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LinnCo Overview

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Page 1: Linn Energy Overview

LinnCo Overview

Page 2: Linn Energy Overview

Forward-Looking Statements and Risk Factors Statements made in these presentation slides and by representatives of LINN Energy, LLC and LinnCo, LLC (collectively the “Company”) during the course of this presentation that are not historical facts are forward-looking statements. These statements are based on certain assumptions and expectations made by the Company which reflect management’s experience, estimates and perception of historical trends, current conditions, anticipated future developments, potential for reserves and drilling, completion of current and future acquisitions, future distributions, future growth, benefits of acquisitions, future competitive position and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or anticipated in the forward-looking statements. These include risks relating to financial performance and results, indebtedness under LINN Energy’s credit facility and Senior Notes, access to capital markets, availability of sufficient cash flow to pay distributions and execute our business plan, prices and demand for natural gas, oil and natural gas liquids, LINN Energy’s ability to replace reserves and efficiently develop LINN Energy’s current reserves, LINN Energy’s ability to make acquisitions on economically acceptable terms, regulation, availability of connections and equipment and other important factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. See “Risk Factors” in LINN Energy’s 2011 Annual Report on Form 10-K and any other public filings. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information or future events. The market data in this presentation has been prepared as of September 28, 2012, except otherwise noted.

Page 3: Linn Energy Overview

LINN Energy’s mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets.

Page 4: Linn Energy Overview

LinnCo – Strategic Rationale

Issues Form 1099-DIV rather than a Schedule K-1

Should appeal greatly to investors who do not want the tax reporting

burdens associated with owning a partnership security

Significantly expands LINN’s investor base

Institutions

Tax-exempt organizations

Incremental retail investors (including IRA accounts)

4

Page 5: Linn Energy Overview

Corporate Headquarters

(Houston)

NM

TX

KS IL

LA

MI

ND

OK

CA

WY

5

East Texas

Salt Creek Field

LINN Operations 2012 Acquisitions / Joint Venture

Note: Market data as of September 28, 2012 (LINE closing price of $41.24). All operational and reserve data as of December 31, 2011, pro forma for closed 2012 acquisitions and joint venture (“JV”). Estimates of proved reserves for closed 2012 acquisitions and JV were calculated as of the effective date of the acquisitions using forward strip oil and natural gas prices, which differ from estimates calculated in accordance with SEC rules and regulations. Estimates of proved reserves for closed 2012 acquisitions and JV based solely on data provided by seller. Source: Bloomberg.

(1) Pro forma for ~$1,250 million LNCO IPO (assumes proceeds used to repay debt) and Jonah Field acquisition.

(2) Well count does not include ~2,500 royalty interest wells. (3) Average working interest of ~7%.

8th largest public MLP/LLC and 12th largest domestic independent oil & natural gas company

IPO in 2006 with enterprise value of ~$713 million

Equity market cap

Total net debt

Enterprise value

Large, long-life diversified reserve base ~5.1 Tcfe total proved reserves

64% proved developed

45% oil and NGLs / 55% natural gas

~21 year reserve-life index

>15,000 gross productive oil and natural gas wells(2)

Large inventory of low risk and liquids-rich development opportunities Jonah Field – ~650 locations

Granite Wash – ~600 horizontal locations

Wolfberry – ~400 locations

Bakken – ~800 horizontal locations(3)

Cleveland – ~165 horizontal locations

Kansas Hugoton – ~800 locations

Salt Creek Field – CO2 flood

$9.5 billion

$5.5 billion

$15.0 billion(1)

LINN Overview

Hugoton Field

Jonah Field

Page 6: Linn Energy Overview

LINN’s Unique Business Strategy

Consolidate Mature Assets

Mitigate Commodity

Risk

Operational Efficiency

Organic Growth

Opportunities

LINN’s goal is to consolidate mature oil and natural gas assets across the U.S.

Since 2003, we have made 54 acquisitions for ~$10 billion(1)

We efficiently operate and enhance our existing properties

o Include workovers, recompletions and other production enhancement activities

>15,000 producing wells in 6 core operating areas

LINN provides investors with significant organic growth

o ~30% growth from 2010 vs. 2011

o ~20% growth from 2011 vs. 2012E

Typically look to hedge ~100% of oil and natural gas production for 4 – 6 years in order to “lock-in” commodity prices and capture significant margins

Unique hedging structure utilizing ~30% puts allows for significant upside potential

6

Low Cost of Capital

LINN has a unique cost of capital advantage

o This allows us to consolidate low-risk assets and still generate significant returns

o Our structure gives us one of the lowest costs of equity capital in the E&P industry

“LINN Energy’s mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets.”

Note: Pro forma for closed 2012 acquisitions and joint venture. (1) Includes 15 acquisitions comprising the Appalachian Basin properties sold in July 2008.

Page 7: Linn Energy Overview

Rank Master Limited Partnership Enterprise Value ($MM) Rank Independent E&Ps Enterprise Value ($MM)

1. Enterprise Products Partners $63,392 1. ConocoPhillips $91,8842. Kinder Morgan Energy Partners $41,982 2. Occidental Petroleum Corp. $72,9143. Energy Transfer Equity $38,716 3. Anadarko Petroleum Corp. $48,0184. Williams Partners $26,901 4. Apache Corp. $44,9325. Plains All American Pipeline $21,746 5. EOG Resources Inc. $34,9886. Energy Transfer Partners $20,598 6. Chesapeake Energy Corp. $31,2847. ONEOK Partners $16,537 7. Devon Energy Corporation $28,0308. LINN Energy LLC(1) $14,976 8. Marathon Oil Corporation $25,6589. Enbridge Energy Partners $14,600 9. Noble Energy Inc. $19,858

