1. LinnCo Overview

2. 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.

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

4. 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

5. LINN Overview
 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 $9.5 billion
Total net debt $5.5 billion
Salt Creek Field
Enterprise value $15.0 billion(1) ND
 Large, long-life diversified reserve base Jonah Field
 ~5.1 Tcfe total proved reserves MI
WY
 64% proved developed
CA Hugoton Field IL
 45% oil and NGLs / 55% natural gas KS
 ~21 year reserve-life index
 >15,000 gross productive oil and natural gas wells(2) OK
NM East Texas
 Large inventory of low risk and liquids-rich
development opportunities TX
Corporate
LA
 Jonah Field – ~650 locations LINN Operations
Headquarters
(Houston)
2012 Acquisitions /
 Granite Wash – ~600 horizontal locations Joint Venture
 Wolfberry – ~400 locations
 Bakken – ~800 horizontal locations(3) 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
 Cleveland – ~165 horizontal locations 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.
 Kansas Hugoton – ~800 locations (1) Pro forma for ~$1,250 million LNCO IPO (assumes proceeds used to repay debt) and Jonah Field
acquisition.
 Salt Creek Field – CO2 flood (2) Well count does not include ~2,500 royalty interest wells.
(3) Average working interest of ~7%.
5

6. LINN’s Unique Business Strategy
Consolidate  LINN’s goal is to consolidate mature oil and natural gas assets across the U.S.
Mature Assets  Since 2003, we have made 54 acquisitions for ~$10 billion(1)
Mitigate  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
Commodity
Risk  Unique hedging structure utilizing ~30% puts allows for significant upside potential
 We efficiently operate and enhance our existing properties
Operational
o Include workovers, recompletions and other production enhancement activities
Efficiency
 >15,000 producing wells in 6 core operating areas
 LINN provides investors with significant organic growth
Organic
Growth o ~30% growth from 2010 vs. 2011
Opportunities o ~20% growth from 2011 vs. 2012E
 LINN has a unique cost of capital advantage
Low Cost of
o This allows us to consolidate low-risk assets and still generate significant returns
Capital
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. 6
(1) Includes 15 acquisitions comprising the Appalachian Basin properties sold in July 2008.

7. MLP and Independent E&P Rankings
 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
Rank Master Limited Partnership Enterprise Value ($MM) Rank Independent E&Ps Enterprise Value ($MM)
1. Enterprise Products Partners $63,392 1. ConocoPhillips $91,884
2. Kinder Morgan Energy Partners $41,982 2. Occidental Petroleum Corp. $72,914
3. Energy Transfer Equity $38,716 3. Anadarko Petroleum Corp. $48,018
4. Williams Partners $26,901 4. Apache Corp. $44,932
5. Plains All American Pipeline $21,746 5. EOG Resources Inc. $34,988
6. Energy Transfer Partners $20,598 6. Chesapeake Energy Corp. $31,284
7. ONEOK Partners $16,537 7. Devon Energy Corporation $28,030
(1)
8. LINN Energy LLC $14,976 8. Marathon Oil Corporation $25,658
9. Enbridge Energy Partners $14,600 9. Noble Energy Inc. $19,858
10. El Paso Pipeline Partners $12,565 10. Continental Resources Inc. $16,155
11. Magellan Midstream Partners $11,806 11. Pioneer Natural Resources Co. $15,995
12. Boardwalk Pipeline Partners $9,576 12. LINN Energy LLC(1) $14,976
13. Markwest Energy Partners $8,293 13. Range Resources Corp. $13,976
14. Buckeye Partners $6,745 14. Southwestern Energy Co. $13,771
15. Nustar Energy LP $6,534 15. Concho Resources Inc. $12,438
16. Amerigas Partners $6,382 16. EQT Corp. $11,048
17. Sunoco Logistics Partners $6,304 17. Cabot Oil & Gas Corp. $10,352
18. Access Midstream Partners $6,137 18. Murphy Oil Corp. $10,079
19. Cheniere Energy Partners $6,099 19. Denbury Resources Inc. $9,272
20. Regency Energy Partners $5,848 20. Plains Exploration & Production $8,323
21. Western Gas Partners $5,778 21. Cobalt International Energy $8,277
22. Targa Resources Partners $5,444 22. Sandridge Energy Inc. $8,140
23. Teekay LNG Partners $4,981 23. QEP Resources Inc. $7,398
24. Inergy LP $4,318 24. Newfield Exploration Co. $7,167
25. Teekay Offshore Partners $4,075 25. Whiting Petroleum Corp. $6,995
Note: Market data as of September 28, 2012 (LINE closing price of $41.24). Source: Bloomberg.
7
(1) Pro forma for ~$1,250 million LNCO IPO and Jonah Field acquisition.

