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Vanguard Natural Resources LLC | 2012 NAPTP MLP Conference | Richard A. Robert | Page 3 of 11 | May 18, 2013

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Overview of Vanguard Natural Resources Upstream oil & gas LLC, headquartered in Houston, Texas Initial Public Offering October 2007 (Total Enterprise Value of ~$240mm) Twelve strategic acquisitions totaling ~$1.6bn expanded geographic profile and commodity diversity (including merger with Encore Energy Partners LP) Quarterly distribution of $0.5925 per unit ($2.37 annualized) yields approximately 9.8% at current price; Increased distributions ~39% since IPO Diverse portfolio of mature, long life gas and oil properties, combined with a multi - year hedging program provide stable cash flow and support distribution growth No General Partner or incentive distribution rights (IDRs) Reduces cost of capital * Proved reserves as of 12/31/11 based on reserve report prepared by our independent reserve engineers, DeGolyer & MacNaug hton (D&M), and 12 - month average spot prices. . Pro forma for exchange of Appalachian assets. (1) Market data as of May 18, 2012 includes 420,000 Class B units. Balance sheet data as of March 31, 2012 and adjusted for Apri l 2012 bond offering. (2) Based on 12/31/11 proved reserves and Q4 2011 production, Company Profile VNR UNITS OUTSTANDING (1) 52.0 EQUITY MARKET CAP (1) $1,262 TOTAL DEBT $650 LESS CASH $5 ENTERPRISE VALUE $1,907 ~73.2 MMBoe total proved reserves Q4 2011 Production: ~14 MBoe/d ~88% proved developed and 17 year Proved R/P (2) & PD R/P of 15 years ~71% liquids / 29% gas on a consolidated basis ($ in millions) 3