10. El Paso Pipeline Partners $12,565 10. Continental Resources Inc. $16,15511. Magellan Midstream Partners $11,806 11. Pioneer Natural Resources Co. $15,99512. Boardwalk Pipeline Partners $9,576 12. LINN Energy LLC(1) $14,97613. Markwest Energy Partners $8,293 13. Range Resources Corp. $13,97614. Buckeye Partners $6,745 14. Southwestern Energy Co. $13,77115. Nustar Energy LP $6,534 15. Concho Resources Inc. $12,43816. Amerigas Partners $6,382 16. EQT Corp. $11,04817. Sunoco Logistics Partners $6,304 17. Cabot Oil & Gas Corp. $10,35218. Access Midstream Partners $6,137 18. Murphy Oil Corp. $10,07919. Cheniere Energy Partners $6,099 19. Denbury Resources Inc. $9,27220. Regency Energy Partners $5,848 20. Plains Exploration & Production $8,32321. Western Gas Partners $5,778 21. Cobalt International Energy $8,27722. Targa Resources Partners $5,444 22. Sandridge Energy Inc. $8,14023. Teekay LNG Partners $4,981 23. QEP Resources Inc. $7,39824. Inergy LP $4,318 24. Newfield Exploration Co. $7,16725. Teekay Offshore Partners $4,075 25. Whiting Petroleum Corp. $6,995

MLP and Independent E&P Rankings

Note: Market data as of September 28, 2012 (LINE closing price of $41.24). Source: Bloomberg. (1) Pro forma for ~$1,250 million LNCO IPO and Jonah Field acquisition.

LINN is one of the largest MLP and independent E&P companies 8th largest public MLP/LLC

12th largest domestic independent oil & natural gas company

7

Page 8: Linn Energy Overview

Growth Through Accretive Acquisitions

Value of Acquisitions Per Year (1)

8

~$10 billion in acquisitions completed since the Company’s inception Includes 54 separate transactions(1)

(1) Includes 15 acquisitions comprising the Appalachian Basin properties sold in July 2008. (2) Based on contract price for closed 2012 acquisitions and $400 million of Anadarko’s development costs related to the Salt Creek JV.

(2)

$452

$2,627

$601

$1,367

$1,513

$2,800

$52 $78 $202$654

$3,281$3,882 $4,000

$5,367

$6,880

$9,680

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD

($'s

in m

illio

ns)

Cumulative Acquisitions Acquisitions Completed In Year

Page 9: Linn Energy Overview

Jonah Field Acquisition From BP

9

Significant operated entry into the Green River Basin

Long-life, low-decline natural gas asset

Significant future drilling inventory

~1.2 Tcfe of identified resource potential from ~650 future drilling locations

Hedged ~100% of net expected oil and natural gas production through 2017

Immediately accretive to DCF / unit(1)

Strategic Rationale

Asset Overview

Production of ~145 MMcfe/d

55% operated by production

Low decline rate of ~14%

Proved reserves of approximately 730 Bcfe (56% PDP)

73% natural gas, 23% NGL and 4% oil

~750 gross wells on >12,500 net acres

Park

Teton

Albany

Big Horn

Carbon

Converse

Crook

Fremont

Goshen

Hot Springs Johnson

Laramie

Lincoln

Natrona

Niobrara

Platte

Sheridan

Sublette

Sweetwater Uinta

Washakie Weston

Campbell

Wyoming

Oil Fields

Natural Gas Fields

Salt Creek Jonah

Acquisition Acreage Field Area

Sublette County

On July 31, 2012, LINN closed a $1.025 billion acquisition in Wyoming’s Jonah Field from BP.

(1) Distributable cash flow per unit.

Page 10: Linn Energy Overview

Anadarko Salt Creek Joint-Venture

10 (1) LINN Energy, LLC estimates.

Park

Teton

Albany

Big Horn

Carbon

Converse

Crook

Fremont

Goshen

Hot Springs Johnson

Laramie

Lincoln

Natrona

Niobrara

Platte

Sheridan

Sublette

Sweetwater Uinta

Washakie Weston

LaBarge

EXXON Shute Creek Plant

EXXON

Field

Campbell

Salt Creek Wyoming

1,000

10,000

100,000

1910 1930 1950 1970 1990 2010Year

Barr

els

Oil

per D

ay

PrimarySecondaryTertiary

19.9% 9.9% 24.4%

Oil Fields Natural Gas Fields

CO2 Pipelines

Natural Gas Pipelines

On April 3, 2012, LINN acquired 23% of Anadarko’s (“APC”) interest in the Salt Creek Field, one of the

largest CO2 EOR projects in North America.

Unique, high growth asset with low decline rate

Expect steady production growth for ~10 years

Expect to greatly benefit from APC’s extensive CO2 experience

Potential to transfer enhanced oil recovery (“EOR”) technology to LINN’s existing asset base

Immediately accretive to DCF / unit

Strategic Rationale

Asset Overview

Expect to invest ~$600 million over the next 3-6 years

$400 million of APC’s development costs

$200 million net to LINN’s interest

Net production ~1,600 BOPD (first 12 months)(1)

Expect to double net production by 2016

Low decline rate of <7% and reserve life of ~28 years

Estimated ~1 billion gross barrels of oil remaining in place

Page 11: Linn Energy Overview

Hugoton Field Acquisition From BP

KS

TX

OK

Finney

Grant

Hamilton

Haskell

Kearny

Morton Seward

Stanton

Stevens

Kansas

Acquisition Acreage

On March 30, 2012, LINN closed a $1.2 billion acquisition in the liquids-rich Kansas Hugoton Field from BP.

Jayhawk Gas Plant

11

Liquids-Rich Liquids-rich production of ~110 MMcfe/d

37% NGLs / 63% natural gas

Excellent MLP Asset Low decline rate of ~7%

Reserve life of ~18 years

Proved reserves of ~730 Bcfe, with 81% PDP

Platform For Growth ~800 future drilling locations on >600,000 contiguous net

acres

~500 identified recompletion opportunities in the Chase formation

100% ownership of Jayhawk Gas Processing Plant

o Significant excess capacity; currently 41% utilized

Strategic-Fit With LINN’s Business Model Immediately accretive to DCF / unit

Little requirement for capital investment

Steady stream of predictable cash flow

Page 12: Linn Energy Overview

Granite Wash – Operated Horizontal Drilling Activity (Greater Stiles Ranch)

Well Status Operated Non-Operated

Producing 111 32

Drilling 8 2

Waiting on Completion 10 2

Completing 1 1

Total 130 37

Note: Well counts as of July 8, 2012. 12

DYCO

FRYE RANCH

STILES RANCH

0 8,260’