8. Growth Through Accretive Acquisitions
 ~$10 billion in acquisitions completed since the Company’s inception
 Includes 54 separate transactions(1)
Value of Acquisitions Per Year (1)
$9,680
$10,000
$9,000
$2,800
$8,000
$6,880
$7,000
($'s in millions)
$6,000 $1,513
$5,367
$5,000 $1,367
$3,882 $4,000
$4,000 $3,281 $601
$3,000
$2,000 $2,627
$654
$1,000 $202
$52 $78 $452
$0
(2)
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
YTD
Cumulative Acquisitions Acquisitions Completed In Year
(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.
8

9. Jonah Field Acquisition From BP
On July 31, 2012, LINN closed a $1.025 billion Sheridan
Park
acquisition in Wyoming’s Jonah Field from BP. Big Horn Campbell Crook
Strategic Rationale Wyoming Washakie Weston
Teton
 Significant operated entry into the Green River Basin Jonah
Hot Springs Johnson Salt Creek
Natrona
 Long-life, low-decline natural gas asset
Sublette
 Significant future drilling inventory
Lincoln
Niobrara
Fremont Converse
 ~1.2 Tcfe of identified resource potential from ~650
future drilling locations Platte Goshen
 Hedged ~100% of net expected oil and natural gas Carbon
Albany Fields
production through 2017 Oil
Laramie
Natural Gas Fields

Sweetwater
Immediately accretive to DCF / unit(1) Uinta
Asset Overview
Sublette County
 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 Acquisition Acreage
Field Area
(1) Distributable cash flow per unit.
9

10. Anadarko Salt Creek Joint-Venture
On April 3, 2012, LINN acquired 23% of Anadarko’s
(“APC”) interest in the Salt Creek Field, one of the
Sheridan
largest CO2 EOR projects in North America. Park
Campbell
Big Horn Crook
Strategic Rationale Wyoming Salt Creek
Washakie Weston
 Unique, high growth asset with low decline rate Teton
Hot Springs Johnson
 Expect steady production growth for ~10 years Natrona
 Expect to greatly benefit from APC’s extensive CO2 Sublette
Fremont
Lincoln
experience Niobrara
Converse
 Potential to transfer enhanced oil recovery (“EOR”) EXXON
technology to LINN’s existing asset base LaBarge Platte Goshen
Field
 Immediately accretive to DCF / unit
EXXON Shute
Carbon
Albany
Oil Fields
Natural
Creek Plant Gas Fields
Laramie
Asset Overview Uinta
Sweetwater CO2 Pipelines
Natural Gas
 Expect to invest ~$600 million over the next 3-6 years Pipelines
100,000
 $400 million of APC’s development costs Primary
Secondary
 $200 million net to LINN’s interest Tertiary
Barrels Oil per Day
 Net production ~1,600 BOPD (first 12 months)(1) 10,000
 Expect to double net production by 2016
 Low decline rate of <7% and reserve life of ~28 years 19.9% 24.4% 9.9%
 Estimated ~1 billion gross barrels of oil remaining in 1,000
place 1910 1930 1950 1970 1990 2010
Year
(1) LINN Energy, LLC estimates.
10

11. Hugoton Field Acquisition From BP
On March 30, 2012, LINN closed a $1.2 billion acquisition in
the liquids-rich Kansas Hugoton Field from BP.
 Liquids-Rich
Finney
Hamilton
 Liquids-rich production of ~110 MMcfe/d
 37% NGLs / 63% natural gas Kansas Kearny
 Excellent MLP Asset
 Low decline rate of ~7%
Haskell
 Reserve life of ~18 years Stanton Grant
 Proved reserves of ~730 Bcfe, with 81% PDP
 Platform For Growth
Jayhawk Gas Plant
 ~800 future drilling locations on >600,000 contiguous net
Stevens
acres Morton Seward
 ~500 identified recompletion opportunities in the Chase Acquisition Acreage
formation
 100% ownership of Jayhawk Gas Processing Plant
KS
o Significant excess capacity; currently 41% utilized
OK
 Strategic-Fit With LINN’s Business Model
TX
 Immediately accretive to DCF / unit
 Little requirement for capital investment
 Steady stream of predictable cash flow 11

