe this approach allows us to identify the most compelling investment opportunities for our clients' portfolios.

Investment Style1

Investment Style
Team members may change without notice from time to time.
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Returns shown are that of the strategy's composite account, are quoted in U.S. dollars, and include the reinvestment of dividends and income. Net returns for the composite are reduced by an assumed 3% annual wrap fee applied monthly. Gross returns for the composites does not take into account fees, which would reduce returns. Periods less than 1-year are not annualized. Individual results will vary. For additional information on the strategy's composite, please refer to the strategy's quarterly update.

Risk Considerations

There is no assurance that a separately managed account will achieve its investment objective. In addition, there is no guarantee that this investment strategy will work under all market conditions and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Separately managed accounts are subject to market risk, which is the possibility that the market values of securities owned by the portfolio will decline and that the value of portfolio shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in a separately managed portfolio. Please be aware that this strategy may be subject to certain additional risks. Equity. In general equity securities' values also fluctuate in response to activities specific to a company.

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As of 03/31/2009. The Morningstar Style Box reveals a separate account's investment strategy. For equity separate accounts the vertical axis shows the market capitalization of the long stocks owned and the horizontal axis shows investment style (value, blend or growth). For fixed-income separate accounts the vertical axis shows the average credit quality of the long bonds owned, and the horizontal axis shows interest rate sensitivity as measured by a bond's duration (short, intermediate or long).

Separate accounts managed according to the Strategy include a number of securities and will not necessarily track the performance of any index. Each portfolio may differ due to specific restrictions and guidelines. A separately managed account may not be suitable for all investors. A minimum asset level is required.

Please consider the investment objectives, risks, charges and expenses of the program carefully before investing. The Van Kampen Advisors Inc. Disclosure Document contains this and other important information about Van Kampen Separately Managed Accounts. The Disclosure Document is available upon request from your Financial Advisor. Please read the Disclosure Document carefully before investing.

This material does not constitute an offer to buy or sell any financial instrument or participate in any trading strategy. The information and analyses contained herein are not intended as tax, legal or investment advice and may not be suitable for all investors' specific circumstances. Please refer to the Form ADV Part II for important information about the investment manager. Your Financial Advisor can provide this document.

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