Feet

Hemphill County

Wheeler County

7TH STEP – MENDOTA

DYCO

TWIN CHANNELS

STILES RANCH

FRYE RANCH

MAYFIELD

Hemphill County

Wheeler County

Roger Mills County

Beckham County

BUFFALO WALLOW

2 STEP

TEXAS

OKLAHOMA

LINN Acreage Acquisition Acreage

LINN Acreage ~23,000 Gross ~12,000 Net

Drilled Wells

Acquisition Acreage ~21,000 Net

2012 Proposed Drilling Activity

Current Hogshooter

Development

Over 600 horizontal locations

Expect to drill or participate in 81 horizontal wells in 2012

Successfully completed 12 Hogshooter oil wells YTD

Average IP rates of ~2,110 Bbls/d of oil

8 rig drilling program currently focused primarily on Hogshooter

Plan to drill an additional 11 Hogshooter wells by year-end

Page 13: Linn Energy Overview

LINN’s Unique Position In The Granite Wash

Produce from 8 separate zones

Each zone bears a unique production profile Oil Liquids-rich gas Dry gas

Enables LINN to adapt its drilling program Focus on highest

returns Recently shifted entire

drilling program to focus on oil

13

GRANITE

WASH

WASH

ATOKA

DES

MOINESIAN

LATERAL BOREHOLESVIR-GILIAN

Carr

Britt

“A”

“A” thru “C"

“B”

“C”

“D”

“E”

“F”

Lwr “C” thru “E"

9,400’

15,000’

Lansing

Kansas City (Hogshooter)

Cleveland

Tonkawa

Oil

Natural Gas & Condensate Rich

Natural Gas & Condensate Lean

LINN horizontal tested zone

Granite Wash / Atoka Wash Stratigraphy

Page 14: Linn Energy Overview

200

300

400

500

600

700

800

900

1,000

YE09 YE10 YE11 2012E 2013E 2014E 2015E

Prod

uctio

n (M

Mcf

e/d)

LINN Base Closed 2012 Acquisitions Potential Organic Growth

LINN Provides Both Organic & Acquisition Growth LINN is unique in that it provides investors with the potential for

significant organic and acquisition growth

14

Potential Organic Growth(2)

LINN Base

Assets

$2.8 billion of Acquisitions

in 2012(4)

~320 MMcfe/d YE 2010 Exit Rate

~425 MMcfe/d YE 2011 Exit Rate

~$1.5 billion(3) of

acquisitions impact in addition

to 30% organic growth

(1) LINN Energy, LLC estimate. (2) Based on the company’s estimated 3-year forward-looking budget and assuming the wells produce at rates consistent with historical average for wells in their respective regions. (3) Based on total consideration. (4) Based on contract price for closed 2012 acquisitions and $400 million of Anadarko’s development costs related to the Salt Creek JV.

2012E Exit Rate of >800 MMcfe/d(1)

Page 15: Linn Energy Overview

LinnCo Structure and Financial Highlights

Page 16: Linn Energy Overview

LinnCo Structure

16

Existing LINE Unitholders

LINN Energy, LLC

LLC Units

LinnCo Shareholders

LinnCo

Common Shares

Current distribution of $2.90 / unit(1)

Schedule K-1 (partnership)

LINE LNCO

Estimated dividend of $2.84 / share(2)

Form 1099 (C-Corp.)

LLC Units

Investors now have the ability to own LINN Energy two ways: LINE (Partnership for tax purposes / K-1) LNCO (C-Corp. for tax purposes / 1099)

$2.90 Distribution

$2.90 Distribution

$2.84 Dividend

(1) Represents annualized distribution based on Q2’12 distribution of $0.725 per unit paid August 14, 2012. (2) Represents annualized dividend based on current projections for the period ending December 31, 2013.

Page 17: Linn Energy Overview

LinnCo Structure – Advantages

17

Shareholders receive Form 1099 rather than

a Schedule K-1

No state income tax filing requirements

Generally, no UBTI(1) implications

Reduces Tax Reporting Burdens

Tax-shield at LINN Energy, LLC

o 100%+ from 2010 – 2011 (actual)

o 100%+ from 2012 – 2013 (estimated)(2)

Estimated tax at LNCO

o ~1.5¢ / quarter from Q4’12 through Q4’13(2)

Efficient Tax Structure

(1) Unrelated business taxable income. (2) Based on current projections.

Page 18: Linn Energy Overview

LinnCo Structure – Overview

18

LinnCo Overview Provides a simple and fair structure

o 1 LinnCo share = 1 vote of LINN unit o Similar economic interest o LinnCo Board and officers mirror LINN

Sole purpose of LinnCo is to own LINN units o Cannot own oil and natural gas assets or incur debt

LinnCo will distribute LINN distributions it receives to LinnCo shareholders in the form of a dividend, net of reserves for corporate income tax

Transaction Overview Net proceeds will be used to purchase an equal number of LINN units

o LINN will use net proceeds to repay debt outstanding under its revolving credit facility

Post IPO, LinnCo shareholders will own ~13% of LINN(1)

(1) Based on ~$1,250 million offering and LNCO price of $41.24 (LINN’s closing price as of September 28, 2012).

Page 19: Linn Energy Overview

7.0%

0.4%

1.6%2.1%

3.1% 3.3%

3.9% 4.0%

5.8%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

LINE E&P 10-Yr. Treasury

S&P 500 TRGP FTSE NAREIT

Index

KMI S&P 500 Utilities Index

Alerian MLP Index

Cur

rent

Yie

ldAttractive Valuation

LINN represents an attractive value relative to other yield segments

19

(1)

Note: Market data as of September 28, 2012 (LINE closing price of $41.24). Source: Bloomberg. (1) E&P yield represents average for domestic, independent oil and natural gas companies traded on the NYSE and NASDAQ Global Select Market (excluding MLPs and Royalty Trusts).