12. Granite Wash – Operated Horizontal
Drilling Activity (Greater Stiles Ranch)
 Over 600 horizontal locations
7TH STEP – MENDOTA TWIN
CHANNELS
Roger Mills  Expect to drill or participate in 81
County
Hemphill County horizontal wells in 2012
OKLAHOMA
Hemphill  Successfully completed 12
BUFFALO
County DYCO WALLOW
2 STEP
DYCO Hogshooter oil wells YTD
MAYFIELD
Wheeler County FRYE
RANCH  Average IP rates of ~2,110
TEXAS STILES
RANCH
Bbls/d of oil
LINN Acreage
Beckham
 8 rig drilling program currently
Acquisition Acreage
County
focused primarily on Hogshooter
Wheeler County
Current  Plan to drill an additional 11
Hogshooter STILES RANCH Hogshooter wells by year-end
Development
Non-
Well Status Operated
Operated
LINN Acreage
~23,000 Gross
~12,000 Net
Producing 111 32
Acquisition Drilling 8 2
Acreage
~21,000 Net
Waiting on
Drilled Wells FRYE Completion
10 2
RANCH
2012 Proposed
Drilling Activity Feet
Completing 1 1
0 8,260’
Total 130 37
12
Note: Well counts as of July 8, 2012.

13. LINN’s Unique Position In The
Granite Wash
 Produce from 8 Granite Wash / Atoka Wash Stratigraphy
separate zones
 Each zone bears a LATERAL BOREHOLES
VIR-
9,400’
Tonkawa
GILIAN
unique production Lansing
profile Kansas City
(Hogshooter)
 Oil Cleveland
Carr
 Liquids-rich gas D
G
R Britt
E A
 Dry gas S N “A”
I
M “B”
 Enables LINN to adapt O
I
T
E
“C”
its drilling program N
E
S
W
 Focus on highest I
A A
“D”
N S “E”
returns H “F”
 Recently shifted entire
Oil
Natural Gas & A “A”
Condensate Rich T thru
W
drilling program to Natural Gas & O A
“C"
Condensate Lean K S Lwr “C”
focus on oil LINN horizontal A H
thru “E"
tested zone
15,000’
13

14. LINN Provides Both Organic
& Acquisition Growth
 LINN is unique in that it provides investors with the potential for
significant organic and acquisition growth
1,000
2012E Exit Rate of
900 >800 MMcfe/d(1)
Potential
800
Organic
Growth(2)
Production (MMcfe/d)
700
600
$2.8 billion of
~425 MMcfe/d YE Acquisitions
2011 Exit Rate
500
in 2012(4)
~320 MMcfe/d YE
2010 Exit Rate
400
~$1.5
LINN
300
billion(3) of
acquisitions
Base
impact in addition
to 30% organic
Assets
growth
200
YE09 YE10 YE11 2012E 2013E 2014E 2015E
LINN Base Closed 2012 Acquisitions Potential 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. 14
(4) Based on contract price for closed 2012 acquisitions and $400 million of Anadarko’s development costs related to the Salt Creek JV.

15. LinnCo Structure and
Financial Highlights

16. LinnCo Structure
LINE LNCO
 Current distribution of $2.90 / unit(1)  Estimated dividend of $2.84 / share(2)
 Schedule K-1 (partnership)  Form 1099 (C-Corp.)
Existing LINE LinnCo
Unitholders Shareholders
$2.84 Common
Dividend Shares
$2.90
Distribution
LinnCo
$2.90
Distribution
LLC LLC
Units Units
LINN Energy, LLC
 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)
(1) Represents annualized distribution based on Q2’12 distribution of $0.725 per unit paid August 14, 2012.
16
(2) Represents annualized dividend based on current projections for the period ending December 31, 2013.

17. LinnCo Structure – Advantages
 Shareholders receive Form 1099 rather than
Reduces Tax a Schedule K-1
Reporting
 No state income tax filing requirements
Burdens
 Generally, no UBTI(1) implications
 Tax-shield at LINN Energy, LLC
o 100%+ from 2010 – 2011 (actual)
Efficient Tax o 100%+ from 2012 – 2013 (estimated)(2)
Structure
 Estimated tax at LNCO
o ~1.5¢ / quarter from Q4’12 through Q4’13(2)
(1) Unrelated business taxable income. 17
(2) Based on current projections.

