[VAN KAMPEN FUNDS INC. LOGO]

NEWS RELEASE                                   1 Parkview Plaza o P.O. Box 5555
                    o Oakbrook Terrace, Illinois 60181-5555 o www.vankampen.com
-------------------------------------------------------------------------------

FOR IMMEDIATE RELEASE

FOR MORE INFORMATION CONTACT:
Chad Peterson
212/762-9612

      VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST II, VAN KAMPEN VALUE MUNICIPAL
                                  INCOME TRUST
                                       AND
                 VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
                        ANNOUNCE PROPOSED REORGANIZATION

         CHICAGO (June 30, 2005) -- Van Kampen Asset Management announced today
that the Board of Trustees of each of Van Kampen Municipal Opportunity Trust II
(NYSE/CHX: VOT), Van Kampen Value Municipal Income Trust (NYSE/CHX: VKV) and Van
Kampen Advantage Municipal Income Trust II (AMEX/CHX: VKI) approved a
reorganization of each of VOT and VKV into VKI. The proposed reorganization will
be presented for shareholder approval at a special meeting of shareholders.

         Van Kampen Asset Management is a subsidiary of Van Kampen Investments
Inc. ("Van Kampen"). Van Kampen is one of the nation's largest investment
management companies, with more than $98 billion in assets under management or
supervision, as of April 30, 2005. With roots in money management dating back to
1927, Van Kampen has helped more than four generations of investors work toward
their financial goals. Van Kampen is a wholly owned subsidiary of Morgan Stanley
(NYSE: MWD). For more information, visit Van Kampen's web site at
www.vankampen.com.

         The foregoing does not constitute an offer of any securities for sale.
The joint proxy statement/prospectus relating to the proposed reorganization
contains important information and shareholders are urged to read it. Free
copies of the joint proxy statement/prospectus will be available after the
registration statement filed with the Securities and Exchange Commission (the
"SEC") becomes effective by calling Van Kampen's Client Relations Department at
(800) 341-2929 or on the SEC's web site at www.sec.gov.

                                       ###

Copyright(C)2005 Van Kampen Funds Inc.  All rights reserved.  Member NASD/SIPC.