Kayne Anderson MLP Investment Company Announces Its Net Asset Value at August 31, 2008

LOS ANGELES, CA, Sep 02 (MARKET WIRE) --
Kayne Anderson MLP Investment Company (the "Company") (NYSE: KYN) today
announced its net asset value as of August 31, 2008.

As of close of business August 31, 2008, the Company's net assets were
$1.1 billion and its net asset value per share was $25.09, based on 43.9
million shares outstanding.

As of August 31, 2008, the Company's total assets and long-term
investments were $1.8 billion. Long-term investments were comprised of
Midstream MLPs (68%), MLP Affiliates (10%), Upstream MLPs (6%), Propane
MLPs (5%), General Partner MLPs (5%), Coal MLPs (4%), Shipping MLPs (1%)
and Other (1%).

The Company's ten largest holdings by issuer at August 31, 2008 were:

Units Percent of
(in Amount Long-Term
thousands) ($ millions) Investments
---------- ------------ -----------
1. Energy Transfer Partners, L.P.
(Midstream MLP) 3,514 156.4 8.8%
2. Kinder Morgan Management, LLC
(MLP Affiliate) 2,708 150.3 8.5%
3. Plains All American Pipeline, L.P.
(Midstream MLP) 3,112 148.3 8.4%
4. Enterprise Products Partners L.P.
(Midstream MLP) 4,963 146.2 8.2%
5. Magellan Midstream Partners, L.P.
(Midstream MLP) 3,199 118.9 6.7%
6. Copano Energy Partners, L.L.C.
(Midstream MLP) 3,587 113.3 6.4%
7. Crosstex Energy, L.P.
(Midstream MLP) 2,963 75.5 4.3%
8. MarkWest Energy Partners, L.P.
(Midstream MLP) 2,190 75.4 4.3%
9. Inergy, L.P. (Propane MLP) 2,842 74.9 4.2%
10. Enbridge Energy Partners L.P.
(Midstream MLP) 1,418 68.9 3.9%

Kayne Anderson MLP Investment Company is a non-diversified, closed-end
management investment company registered under the Investment Company Act
of 1940, whose common stock is traded on the NYSE. The Company's
investment objective is to obtain a high after-tax total return by
investing at least 85% of its total assets in energy-related master
limited partnerships and their affiliates, and in other companies that,
as their principal business, operate assets used in the gathering,
transporting, processing, storing, refining, distributing, mining or
marketing of natural gas, natural gas liquids (including propane), crude
oil, refined petroleum products or coal.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release
contains "forward-looking statements" as defined under the U.S. federal
securities laws. Generally, the words "believe," "expect," "intend,"
"estimate," "anticipate," "project," "will" and similar expressions
identify forward-looking statements, which generally are not historical in
nature. Forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ from the Company's
historical experience and its present expectations or projections
indicated in any forward-looking statements. These risks include, but are
not limited to, changes in economic and political conditions; regulatory
and legal changes; MLP industry risk; leverage risk; valuation risk;
interest rate risk; tax risk; and other risks discussed in the Company's
filings with the SEC. You should not place undue reliance on
forward-looking statements, which speak only as of the date they are
made. The Company undertakes no obligation to publicly update or revise
any forward-looking statements made herein. There is no assurance that
the Company's investment objectives will be attained.

Contact:
KA Fund Advisors, LLC
Monique Vo
877-657-3863
http://www.kaynefunds.com

Copyright 2008, Market Wire, All rights reserved.

-0-