Tools:

Value Equity

Strategy

The goal is to seek to achieve consistently superior returns relative to the Russell 1000® Value Index with a similar risk profile.

Investment Philosophy

The strategy uses a multifactor approach that employs a systematic stock selection process coupled with fundamental stock analysis and comprehensive risk management. The team's objective is to help achieve consistently superior returns relative to the Russell 1000 Value Index, with a similar risk profile.

The team believes:

- Their investment strategy can provide potential returns without style risk and represent the foundation of an investment portfolio

- Capital markets are highly—but not perfectly—efficient

- Excess returns may be achieved by executing a disciplined strategy that addresses both risk and return

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.

As of May 1, 2007, Van Kampen's parent company acquired all of the assets of Affinity Investment Advisors. Returns prior to May 1, 2007 represents the accounts managed by Affinity, the investment team's previous firm.

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.

1

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).

The Russell 1000® Value Index is comprised of the Russell 1000® companies with lower price-to-book ratios and lower forecasted growth values. Comparative indexes are unmanaged, have no expenses and reflect reinvestment of dividends and distributions. It is not possible to invest directly in an index.

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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