Current Yields

Page 20: Linn Energy Overview

Financial Highlights Recently increased 2012 guidance(1)

Increased Q3 guidance: o Production +2%

o EBITDA +4%

o Distribution coverage ratio +12% to 1.25x

Estimates positively impacted by NGL prices and recent organic drilling results

Distribution growth of ~15% since 2010; 81% increase since IPO Excellent acquisition track record (~$5.7 billion since 2010)

~$1.4 billion(2) in 2010

~$1.5 billion(2) in 2011

~$2.8 billion(3) in 2012

Significant organic growth ~30% growth from 2010 vs. 2011

~20% growth from 2011 vs. 2012E

LinnCo IPO has the potential to be a game-changer in terms of access to equity capital Pro forma balance sheet positioned for future growth

Industry leading hedge position Hedged ~100% of expected natural gas production through 2017 at attractive prices

Hedged ~100% of expected oil production through 2016 at attractive prices (1) Estimates based on third quarter and full-year 2012 guidance updated on September 27, 2012. (2) Based on total consideration. (3) Based on contract price for closed 2012 acquisitions and $400 million of Anadarko’s development costs related to the Salt Creek JV.

20

Page 21: Linn Energy Overview

$1,367 $1,513

$2,800

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2010 2011 2012 YTD

($'s

in m

illio

ns)

LINN Has Created an Acquisition Machine

Screened 189 opportunities

Bid 41 for ~$10.1 billion

Closed 13 for ~$1.4 billion(1)

Screened 122 opportunities

Bid 31 for ~$7.5 billion

Closed 12 for ~$1.5 billion(1)

(1) Based on total consideration. (2) Based on contract price for closed 2012 acquisitions and $400 million of Anadarko’s development costs related to the Salt Creek JV. (3) As of September 21, 2012.

(1) (2)

Total ~$5.7 Billion Since 2010

Historical Acquisitions and Joint Venture

(1)

21

Screened 186 opportunities

Bid 12 for ~$6.2 billion

Closed 4 for ~$2.8 billion(2)

2010 2011 2012 YTD(3)

Page 22: Linn Energy Overview

Note: Data reflects continuing operations only. The results of the Company’s Appalachian Basin and Mid Atlantic operations are classified as discontinued. (1) As of December 31, 2011, pro forma (“PF”) for closed 2012 acquisitions and joint venture. (2) Production estimate based on the mid-point of full-year 2012 guidance updated on September 27, 2012. (3) Adjusted EBITDA based on full-year 2012 guidance updated on September 27, 2012. (4) Annualized distribution based on Q2’12 distribution of $0.725 per unit paid August 14, 2012.

Adjusted EBITDA ($ in millions)

Strong Performance and Growth

$514 $566

$732

$998

$1,365

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

2008 2009 2010 2011 2012E

Reserves (Bcfe)

255

1,419 1,660 1,712

2,597

3,370

5,067

0

1,000

2,000

3,000

4,000

5,000

6,000

2006 2007 2008 2009 2010 2011 2012PF

Production (MMcfe/d)

8

87

212 218 265

369

673

0

100

200

300

400

500

600

700

800

2006 2007 2008 2009 2010 2011 2012E

Annualized Distributions ($ per unit)

$1.60

$2.28

$2.52 $2.52 $2.52

$2.76 $2.90

$1.00

$1.50

$2.00

$2.50

$3.00

Q2 '06 Q2 '07 Q2 '08 Q2 '09 Q2 '10 Q2 '11 Q2 '12

(3)

(2) (1)

22

(4)

Page 23: Linn Energy Overview

Natural Gas Positions

Percent Puts (3) Swaps Puts (2)

Volu

mes

(Bbl

s/d)

23

LINN is hedged ~100% on expected natural gas production through 2017; and ~100% on expected oil production through 2016

Puts provide price upside opportunity

Volu

mes

(MM

cf/d

)

Oil Positions

Percent Puts (3) Swaps (4) Puts

Note: Except as otherwise indicated, illustrations represent full-year natural gas hedge positions through 2017 and oil positions through 2016, as of August 1, 2012. (1) Represents the average daily hedged volume for the period August-December 2012. (2) Excludes natural gas puts used to hedge NGL revenues associated with BP Hugoton acquisition. (3) Calculated as percentage of hedged volume in the form of puts. (4) Includes certain outstanding fixed price oil swaps of approximately 5,384 MBbls which may be extended annually at a price of $100 per Bbl for each of the years ending December 31, 2017, and December 31,

2018, and $90 per Bbl for the year ending December 31, 2019, if the counterparties determine that the strike prices are in-the-money on a designated date in each respective preceding year. The extension for each year is exercisable without respect to the other years.

$5.12 $5.22 $5.25

$5.19 $4.20 $4.26

$5.46 $5.42 $5.00

$5.00 $5.00 $4.88

-

50

100

150

200

250

300

350

400

450

500

550

2012 (1) 2013 2014 2015 2016 2017

$5.12 $5.14 $5.31 $5.27

46%41%

43%

34%

$4.48 $4.48

35% 36%

$96.54

$94.97 $92.92 $96.23 $90.56

$99.19

$97.86 $91.30

$90.00 $90.00

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2012 (1) 2013 2014 2015 2016

$94.81 $90.44

25%23%

21%

21% 22%$97.09

$95.57 $92.52

Significant Hedge Position

Page 24: Linn Energy Overview

64% 63% 65%70% 69%

54%

36%37% 35% 30% 31%

25%

100% 100% 100% 100% 100%

79%

66%

47%

20%

4% 1% 1%

88%

71%

49%

29%

16%9%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016 2017

Expe

cted

Pro

duct

ion

Hedg

ed

C-Corp. Peers % Hedged

Note: LINN’s hedge percentages based on internal estimates. Excludes NGL production and natural gas puts used to hedge NGL revenues associated with BP Hugoton acquisition. Source: Production estimates based on Bloomberg consensus, and hedge information based on publicly available sources. (1) Represents simple average and peer group includes: CLR, FST, XEC, KWK, NFX, PXD, PXP, RRC, SWN and WLL. (2) Represents simple average and peer group includes: BBEP, EVEP, LGCY, LRE, MEMP, MCEP, PSE, QRE and VNR.

LINN’s cash flow is notably more protected from oil and natural gas price uncertainty than its C-Corp. and Upstream MLP peers

Prolonged periods of weak commodity prices could put further pressure on E&P C-Corps.

