KA Fund Advisors, LLC | Adviser Overview

KA Fund Advisors, LLC, a subsidiary of Kayne Anderson Capital Advisors, L.P., is a leading investor in both public and private energy companies. Our investment strategies seek to identify and exploit investment niches that we believe are less understood and generally not followed by the broader investor community. As of July 31, 2010, Kayne Anderson managed approximately $9.9 billion in assets under management, including $8.2 billion in energy related assets and over $5.2 billion are invested in MLPs and other midstream energy companies.

We manage three publicly-traded investment companies: Kayne Anderson MLP Investment Company (NYSE:KYN), a closed-end investment company with approximately $2,235 million in total assets as of June 30, 2010; Kayne Anderson Energy Total Return Fund, Inc. (NYSE: KYE), a closed-end investment company with $1,112 million in total assets as of June 30, 2010; Kayne Anderson Energy Development Company (NYSE:KED), a business development company with approximately $227 million in total assets as of May 31, 2010.

THE KAYNE ANDERSON COMPETITIVE ADVANTAGE
We differentiate ourselves from others through an extensive network of relationships with major energy infrastructure companies. Our publicly-traded funds' boards of directors include current and retired CEOs that we have invested with over the years as well as other leading industry professionals. With over 134 years of combined experience, our senior professionals have developed a strong reputation in the energy sector which we believe gives us an important advantage in sourcing and structuring transactions.

STRENGTHS
We are positioned to identify, source and structure private investments in master limited partnerships (MLPs) and other energy related companies for the following reasons:


	DEPTH OF EXPERIENCE
	We have 30 investment professionals, including a private investments group in Houston and a public investments group in Los Angeles dedicated specifically to MLPs and other energy infrastructure investments as well as extensive sub-sector coverage (pipelines, e&p, shipping, etc.) by industry leading analysts.
	INDUSTRY RELATIONSHIPS
	We are the most active player in the MLP asset class and a leading provider of private equity capital to the midstream sector space. Kevin McCarthy, CEO of the funds leads our midstream energy investments while Bob Sinnott, President and CIO, manages our upstream energy investing activities and is a director of Plains All American Pipeline, L.P. Board members of Kayne Anderson funds include: William Cordes, retired president of Northern Border Pipeline Company and retired CEO of Northern Border Partners, LP Barry Pearl, principal of Kealine LLC (private developer and operator of petroleum infrastructure facilities), former president of Texas Eastern Products Pipeline Company, LLC (general partner of TEPPCO Partners, L.P.) and former CEO of TEPPCO Partners, L.P. Al Richey, vice president for Anadarko Petroleum Corporation William Shea, retired president, CEO and chairman of Buckeye Partners, L.P. and Buckeye GP Holdings, L.P. William Thacker, retired chairman, CEO and president of TEPPCO Partners, L.P. Anne Costin, professor of the Amsterdam Institute of Finance, former adjunct professor in the finance and economics department of Columbia University Graduate School of Business, and retired managing director within Citi's Investment Banking Division Steven Good, senior partner at Good Swartz Brown & Berns LLP (accounting, tax and business advisory services provider) Gerald Isenberg, professor emeritus at the University of Southern California School of Cinema-Television
	EXTENSIVE TRANSACTION STRUCTURING EXPERTISE AND CAPABILITY
	We have industry leading experience in identifying and structuring private investments in MLP and other energy companies. Since 2004 we have completed 42 PIPE transactions for an aggreagate value of over $1.6 billion. We have acted as lead or co-lead investor in the vast majority of these transactions.