18. LinnCo Structure – Overview
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). 18

19. Attractive Valuation
 LINN represents an attractive value relative to other yield segments
Current Yields
8.0%
7.0%
7.0%
5.8%
6.0%
5.0%
Current Yield
3.9% 4.0%
4.0%
3.1% 3.3%
3.0%
2.1%
2.0% 1.6%
1.0%
0.4%
0.0%
LINE E&P (1) 10-Yr. S&P 500 TRGP FTSE KMI S&P 500 Alerian
Treasury NAREIT Utilities MLP Index
Index Index
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).
19

20. 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. 20
(3) Based on contract price for closed 2012 acquisitions and $400 million of Anadarko’s development costs related to the Salt Creek JV.

21. LINN Has Created an Acquisition Machine
2010 2011 2012 YTD(3)
 Screened 189 opportunities  Screened 122 opportunities  Screened 186 opportunities
 Bid 41 for ~$10.1 billion  Bid 31 for ~$7.5 billion  Bid 12 for ~$6.2 billion
 Closed 13 for ~$1.4 billion(1)  Closed 12 for ~$1.5 billion(1)  Closed 4 for ~$2.8 billion(2)
Historical Acquisitions and Joint Venture
$3,000
Total ~$5.7 Billion Since 2010
$2,500
($'s in millions)
$2,000
$1,500
$2,800
$1,000
$1,367 $1,513
$500
$0
2010 (1) 2011 (1) 2012 YTD (2)
(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. 21
(3) As of September 21, 2012.

22. Strong Performance and Growth
Reserves (Bcfe) Production (MMcfe/d)
6,000 800
(1) (2)
5,067 700 673
5,000
600
4,000
3,370 500
400 369
3,000 2,597
300 265
2,000 1,660 1,712 212 218
1,419
200
1,000 87
255 100
8
0 0
2006 2007 2008 2009 2010 2011 2012PF 2006 2007 2008 2009 2010 2011 2012E
Adjusted EBITDA ($ in millions) Annualized Distributions ($ per unit)
$1,600
$1,365 (3)
$1,400 $2.90
$3.00
$2.76
$1,200
$998 $2.52 $2.52 $2.52
$1,000 $2.50
$2.28
$800 $732
$566 $2.00
$600 $514
$1.60
$400
$1.50
$200
$0 $1.00
(4)
2008 2009 2010 2011 2012E Q2 '06 Q2 '07 Q2 '08 Q2 '09 Q2 '10 Q2 '11 Q2 '12
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. 22
(4) Annualized distribution based on Q2’12 distribution of $0.725 per unit paid August 14, 2012.

23. Significant Hedge Position
 LINN is hedged ~100% on expected natural gas production through 2017; and
~100% on expected oil production through 2016
 Puts provide price upside opportunity
Natural Gas Positions Oil Positions
550 45,000 $92.52
$4.48 $4.48
$5.12 $95.57 $94.81
500 $90.44
$5.14 40,000 $91.30
$5.31 $97.86 $90.00 $90.00
450 $5.27 $5.00 $4.88 25%
$5.00
Volumes (MMcf/d)
35,000 21%
Volumes (Bbls/d)
$97.09 23% 22%
400 $5.00 34% 35% 36%
$5.46 $5.42 $99.19
350 30,000
41% 21%
43% 46%
300 25,000
$4.20 $4.26 $94.97 $92.92 $96.23 $90.56
250 $5.19
20,000
200 $5.25 $96.54
15,000
$5.12 $5.22
150
10,000
100
50 5,000
- -
2012 (1) 2013 2014 2015 2016 2017 2012 (1) 2013 2014 2015 2016
Swaps Puts (2) Percent Puts (3) Swaps (4) Puts Percent Puts (3)
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.
23

24. Significant Hedge Position (Equivalent Basis)
 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.
100% 100% 100% 100% 100%
100%
88%
37% 35% 30% 31% 79%
80% 36%
Expected Production Hedged
71%
66%
70% 25%
69%
60% 64% 63% 65%
47% 49%
54%
40%
29%
20%
20% 16%
9%
4%
1% 1%
0%
2012 2013 2014 2015 2016 2017
C-Corp. Peers Upstream MLP
% Swaps % Puts (1) (2)
% Hedged 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. 24
(2) Represents simple average and peer group includes: BBEP, EVEP, LGCY, LRE, MEMP, MCEP, PSE, QRE and VNR.