Significant Hedge Position (Equivalent Basis)

% Swaps % Puts

24

Upstream MLP Peers % Hedged (1) (2)

Page 25: Linn Energy Overview

$0.40 $0.40 $0.43

$0.52 $0.52

$0.57 $0.57

$0.63 $0.63 $0.63 $0.63 $0.63 $0.63 $0.63 $0.63 $0.63 $0.63 $0.63 $0.66 $0.66 $0.66

$0.69 $0.69 $0.69 $0.73 $0.73

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

Natural Gas ($/M

MBtu)

Oil

($/B

bl)

Distribution Stability and Growth

25

Distribution History

2006 2007 2008 2009

(2)

2010

Stability During Credit Crisis

2011

LINN has performed well through all kinds of commodity price cycles Distribution stability maintained throughout the Credit Crisis (i.e. 2008 – 2009)

− 16 out of 74 MLPs (or 23%) were forced to reduce or suspend distributions(1)

WTI Crude Oil Henry Hub Natural Gas Quarterly Distributions Source for commodity prices: Bloomberg. (1) Source: Wells Fargo Securities, LLC research note entitled “MLP Primer - - Fourth Edition” published on November 19, 2010. (2) The Q1 2006 distribution, adjusted for the partial period from the Company's closing of the IPO on January 19, 2006 through March 31, 2006, equates to $0.32 per unit.

2012

Page 26: Linn Energy Overview

0.400.43

0.520.52

0.570.57

0.630.63

0.630.63

0.630.63

0.630.63

0.630.63

0.630.66

0.660.66

0.69

0.69

0.69

0.73

0.73

$0.40 $0.80

$1.23 $1.75

$2.27 $2.84

$3.41 $4.04

$4.67 $5.30

$5.93 $6.56

$7.19 $7.82

$8.45 $9.08

$9.71 $10.34

$11.00 $11.66

$12.32 $13.01

$13.70 $14.39

$15.12 $15.84

$-

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Distribution History

Distribution History

26

Quarterly Distribution Cumulative Distribution

2006 2007 2008 2009

(1)

2010

Consistently paid the distribution for 26 quarters 81% increase in quarterly distribution since IPO

2011

(1) The Q1 2006 distribution, adjusted for the partial period from the Company's closing of the IPO on January 19, 2006 through March 31, 2006, equates to $0.32 per unit.

2012

Page 27: Linn Energy Overview

Note: Market data as of September 28, 2012 (LINE closing price of $41.24). Source: Bloomberg.

LINN Total Return and Stock Price Appreciation (LINE IPO – Present of ~255%)

LINN Historical Return

27

~29% ~18%

~96%

~156%

~255%

(50%)

0%

50%

100%

150%

200%

250%

2006 2007 2008 2009 2010 2011 2012

Line Total Return (TR) Line Price Appreciation Alerian MLP TR Index S&P Mid-Cap E&P TR Index S&P 500 TR Index

Page 28: Linn Energy Overview

EV Energy

Vanguard

BreitBurn

Legacy

QR Energy

Atlas Resources

Pioneer LRR Energy

Mid-Con Energy Memorial Production $15.0 Billion $15.7 Billion

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0

LINE All Others (10 MLPs)

Ente

rpris

e Va

lue

($B

)

E&P MLP/LLC

6%

All Others94%

28

Size Advantage in E&P MLP/LLC Market

LINN has a significant size advantage in the E&P MLP/LLC market

Greater access to capital markets Ability to complete larger transactions

E&P market presents significantly more acquisition opportunities than rest of MLP market

E&P Sector has room to grow; $31 billion versus $447 billion for all other sectors

LINE vs. Other Upstream MLPs(1) MLP/LLC Total EV: $478 Billion(3)

$31 Billion

$447 Billion

Note: Market data as of September 28, 2012 (LINE closing price of $41.24). Source: Bloomberg. (1) Excludes Constellation Energy Partners and Dorchester Minerals LP. (2) Pro forma for ~$1,250 million LNCO IPO and Jonah Field acquisition. (3) Includes all U.S. energy MLPs recognized by the National Association of Publically Traded Partnerships (NAPTP).

(2)

Page 29: Linn Energy Overview

29

Why Invest in LINN?

High quality asset base o Multi-year inventory of high-return development opportunities o Long-life reserves (~21 years) o Diversified asset base (6 core areas / >15,000 gross producing wells)

Extensive hedge positions; reduced commodity risk

Organic growth (YOY ~20% in 2012E vs. 2011) Acquisitions

o Excellent acquisition track record (54 transactions for ~$10 billion) o ~$1.4 billion(1) completed in 2010 o ~$1.5 billion(1) completed in 2011 o ~$2.8 billion(2) completed in 2012

LinnCo IPO has the potential to be a game-changer in terms of access to equity capital

First in class track record in capital markets o Total capital raised since IPO:

Stable Distributions

Distributions Growth Drivers

Financial Strength

Note: All operational and reserve data as of December 31, 2011, pro forma for closed 2012 acquisitions and joint venture. Estimates of proved reserves for closed 2012 acquisitions and joint venture were calculated as of the effective date of the acquisitions using forward strip oil and natural gas prices, which differ from estimates calculated in accordance with SEC rules and regulations.

(1) Based on total consideration. (2) Based on contract price for closed 2012 acquisitions and $400 million of Anadarko’s development costs related to the Salt Creek JV. (3) Pro forma for ~$1,250 million LNCO IPO.

$6.4 billion of equity(3)

$5.4 billion of bonds

$11.8 billion total

Page 30: Linn Energy Overview

LINN Energy’s mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets.

Page 31: Linn Energy Overview

31 Note: All operational and reserve data as of December 31, 2011, pro forma for closed 2012 acquisitions and joint venture (“JV”). Estimates of proved reserves for closed 2012 acquisitions and JV were calculated as of the effective date of the acquisitions

using forward strip oil and natural gas prices, which differ from estimates calculated in accordance with SEC rules and regulations. Estimates of proved reserves for closed 2012 acquisitions and JV based solely on data provided by seller. (1) Includes Mid-Continent, Hugoton Basin and East Texas.

