Kayne Anderson MLP Investment Company Announces Its Net Asset Value and Asset Coverage Ratios at December 31, 2008

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Symbol	Price	Change
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HOUSTON, TX--(MARKET WIRE)--Jan 2, 2009 -- Kayne Anderson MLP Investment Company (the "Company") (NYSE:KYN - News) today announced its net asset value and asset coverage ratios under the Investment Company Act of 1940 ("the 1940 Act") as of December 31, 2008.

As of December 31, 2008, the Company's net assets were $589 million and its net asset value per share was $13.34, based on 44.2 million shares outstanding. As of December 31, 2008, the Company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 319% and the Company's asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 256%.

As of December 31, 2008, the Company's total assets were $981 million and long-term investments were $847 million. Long-term investments were comprised of Midstream MLPs (70%), MLP Affiliates (11%), Propane MLPs (6%), General Partner MLPs (5%), Coal MLPs (3%), Upstream MLPs (3%), and Shipping and Other MLPs (2%). As of December 31, 2008, the Company had short term investments of $25 million in deposits, cash and repurchase agreements.

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

 
                                                                Percent of
                                     Units/Par ($)    Amount    Long-Term
                                    (in thousands) ($ millions) Investments
                                    -------------- ------------ ----------
1.  Energy Transfer Partners, L.P.
     (Midstream MLP)                      3,150         107.1         12.6%
2.  Plains All American Pipeline, L.P.
     (Midstream MLP)                      2,876          99.8         11.8%
3.  Enterprise Products Partners L.P.
    (Midstream MLP)                       3,748          77.7          9.2%
4.  Kinder Morgan Management, LLC
     (MLP Affiliate)                      1,941          77.6          9.2%
5.  Magellan Midstream Partners, L.P.
     (Midstream MLP)                      2,424          74.7          8.8%
6.  Inergy, L.P. (Propane MLP)            2,981          50.8          6.0%
7.  Copano Energy Partners, L.L.C.
     (Midstream MLP)                      3,585          41.8          4.9%
8.  Enbridge Energy Partners L.P.
     (Midstream MLP)                      1,299          33.1          3.9%
9.  TC Pipelines, LP (Midstream MLP)      1,045          24.3          2.9%
10. Enterprise GP Holdings, L.P.
     (General Partner MLP)                1,079          18.8          2.2%

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 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