DISTRIBUTION GROWTH ACQUISITIONS ASSETS PEOPLE

Innovative Approach to Growing an MLP March 2011 DISTRIBUTION GROWTH ACQUISITIONS ASSETS PEOPLE

Forward-Looking Statements Statements made by representatives of Linn Energy, LLC 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 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, our indebtedness under our 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, our ability to replace reserves and efficiently develop our current reserves, our ability to make acquisitions on economically acceptable terms, 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 the prospectus relating to this offering and the Company s 2010 Annual Report on Form 10-K and any other public filings. Linn Energy undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information or future events. This presentation has been prepared as of March 18, 2011. 2

Our Strategy for Growth U.S. oil and natural gas basins provide significant opportunities for future growth and consolidation. Implementing our strategy: We take a two-pronged approach to acquisitions Mature oil and natural gas assets that provide stable, long-life production High rate-of-return development assets We organically grow reserves and production We reduce cash flow volatility through hedging 4 We return cash flow to unitholders through the form of a distribution payment

Our Company Top 25 largest domestic independent oil & natural gas company and largest public E&P MLP/LLC (1) Founded in 2003, IPO in 2006 (NASDAQ: LINE) Equity market cap Total net debt Enterprise value Large, long-life diversified reserve base ~2.7 Tcfe total proved reserves 63% proved developed $6.8 billion $2.5 billion $9.3 billion 54% oil and NGLs / 46% natural gas >20 year reserve-life index ~11,000 gross productive oil and natural gas wells (2) Large inventory of lower risk development opportunities 5 Granite Wash ~200 Horizontal locations Wolfberry ~400 locations Bakken ~400 locations Note: Market data as of March 18, 2011 (LINE closing price of $38.80). All operational and reserve data as of December 31, 2010, pro forma pending 2011 acquisitions. Estimates of proved reserves for pending 2011 acquisitions were calculated as of the effective dates 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 enterprise values, LINE pro forma for bond redemption, recent unit offering and pending acquisitions. (2) Well count does not include ~2,700 royalty interest wells. CA Division Office (Brea) Williston Basin Bakken (Pending) 8 MMBoe proved reserves 2% of total reserves 83% liquids LEGEND LINN Operations LINN Pending Acquisitions TX Panhandle Granite Wash TX Panhandle Shallow NM California 31 MMBoe proved reserves 7% of total reserves 94% liquids ND Mid-Continent 1.7 Tcfe proved reserves 62% of total reserves 50% natural gas TX KS OK Corporate Headquarters (Houston) Michigan 259 Bcfe proved reserves 10% of total reserves 99% natural gas Oklahoma Division Office (Oklahoma City) Permian Basin 88 MMBoe proved reserves 19% of total reserves 78% liquids MI 5

Our Growth LINN is quickly becoming one of the largest MLP and Independent E&P companies Rank Master Limited Partnership Enterprise Value ($MM) 1 Enterprise Products $48,614 2 Kinder Morgan 34,287 3 Williams Partners 21,241 4 Energy Transfer 17,022 5 Plains All American 15,324 6 Enbridge Energy 13,351 7 El Paso Pipeline 11,565 8 ONEOK 11,396 9 LINN Energy 9,312 10 Boardwalk Pipeline 9,268 11 Magellan Midstream 8,383 12 Buckeye 7,024 13 Duncan Energy 6,718 14 Inergy 6,484 15 NuStar Energy 6,189 16 Cheniere Energy 5,129 17 MarkWest Energy 5,009 18 Regency Energy 4,721 19 Teekay LNG 4,517 20 Targa Resources 4,396 21 Natural Resource 4,357 22 Spectra Energy 4,176 23 Chesapeake Midstream 4,103 24 Sunoco Logisitics 4,060 25 AmeriGas 3,533 Rank Independent E&Ps Enterprise Value ($MM) 1 Occidental Petroleum $82,460 2 Apache Corp 55,206 3 Anadarko Petroleum 48,434 4 Devon Energy 41,254 5 Chesapeake Energy 37,548 6 EOG Resources 34,620 7 Encana Corp 32,089 8 El Paso 29,425 9 Noble Energy 17,590 10 Southwestern Energy 15,378 11 Pioneer Natural Resources 14,092 12 Murphy Oil 13,212 13 Continental Resources 12,820 14 Concho Resources 12,427 15 Newfield Exploration 11,893 16 Denbury Resources 11,201 17 Goodrich Petroleum 11,141 18 Range Resources 10,356 19 Cimarex Energy 9,449 20 Petrohawk Energy 9,428 21 LINN Energy 9,312 22 EQT Resources 8,995 23 Ultra Petroleum 8,733 24 Whiting Petroleum 8,565 25 QEP Resources 8,486 6 Note: Market data as of March 18, 2011(LINE closing price of $38.80). Source: Bloomberg.