Corporate Headquarters

(Houston)

NM TX

KS IL

LA

MI

ND

OK

CA Hugoton Field

East Texas

WY

Oklahoma

Williston / Powder River Basins

• 32 MMBoe proved reserves • 4% of total reserves • 92% liquids

California

• 32 MMBoe proved reserves • 4% of total reserves • 93% liquids

Jonah Field

• 730 Bcfe proved reserves • 15% of total reserves • 73% natural gas

Permian Basin

• 88 MMBoe proved reserves • 10% of total reserves • 79% liquids

Michigan / Illinois

• 317 Bcfe proved reserves • 6% of total reserves • 96% natural gas

LINN Operations 2012 Acquisitions / Joint Venture

Salt Creek Field

LINN Overview

TX Panhandle Granite Wash

TX Panhandle Shallow

Jonah Field

Mid-Continent(1)

• 3.1 Tcfe proved reserves • 61% of total reserves • 59% natural gas

Page 32: Linn Energy Overview

LinnCo – Overview of Tax Considerations

32

LinnCo subject to corporate-level taxation on income allocation from LINN (35%)

LinnCo expected to receive tax shield in excess of 100%

However, LinnCo expected to pay taxes due to alternative minimum tax (AMT)

Income tax liability estimated to be between 2% – 5% of LINN’s cash distribution to LinnCo for the next 3 years (2012 – 2015)

Taxation at LinnCo

Shareholder Level

Taxation at LinnCo Level

Distributions from LinnCo to its shareholders treated as dividends to the extent that LinnCo has earnings and profits

o Taxed at dividend tax rate (currently 15%)

Distributions in excess of earnings and profits, treated as return of capital and reduce the basis in LinnCo shares

o Percentage of distributions treated as return of capital expected to be between 40% – 100% through 2015

Calculation of earnings and profits different from income allocation (on traditional MLP unit)

o Generally higher than income allocation as items such as accelerated depreciation and current deduction of IDC’s not allowed

Page 33: Linn Energy Overview

LINN Units vs. LinnCo Shares

Business & Assets

Taxation Schedule

Voting

Board of Directors

LINN is in the business of acquiring and developing oil and natural gas assets

Unitholders have the right to vote with respect to:

o LINN’s Board of Directors

o Certain amendments to its limited liability company agreement

o Potential merger of LINN or the sale of all or substantially all of its assets

o Potential dissolution and / or winding-up of LINN

LINN Board of Directors provides oversight to LINN’s management and has the power to appoint LINN’s officers

Unitholders receive a Schedule K-1

33

LINN LinnCo

LinnCo’s sole purpose is to own LINN units

Will not own any other assets besides LINN units and reserves for income taxes payable by LinnCo

No leverage allowed

LinnCo will submit to a vote of its shareholders any matter submitted by LINN to a vote of its unitholders (including election of LINN’s Board of Directors)

LinnCo will vote the LINN units which it holds in the same manner as the owners of LinnCo shares vote

LINN, as the holder of LinnCo’s sole voting share, will have the sole right to elect the members of LinnCo’s Board of Directors

Shareholders receive a Form 1099-DIV

Page 34: Linn Energy Overview

LINN Structure & Benefits

34

Characteristic LINN Energy(LINE)

TypicalMLP

LinnCo, LLC(LNCO)

TypicalC-Corp.

Non-Taxable Entity

Payout Distribution Distribution Dividend Dividend

Tax Reporting Schedule K-1 Schedule K-1 Form 1099 Form 1099

General Partner

Incentive DistributionRights (IDRs)

(Up to 50%)

Voting Rights

Page 35: Linn Energy Overview

Ensuring Liquids Delivery In The Granite Wash

35

Gathering system provides accessibility to numerous processing facilities Multiple interconnects ensures take-away capacity

Exposure to multiple processing plants leads to superior pricing

Extending 43 miles in 2012

Frontier & DCP

Markwest

Enbridge

DYCO

FRYE RANCH

STILES RANCH Wheeler County

Hemphill County

Markwest Enbridge

Eagle Rock

Eagle Rock Woodall Plant

Frontier

Enbridge Allison Plant

BUFFALO WALLOW

TWO STEP

Enbridge

Enbridge Ajax Plant

Eagle Rock Wheeler Plant Markwest

PVR

Enogex

Crestwood

Eagle Rock

Enbridge

Enbridge

Completed Pipeline

LINN Acreage

Expanding GW Capacity

2012 Pipeline

2012 Compressor Stations

0 1 mile

Enogex Fort Elliott Plant

Interconnect

TX

Page 36: Linn Energy Overview

TX

NMEddyLea

Hockley

Dawson

AndrewsHoward

EctorWinkler

Upton

SchieicherPecos

CraneWard

Crockett

Midland

Martin

Garza

Shackleford

Stonewall

Irion

Permian Basin

36

Strategic entry in 2009

Long-life, low-risk reserves 88 MMBoe proved reserves

79% liquids (~56% proved developed)

Reserve life ~18 years

Growth opportunities

~400 proved low-risk infill-drilling and optimization opportunities in the Wolfberry

Potential for additional bolt-on acquisitions

Recent activity and average results IP rates: ~120 Boe/d

EURs: ~125 MBoe

Rate of returns: ~40%+

Note: All operational and reserve data as of December 31, 2011.

02468

10121416

MB

bls/

d

Permian Production Growth

MONTHS

LINN Fields

Wolfberry Trend

TX

NM

Page 37: Linn Energy Overview

Drilling in the Wolfberry

37

Leonard Shelf Carbonates

Wolfcamp Shelf Carbonates

Spraberry Turbidites (primary target)

Wolfcamp (primary target)

Eastern Shelf

10,500’

8,500’

Central Basin Platform A B

S p r a b e r r y

W o l f c a m p

WESTERN WELL EASTERN WELL

P E R M I A N

P E N N M S

Spraberry

Wolfcamp

Cisco Canyon Strawn

Mississippian

Vertical well development

Multi-stage fracture stimulation

Emerging horizontal well development

Targeting deeper zones

Infill potential

Note: All operational and reserve data as of December 31, 2011.

Page 38: Linn Energy Overview

Strategic entry into premier oil basin in 2011 Non-operated position with high quality

operators

Offers high rates of return

Significant growth potential

Additional consolidation opportunities

Current position ~14 MMBoe proved reserves

~17,000 net acres

91% liquids

48% proved developed

~7% average working interest

Growth opportunities ~800 future drilling opportunities

Current activity and average results IP rates: ~1,000 Boe/d

EURs: ~500 MBoe

Rate of returns: ~50%

Williston Basin – Bakken Play

Note: All operational and reserve data as of December 31, 2011.

