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717 Texas Avenue, Suite 3100 • Houston, Texas 77002 • Tel 713.493.2000

IPAA Capital Markets Breakfast. Kayne Anderson Energy Funds . August 7, 2008. 717 Texas Avenue, Suite 3100 • Houston, Texas 77002 • Tel 713.493.2000 1800 Avenue of the Stars, Second Floor • Los Angeles, California 90067 • Tel 800.231.7414 www.kayneenergy.com. Firm Background.

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717 Texas Avenue, Suite 3100 • Houston, Texas 77002 • Tel 713.493.2000

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  1. IPAA Capital Markets Breakfast Kayne Anderson Energy Funds August 7, 2008 717 Texas Avenue, Suite 3100 • Houston, Texas 77002 • Tel 713.493.2000 1800 Avenue of the Stars, Second Floor • Los Angeles, California 90067 • Tel 800.231.7414 www.kayneenergy.com

  2. Firm Background • With offices in Los Angeles and Houston, Kayne Anderson Capital Advisors manages approximately $9 billion in assets and employs over 100 people. Distinct teams of investment professionals are dedicated to the various investment strategies managed by the firm. Kayne Anderson Capital Advisors, L.P. Non-Energy Energy Private Equity Energy Group $1.85 Billion raised in 4 funds Investments in 50+ oil and gas companies since 1992 12 investment professionals (10 in Houston, 2 in Los Angeles) 2 new hires in Houston in August Closed End Fund Group (NYSE: KYN, KYE and KED) $3.8 Billion in Assets Hedge Fund Group (Marketable Securities) $2.4 Billion in Assets Private Equity Group (Non-Control Investments) $600 Million raised Energy Investments(Public Companies) $900 Million in Assets Approximately $6.6 billion (75%) dedicated to the energy industry

  3. Private Equity Environment: 1998 vs. 2007

  4. Global Crude Oil Production Decline Source: International Energy Agency (World Energy Outlook 2006 published in November 2006).

  5. U.S. Natural Gas Decline Treadmill Barnett Shale Production Profile Cotton Valley Production Profile Avg. Decline Rate: First 12 Months: 68% First 36 Months: 43% Avg. Decline Rate: First 12 Months: 65% First 36 Months: 43% Woodford Shale Production Profile Pinedale Anticline Production Profile Avg. Decline Rate: First 12 Months: 70% First 36 Months: 43% Avg. Decline Rate: First 12 Months: 63% First 36 Months: 39% Source: Petro Data Source and Simmons & Company International.

  6. Energy Private Equity Capital Markets ($ in millions) Source: Oil and Gas Investor.

  7. Energy Private Equity Capital Markets Competition Pros Cons • From Mafiosi to Mr. Rogers • Greater Access • Creative and Flexible Strategies – Solution Oriented • Timing • Quantity vs. Quality

  8. Capital Raising Pre-Requisites • Track record • Keep a running tally of deals, value added to projects and returns • Strategy • Put simply, “How do you plan to make money?” • Save the Mission Statement for Jerry Maguire • Do your homework • You won’t know my favorite band (Yaz), but at least know that I don’t do gas storage projects in Kurdistan

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