Qualities of a Successful MLP Stable Distributions Distribution Growth Drivers High-quality asset base >50% liquids Long-life reserves (>20 years) Diversified asset base (5 core areas) Reduced commodity risk extensive hedge positions Acquisitions Excellent acquisition track record (>$5 billion in Company s history) ~$1.4 billion of acquisitions completed in 2010 ~$434 million of acquisitions announced YTD 2011 Drilling Horizontal Granite Wash Permian Wolfberry Williston Basin Bakken Financial Strength Strong liquidity position (borrowing capacity of $1.5 billion) (1) Access to capital markets 100% of debt is long term (1) 7 Note: All operational and reserve data as of December 31, 2010, pro forma for pending 2011 acquisitions. Estimates of proved reserves for pending 2011 acquisitions were calculated as of the effective dates of the acquisitions using forward strip oil and natural gas prices, which differ from estimates calculated in accordance with SEC rules and regulations. (1) As of December 31, 2010. 7

Implementing Our Strategy Implementing Our Strategy Through Acquisitions

Evaluating Acquisitions We look for attractive margins $110.00 $100.00 NYMEX Five Year Forward Strip ($ per Boe) (1) LINN Weighted Average Acquisition Costs ($ per Boe) $98.42 $90.00 $80.00 $86.05 $83.54 $70.98 $70.00 $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 $0.00 $59.88 $47.53 $79.27 $72.11 $38.52 $76.56 $59.98 $27.91 $28.89 $50.25 $33.07 $25.92 $22.94 $24.81 $19.15 $14.46 $12.60 $9.63 $4.97 $4.08 $9.49 $11.43 $11.00 2003 2004 2005 2006 2007 2008 2009 2010 2011 9 (1) Represents weighted average blended five year forward oil and natural gas strip prices as of the closing date of acquisitions completed each year through 2010 and pending acquisitions during 2011. Source: Bloomberg. 9

Our Acquisition Activity Recent acquisition activity has been focused on oil transactions ~80% of all acquisitions since 2008 Acquisition Activity ($ in millions) $3,000 $2,500 $2,000 $2,679 Total ~$5.9 billion (1) $1,500 $1,331 $1,000 $500 $0 $452 $601 $478 $202 $118 Pre IPO 2006 2007 2008 2009 2010 2011 10 (1) Pro forma for 2011 pending acquisitions. Based on contract prices. Natural gas Oil

Growth Through Acquisitions Rapid Growth in Permian Area Acquisition Closing Date Contract Price $ MM Forest Aug. 2009 / Sep. 2009 Reserves (MMBoe) Production (Boe/d) $118 12 ~1,350 Merit (1) Jan. 2010 $155 12 ~1,700 Henry Savings CrownQuest / Element May 2010 $305 18 ~2,800 Aug. 2010 $90 7 ~950 CrownQuest Oct. 2010 / $352 30 ~3,300 Patriot / Nov. 2010 Element Pending Permian Feb. 2011 (2) $238 14 ~1,650 Skelly Unit Red Lake Unit North Benson Queen Unit Seven Rivers Queen Unit Humphery Queen Unit Eddy Grayburg Unit NM Langlle-Mattix Unit Lea Caprock Unit Andrews Hockley Vacuum Leases Winkler Ward East Hobbs Ector Crane Dawson Martin Midland Upton Garza Howard Irion TX Stonewall Shackleford LINN has announced ~ $1.2 billion in Permian acquisitions (closed and pending) Reserves ~90 MMBoe Production ~11,000 Boe/d ~700 proved low-risk infill drilling and optimization opportunities Opportunities for bolt-on acquisitions South Leonard Queen Unit LINN Fields Pecos Acquisition Fields Wolfberry Trend Crockett Schieicher 11 Note: Reserve and production data estimated as of time of acquisition announcement. (1) Merit acquisition includes properties in both Permian and Mid-Continent. Contract price, reserves and production numbers are for total Merit acquisition. Permian properties are approximately 72% of the total Merit acquisition based on estimated reserve data as of the acquisition date. (2) Announcement date.