FEET

0 18,970’

Williams

Mountrail

McKenzie

Dunn

North Dakota

LINN Acreage

Capital Activity

Westberg Area

Sanish Bay Area

38

Page 39: Linn Energy Overview

California Overview

39

34 35 36 31

T2S R10W T2S R9W

T3S R9W T3S R10W

32

03 02 01 06 05

10 11 12 07 08

Brea Canyon Area

Tonner Area

LINN Acreage

Oil Wells

Brea-Olinda Field

Brea-Olinda field of the Los Angeles Basin

Discovered in 1880

Cumulative production of over 400 MMBoe

Long-life, low-risk reserves 4% of total proved reserves 93% oil (93% proved developed) Reserve life of ~38 years Low decline rates of ~3% per year ~320 productive oil wells

o 100% operated

Gas converted to electricity to power field, reducing operating expenses

Acreage position ~4,000 net acres ~4,000 net developed acres

Los Angeles

10

Brea-Olinda Field

Page 40: Linn Energy Overview

Michigan Overview

40

Long-life, low-decline natural gas asset 317 Bcfe of proved reserves

91% proved developed

6% decline rate

~24 year reserve life

6% of total reserves

Located in the Antrim Shale in Michigan ~220,000 net acres

~200,000 net developed acres

Produces at shallow depths of 600-2,200 feet

Potential development drilling, workover, and recompletion opportunities could provide further upside

>26,000 net acres prospective for the Utica-Collingwood Shale

Alcona

Alpena Antrim

Arenac

Barry

Bay

Clare

Crawford Grand Traverse

Isabella

Jackson

Lake

Manistee

Mecosta Newaygo

Oceana

Ogemaw

Osceola

Oscoda

Otsego

Tuscola

Wexford

Traverse City

Lewiston

Mont- morency

Michigan

Page 41: Linn Energy Overview

Overton Field Acquisition

41

Strategic entry into East Texas natural gas field

Long-life, low-decline natural gas asset

100% held by production

Concentrated acreage position

Multiple identified upside recompletion and infill-drilling opportunities

Immediately accretive to DCF / unit

Strategic Rationale

Asset Overview

~24 MMcfe/d of production

~97% natural gas

Low decline rate of <10% and reserve life of ~15 years

Highly developed proved reserves of ~136 Bcfe

100% PDP

~430 wells on ~19,800 contiguous net acres

Located in Smith & Cherokee Counties, Texas

0 4,000’ 8,000’

FEET

Smith County

Cherokee County

Acquisition Acreage

TX Cherokee

Smith

On May 1, 2012, LINN closed a $175 million acquisition in the prolific Overton Field in

East Texas from Southwestern Energy.

Page 42: Linn Energy Overview

Financial Appendix

Page 43: Linn Energy Overview

43

Proved Reserves

The following table sets forth certain information with respect to LINN’s proved reserves at December 31, 2011 and pro forma proved reserves calculated on the basis required by SEC rules:

Region

Proved Reserves At

December 31, 2011 (Bcfe)(1)

Proved Reserves 2012 Acquisitions

(Bcfe)(1)

Pro Forma Proved Reserves

(Bcfe)(1) Pro Forma % Oil and NGL

Pro Forma % Proved Developed

Mid-Continent 1,860 24 1,884 41% 53% Hugoton Basin(2) 380 701 1,081 47% 87% Green River Basin(3) - 806 806 27% 53% Permian Basin 527 - 527 79% 56% Michigan/Illinois 317 - 317 4% 91% California 193 - 193 93% 93% Williston/Powder River Basin(2)

93

96

189

92%

63%

East Texas(4) - 110 110 3% 100% Total 3,370 1,737 5,107 45% 66%

(1) Except as otherwise noted, proved reserves for oil and natural gas assets were calculated on December 31, 2011, the reserve

report date, and use a price of $4.12/MMBtu for natural gas and $95.84/Bbl for oil, which represent the unweighted average of the first-day-of-the-month prices for each of the twelve months immediately preceding December 31, 2011.

(2) Pro forma proved reserves for the Hugoton Acquisition (in the Hugoton Basin region) and the Anadarko Joint Venture (in the Williston/Powder River Basin region) were calculated using a price of $3.73/MMBtu for natural gas and $98.02/Bbl for oil, which represent the unweighted average of the first-day-of-the-month prices for each of the twelve months ending March 1, 2012, the most recent twelve-month period prior to the closing of each of those transactions.

(3) Pro forma proved reserves for the Jonah Acquisition (in the Green River Basin region) were calculated using a price of $3.02/MMBtu for natural gas and $94.81/Bbl for oil, which represents the unweighted average of the first-day-of-the-month prices for each of the twelve months ending July 1, 2012, the most recent twelve-month period prior to the closing of the Green River Acquisition.

(4) Pro forma proved reserves for the East Texas Acquisition were calculated using a price of $3.54/MMBtu for natural gas and $97.65/Bbl for oil, which represent the unweighted average of the first-day-of-the-month prices for each of the twelve months ending April 1, 2012, the most recent twelve-month period prior to the closing of the East Texas Acquisition.

Page 44: Linn Energy Overview

The Company defines adjusted EBITDA as net income (loss) plus the following adjustments: Net operating cash flow from acquisitions and divestitures, effective date through closing date; Interest expense; Depreciation, depletion and amortization; Impairment of long-lived assets; Write-off of deferred financing fees; (Gains) losses on sale of assets and other, net; Provision for legal matters; Loss on extinguishment of debt; Unrealized (gains) losses on commodity derivatives; Unrealized (gains) losses on interest rate derivatives; Realized (gains) losses on interest rate derivatives; Realized (gains) losses on canceled derivatives; Realized gain on recovery of bankruptcy claim; Unit-based compensation expenses; Exploration costs; and Income tax (benefit) expense.

Adjusted EBITDA is a measure used by Company management to indicate (prior to the establishment of any reserves by its Board of Directors) the cash distributions the Company expects to make to its unitholders. Adjusted EBITDA is also a quantitative measure used throughout the investment community with respect to publicly-traded partnerships and limited liability companies.

Adjusted net income is a performance measure used by Company management to evaluate its operational performance from oil and natural gas properties, prior to unrealized (gains) losses on derivatives, realized (gains) losses on canceled derivatives, realized gain on recovery of bankruptcy claim, impairment of long-lived assets, loss on extinguishment of debt and (gains) losses on sale of assets, net.