25. Distribution Stability and Growth
 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)
Distribution History
Stability During Credit Crisis
$180 $0.73 $0.73
$18
$0.69 $0.69 $0.69
$160 $0.66 $0.66 $0.66 $16
$0.63 $0.63 $0.63 $0.63 $0.63 $0.63 $0.63 $0.63 $0.63 $0.63 $0.63
$140 $0.57 $0.57 $14
Natural Gas ($/MMBtu)
$0.52 $0.52
$120 $12
Oil ($/Bbl)
$0.43
$100 $0.40 $0.40 $10
$80 $8
$60 $6
$40 $4
$20 $2
$0 $0
(2)
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
2006 2007 2008 2009 2010 2011 2012
Quarterly Distributions WTI Crude Oil Henry Hub Natural Gas
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.
25

26. Distribution History
 Consistently paid the distribution for 26 quarters
 81% increase in quarterly distribution since IPO
Distribution History
$15.84
$16.00
$15.12 0.73
$14.39 0.73
$13.70 0.69
$14.00
$13.01 0.69
$12.32 0.69
$12.00 $11.66 0.66
$11.00 0.66
$10.34 0.66
$9.71 0.63
$10.00
$9.08 0.63
$8.45 0.63
$7.82 0.63
$8.00 $7.19 0.63
$6.56 0.63
$5.93 0.63
$6.00 $5.30 0.63
$4.67 0.63
$4.04 0.63
$4.00 $3.41 0.63
$2.84 0.57
$2.27 0.57
$1.75
$2.00 $1.23 0.52
$0.80 0.52
$0.40 0.43
0.40
$- (1)
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
2006 2007 2008 2009 2010 2011 2012
Quarterly Distribution Cumulative Distribution
26
(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.

27. LINN Historical Return
LINN Total Return and Stock Price Appreciation (LINE IPO – Present of ~255%)
~255%
250%
200%
~156%
150%
100% ~96%
50%
~29%
~18%
0%
(50%)
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
Note: Market data as of September 28, 2012 (LINE closing price of $41.24). Source: Bloomberg.
27

28. Size Advantage in E&P MLP/LLC Market
 LINN has a significant size advantage in the  E&P market presents significantly more
E&P MLP/LLC market acquisition opportunities than rest of MLP
 Greater access to capital markets market
 Ability to complete larger transactions  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)
$15.7 Billion
$16.0
$15.0 Billion Memorial Production E&P
Mid-Con Energy
$14.0
LRR Energy MLP/LLC
Pioneer 6%
Atlas Resources
$12.0 $31
Enterprise Value ($B)
QR Energy Billion
$10.0
Legacy
$8.0
BreitBurn
$6.0
Vanguard $447
$4.0
Billion
$2.0 EV Energy
$0.0
LINE (2) All Others
(10 MLPs) All Others
Note: Market data as of September 28, 2012 (LINE closing price of $41.24). Source: Bloomberg.
94%
(1) Excludes Constellation Energy Partners and Dorchester Minerals LP.
(2) Pro forma for ~$1,250 million LNCO IPO and Jonah Field acquisition. 28
(3) Includes all U.S. energy MLPs recognized by the National Association of Publically Traded Partnerships (NAPTP).

29. Why Invest in LINN?
 High quality asset base
Stable o Multi-year inventory of high-return development opportunities
Distributions 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
Distributions o Excellent acquisition track record (54 transactions for ~$10 billion)
o ~$1.4 billion(1) completed in 2010
Growth Drivers
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
Financial Strength o Total capital raised since IPO:
$6.4 billion of equity(3)
$5.4 billion of bonds
$11.8 billion total
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. 29
(3) Pro forma for ~$1,250 million LNCO IPO.