Permian Basin Operated Activity (Wolfberry Trend) Grayburg Mescalero Hockley Levelland Wolfberry Trend Garza Stonewall Dawson Shackleford Howard County Eddy NM Lea Iatan / Snyder Owen Mesa Andrews Ector Winkler Martin Midland Howard TX LINN Fields Ward Crane Acquisition Fields Upton Irion Wolfberry Trend Pecos Crockett Schieicher 12 Permian Basin Wolfberry Long-life, low risk reserves ~59 MMBoe proved reserves 74% liquids (~37% proved developed) Reserve life of over 20 years 13% of total reserves Acreage position ~27,000 net acres ~15,000 net developed acres Growth opportunities ~400 proved low-risk infill drilling and optimization opportunities Opportunities for bolt-on acquisitions Note: All operational and reserve data as of December 31, 2010, pro forma for pending 2011 acquisitions. Estimates of proved reserves for pending 2011 acquisitions were calculated as of the effective dates of the acquisitions using forward strip oil and natural gas prices, which differ from estimates calculated in accordance with SEC rules and regulations. WOLFBERRY TREND FEET 0 7,450 LINN Acreage Drilling Locations Wolfberry Well Locations

Implementing Our Strategy Implementing Our Strategy Through Organic Growth

Granite Wash Operated Horizontal Activity (Greater Stiles Ranch) ~200 horizontal locations provides 6 year drilling inventory at current pace. DYCO Wheeler County FRYE RANCH LINN Acreage ~23,000 Gross ~12,000 Net 2010 Wells 2011 Locations Feet 0 8,260 DYCO (11) 2011 Locations FRYE RANCH (14) 2010 Wells (13) 2011 Locations Hemphill County STILES RANCH STILES RANCH (6) 2011 Locations Greater Stiles Ranch 2010 Puryear 5-28H McMahan 22-2H Black 50-1H Stein 1-3H Thomas 5-8H Stein 1-2H Black 49-1H Black 49-3H Black 50-2H Black 49-2H Puryear 28-7H Puryear 28-6H Thomas 5-9H Thomas 5-10H 2011 Reed 31-4H Reed 31-5H Reed 31-6H Thomas 5-11H Status 18.5 MMcfe/d I.P. 19.4 MMcfe/d I.P. 60.2 MMcfe/d I.P. 37.2 MMcfe/d I.P. 26.2 MMcfe/d I.P. 20.5 MMcfe/d I.P. 23.7 MMcfe/d I.P. 24.6 MMcfe/d I.P. Initial Flowback Completing Completing Waiting on completion Waiting on completion Waiting on completion Waiting on completion Waiting on completion Drilling Drilling

Granite Wash Trend Area Granite Wash trend also extends into Oklahoma LINN s potential from its Oklahoma acreage is not included in the estimated 200 locations Buffalo Wallow - 2 Step 7 th Step - Mendota ROBERTS HEMPHILL Greater Stiles Ranch ELLIS Devon, Forest Newfield, Chesapeake Cooprider 1-34H (Producing) LINN Operated RODGER MILLS DEWEY Apache Elder 1-5 OKLAHOMA Colony Granite Wash Chesapeake Penn Virginia CUSTER BLAINE GRAY LINN Acreage WHEELER Hogshooter Wells TEXAS Mayfield BECKHAM McGuire 1-6H 6.9 MMcfe/d Non-operated WASHITA Apache Thetford 4-23 CADDO LINN Acreage Gross Net Horizontal Locations Texas G.W. Area ~68,000 ~48,000 200 Oklahoma G.W. Area ~100,000 ~25,000? TX OK Total ~168,000 ~73,000 200 15 Note: Acreage totals reflect only the acreage shown in the gray area on the Granite Wash regional map. 15

Organic Growth A Game Changer Significant potential for rapid organic growth Horizontal Granite Wash Successful Granite Wash program underway 4 rigs active in 2011 >200 high-potential low-risk locations (TX) 500 ~320 MMcfe/d YE 2010 Permian Basin (Wolfberry) >130 wells planned in 2011 5 rigs active during 2011 4-year drilling inventory ~400 future drilling locations MMcfe/d 400 3 Rig Granite Wash Program 4 Rig Granite Wash Program Potential Organic Growth (No Acquisitions) 300 200 ~$1.4 billion of acquisitions and early impact of organic growth YE09 YE10 2015E LINN Base Assets LINN Base Potential Future Growth Profile Note: Growth profile not pro forma for pending acquisitions. 16 16