Historical Financial Statements Reconciliation of Non-GAAP Measures

44

Page 45: Linn Energy Overview

The following presents a reconciliation of net loss to adjusted EBITDA:

Historical Financial Statements Adjusted EBITDA

45

The following presents a reconciliation of net income (loss) to adjusted EBITDA:

Three Months Ended

June 30, Six Months Ended

June 30, 2012 2011 2012 2011 (in thousands) Net income (loss) $ 237,086 $ 237,109 $ 230,884 $ (209,573 ) Plus:

Net operating cash flow from acquisitions and divestitures, effective date through closing date 6,034 29,308 45,127 36,359

Interest expense, cash 86,773 61,591 129,652 125,181 Interest expense, noncash 7,617 770 42,257 644 Depreciation, depletion and amortization 143,506 79,345 260,782 145,711 Impairment of long-lived assets 146,499 — 146,499 — Write-off of deferred financing fees 6,229 1,189 7,889 1,189 (Gains) losses on sale of assets and other, net (444 ) (93 ) 991 (916 ) Provision for legal matters 160 248 795 740 Loss on extinguishment of debt — 9,810 — 94,372 Unrealized (gains) losses on commodity derivatives (303,630 ) (163,434 ) (250,406 ) 261,851 Realized gain on recovery of bankruptcy claim (18,277 ) — (18,277 ) — Unit-based compensation expenses 6,663 5,543 14,834 11,181 Exploration costs 407 550 817 995 Income tax expense 512 1,670 9,430 5,868

Adjusted EBITDA $ 319,135 $ 263,606 $ 621,274 $ 473,602

Page 46: Linn Energy Overview

The following presents a reconciliation of net loss to adjusted net income:

Historical Financial Statements Adjusted Net Income

46

Three Months Ended

June 30, Six Months Ended

June 30, 2012 2011 2012 2011 (in thousands, except per unit amounts) Net income (loss) $ 237,086 $ 237,109 $ 230,884 $ (209,573 ) Plus:

Unrealized (gains) losses on commodity derivatives (303,630 ) (163,434 ) (250,406 ) 261,851 Realized gain on recovery of bankruptcy claim (18,277 ) — (18,277 ) — Impairment of long-lived assets 146,499 — 146,499 — Loss on extinguishment of debt — 9,810 — 94,372 (Gains) losses on sale of assets, net (479 ) (128 ) 921 (986 )

Adjusted net income $ 61,199 $ 83,357 $ 109,621 $ 145,664 Net income (loss) per unit – basic $ 1.19 $ 1.34 $ 1.17 $ (1.25 ) Plus, per unit:

Unrealized (gains) losses on commodity derivatives (1.52 ) (0.93 ) (1.26 ) 1.56 Realized gain on recovery of bankruptcy claim (0.09 ) — (0.09 ) — Impairment of long-lived assets 0.73 — 0.74 — Loss on extinguishment of debt — 0.06 — 0.56 (Gains) losses on sale of assets, net — — — (0.01 )

Adjusted net income per unit – basic $ 0.31 $ 0.47 $ 0.56 $ 0.86

Page 47: Linn Energy Overview

Reserve Replacement / F&D Calculations Reconciliation of Non-GAAP Measures

Year Ended December 31, 2011 2010 Costs incurred (in thousands):

Costs incurred in oil and natural gas property acquisition, exploration and development $ 2,158,639 $ 1,602,086

Less: Asset retirement costs (2,427) (748) Property acquisition costs (1,516,737) (1,356,430)

Oil and natural gas capital costs expended, excluding acquisitions $ 639,475 $ 244,908 Reserve data (MMcfe):

Purchase of minerals in place 579,003 671,146 Extensions, discoveries and other additions 449,818 234,324 Add:

Revisions of previous estimates (120,892) 76,281 Annual additions 907,929 981,751 Less:

Purchase of minerals in place (579,003) (671,146) Annual additions, excluding acquisitions 328,926 310,605

Annual production (MMcfe) 134,645 96,827

Reserve replacement metrics:

Reserve replacement cost per Mcfe (1) $ 2.37 $ 1.63 Reserve replacement ratio (2) 674% 1,014% Finding and development cost from the drillbit per Mcfe (3) $ 1.94 $ 0.79 Drillbit reserve replacement ratio (4) 244% 321%

(1) (Oil and natural gas capital costs expended) divided by (Annual additions) (2) (Annual additions) divided by (Annual production) (3) (Oil and natural gas capital costs expended, excluding acquisitions) divided by (Annual additions, excluding acquisitions) (4) (Annual additions, excluding acquisitions) divided by (Annual production) 47

Page 48: Linn Energy Overview

The U.S. Securities and Exchange Commission (“SEC”) permits oil and gas companies, in their filings with the SEC, to disclose only resources that qualify as "reserves" as defined by SEC rules. We use terms describing hydrocarbon quantities in this presentation including “inventory” and “resource potential” that the SEC’s guidelines prohibit us from including in filings with the SEC. These estimates are by their nature more speculative than estimates of reserves prepared in accordance with SEC definitions and guidelines and accordingly are substantially less certain. Investors are urged to consider closely the reserves disclosures in LINN Energy’s Annual Report on Form 10-K for the year ended December 31, 2011, available from LINN Energy at 600 Travis, Suite 5100, Houston, Texas 77002 (Attn: Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC’s website at www.sec.gov. In this communication, the terms other than “proved reserves” refer to the Company's internal estimates of hydrocarbon volumes that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques. Those estimates may be based on economic assumptions with regard to commodity prices that may differ from the prices required by the SEC to be used in calculating proved reserves. In addition, these hydrocarbon volumes may not constitute reserves within the meaning of the Society of Petroleum Engineer's Petroleum Resource Management System or the SEC’s oil and gas disclosure rules. Unless otherwise stated, hydrocarbon volume estimates have not been risked by Company management. Factors affecting ultimate recovery include the scope of our ongoing drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals and other factors, and actual drilling results, including geological and mechanical factors affecting recovery rates. Accordingly, actual quantities that may be ultimately recovered from the Company's interests may differ substantially from the Company’s estimates of potential resources. In addition, our estimates of reserves may change significantly as development of the Company's resource plays and prospects provide additional data.

48