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

31. LINN Overview
Salt Creek Field ND
Jonah Field
WY MI
Hugoton Field
CA IL
KS
TX Panhandle Oklahoma
Shallow
TX Panhandle OK
Granite Wash East Texas
NM
TX LINN Operations
Corporate
Headquarters
LA 2012 Acquisitions /
(Houston) Joint Venture
Williston / Powder River Basins Jonah Field California
• 32 MMBoe proved reserves • 730 Bcfe proved reserves • 32 MMBoe proved reserves
• 4% of total reserves • 15% of total reserves • 4% of total reserves
• 92% liquids • 73% natural gas • 93% liquids
Permian Basin Mid-Continent(1) Michigan / Illinois
• 88 MMBoe proved reserves • 3.1 Tcfe proved reserves • 317 Bcfe proved reserves
• 10% of total reserves • 61% of total reserves • 6% of total reserves
• 79% liquids • 59% natural gas • 96% natural gas
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. 31
(1) Includes Mid-Continent, Hugoton Basin and East Texas.

32. LinnCo – Overview of Tax Considerations
 LinnCo subject to corporate-level taxation on income allocation from LINN
(35%)
Taxation at  LinnCo expected to receive tax shield in excess of 100%
LinnCo Level  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)
 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%)
Taxation at  Distributions in excess of earnings and profits, treated as return of capital and
reduce the basis in LinnCo shares
LinnCo
o Percentage of distributions treated as return of capital expected to be
Shareholder between 40% – 100% through 2015
Level  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
32

33. LINN Units vs. LinnCo Shares
LINN LinnCo
 LinnCo’s sole purpose is to own LINN units
 Will not own any other assets besides LINN
Business &  LINN is in the business of acquiring and
units and reserves for income taxes payable
Assets developing oil and natural gas assets
by LinnCo
 No leverage allowed
Taxation
 Unitholders receive a Schedule K-1  Shareholders receive a Form 1099-DIV
Schedule
 Unitholders have the right to vote with
respect to:  LinnCo will submit to a vote of its
o LINN’s Board of Directors shareholders any matter submitted by LINN
o Certain amendments to its limited to a vote of its unitholders (including election
Voting liability company agreement of LINN’s Board of Directors)
o Potential merger of LINN or the sale  LinnCo will vote the LINN units which it holds
of all or substantially all of its assets in the same manner as the owners of LinnCo
o Potential dissolution and / or winding- shares vote
up of LINN
 LINN Board of Directors provides oversight to  LINN, as the holder of LinnCo’s sole voting
Board of
LINN’s management and has the power to share, will have the sole right to elect the
Directors appoint LINN’s officers members of LinnCo’s Board of Directors
33

34. LINN Structure & Benefits
LINN Energy Typical LinnCo, LLC Typical
Characteristic
(LINE) MLP (LNCO) C-Corp.
Non-Taxable Entity    
Payout Distribution Distribution Dividend Dividend
Tax Reporting Schedule K-1 Schedule K-1 Form 1099 Form 1099
General Partner    
Incentive Distribution
Rights (IDRs)    
(Up to 50%)
Voting Rights    
34

35. Ensuring Liquids Delivery In The
Granite Wash
 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
Hemphill County
TWO
STEP Eagle Rock
Enbridge Woodall Plant
TX
Eagle Rock BUFFALO
WALLOW
Enbridge
DYCO
Enbridge Allison Plant
Eagle Rock
Enbridge
Wheeler County STILES RANCH
Enbridge Markwest
Enbridge
LINN Acreage FRYE RANCH Frontier & PVR
Completed Pipeline DCP
Markwest
2012 Pipeline
Expanding GW Capacity Eagle Rock
Enogex Markwest Wheeler Plant
Fort Elliott Plant
2012 Compressor Stations Enogex
Enbridge
Interconnect Frontier
0 1 mile Crestwood Ajax Plant 35

36. Permian Basin
Permian Production Growth
 Strategic entry in 2009 16
14
 Long-life, low-risk reserves 12
10
MBbls/d
 88 MMBoe proved reserves 8
6
 79% liquids (~56% proved developed)
4
 Reserve life ~18 years 2
 Growth opportunities
0
 ~400 proved low-risk infill-drilling and
MONTHS
optimization opportunities in the Wolfberry
NM
 Potential for additional bolt-on acquisitions
Hockley
 Recent activity and average results Garza
Stonewall TX
 IP rates: ~120 Boe/d
Shackleford
Dawson
 EURs: ~125 MBoe Eddy NM Lea
Andrews Martin Howard
 Rate of returns: ~40%+ Ector
TX
Winkler
Midland
Ward Crane
Upton Irion
Pecos Crockett Schieicher
LINN Fields
Wolfberry Trend 36
Note: All operational and reserve data as of December 31, 2011.