How We Reduce Risk

We Reduce Risk Through Hedging LINN is hedged ~100% on expected oil and natural gas production through 2013 (1) and ~80% in 2014 (1) Natural Gas Positions Puts provide upside on hedged volumes Oil Positions Puts and collars provide upside on hedged volumes Volumes (MMcf/d d) 225 200 175 150 125 100 75 50 $8.24 $7.01 51% $9.50 $6.07 $6.06 $5.65 $5.66 $5.00 $5.00 $6.25 $6.25 30% 30% 34% 33% $5.97 $5.96 $5.93 $5.95 Volumes (Bbl/d d) 32,000 28,000 24,000 20,000 16,000 12,000 8,000 $89.93 $92.76 $75.00 $75.00 $85.70 23% 22% $94.70 #REF! $75.00 30% $90.00 $94.33 $97.83 $94.70 $90.23 $92.84 25 4,000 $92.84-2011 2012 2013 2014 2015-2011 2012 2013 2014 2015 Swaps Puts (2) Percent Puts (3) Swaps (4) Collars (5) Puts Percent Puts (3) Note: Includes full-year 2011 2015 hedging positions. (1) Based on expected oil and natural gas production volumes, on an equivalent basis and excludes expected NGL production volumes. (2) Natural gas positions include puts which settle on the Panhandle Eastern Pipeline Index (PEPL) to hedge basis differential associated with natural gas production in the Mid-Continent. (3) Calculated as percentage of hedged volumes in the form of puts. (4) The Company has certain outstanding fixed price oil swaps on 14,750 Bbls per day which may be extended annually at a price of $100.00 per Bbl for each of 2015, 2016 and 2017 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) Includes collars with floor / ceiling prices of $90.00 / $112.25 on 276 MBbls of oil for FY 2011. 18 18

How Our Hedge Book Compares (Equivalent Basis) LINN s cash flow is notably more protected from oil and natural gas price uncertainty than its C-Corp peers 120% % Production Hedged 100% 80% 60% 40% 20% 0% ~100% ~100% 77% 55% 56% 52% 81% 81% 17% 6% 1% 2011LINN Swaps 2012 LINN Collars 2013 2014 LINN Puts 2015 % Swaps Peer Average Production Hedged Q3 2010 % Collars % Puts (1) Peer % Hedged (1) 19 Note: LINN s production is based on internal estimates including pending 2011 acquisitions. (1) 2011E Peer Group production per Wall Street research. Hedge data based on publicly available data. Peers include: CLR, FST, HK, KWK, NFX, PXD, PXP, RRC, SWN and WLL. 19

The End Game

Distribution History Consistently paid the distribution for 20 quarters Consistent yield generates long-term returns Distribution History $12.00 $11.00 $10.00 $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 0.40 (1) $11.66 $11.00 0.66 $10.34 0.66 $9.71 0.63 $9.08 0.63 $8.45 0.63 $7.82 0.63 $7.19 0.63 $6.56 0.63 $5.93 0.63 $5.30 0.63 $4.67 0.63 $4.04 0.63 $3.41 0.63 $2.84 0.57 $2.27 0.57 $1.75 0.52 $1.23 $0.80 0.52 0.43 0.40 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2006 2007 2008 2009 - Current Distribution - Cumulative Distribution 2010 21 (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.

LINN Historical Return LINN Total Return and Stock Price Appreciation (LINE IPO Present of 199%) 210% 180% 199% 150% 120% 90% 60% ~85% 62% 30% 0% ~11% -30% -60% 1/12/06 7/3/06 12/22/06 6/12/07 12/1/07 5/21/08 11/9/08 4/30/09 10/19/09 4/9/10 9/28/10 3/18/11 LINE Total Return LINE Price Appreciation S&P Mid-Cap E&P Index S&P 500 Index 22 Note: Market data as of March 18, 2011(LINE closing price of $38.80) Source: Bloomberg.

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 the Company s Annual Report on Form 10-K for the year ended December 31, 2010, available from the Company 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. 23