INVESTOR PRESENTATIONJANUARY 2016

2

Forward Looking Statements

This presentation contains forward-looking statements. These forward-looking statements can be identified by use

of forward-looking terminology including “may,” “assume,” “estimate,” “project,” “believe,” “plan,” “expect,”

“anticipate,” “intend,” “forecast,” “continue” or other similar words. These statements discuss future operating or

financial performance or events. Descriptions of Legacy’s objectives, goals, targets, plans, strategies, budgets and

projected financial and operating performance are also forward-looking statements. These statements represent

our present expectation or beliefs concerning future events and are not guarantees. Such statements speak only as

of the date they are made, and Legacy does not undertake any obligation to update any forward-looking statement.

We caution that forward-looking statements involve risks and uncertainties and are qualified by important factors

that could cause actual events or results to differ materially from those expressed or implied in any such forward-

looking statements.

Investors are also urged to consider closely the disclosure relating “Risk Factors” and “Forward-Looking

Statements” in Legacy Reserves LP’s Annual Report on Form 10-K for the year ended December 31, 2014 (the

“Annual Report”), and subsequent EDGAR filings. The Annual Report is available from Legacy’s website at

www.legacylp.com. You can also obtain this form from the SEC by visiting EDGAR.

Midland, Texas-based Master Limited Partnership (NASDAQ: LGCY)

The commodity price fallout has shaken confidence, but our experienced and aligned management team remains:

Focused on owning and operating long-lived oil and natural gas properties with stable, low-decline production

Committed to paying a sensible distribution commensurate with our cash-generation capabilities and balance sheet position

Concentrated on trimming costs, enhancing productivity, and completing credit-accretive asset sales to weather this storm and finding ways to avail unitholders to future success

3

Legacy Reserves LP Overview

Note: Darker shading represents increased reserve concentration

$492 million of acquisitions of mature, low-decline, gas-weighted PDP properties & midstream assets in East Texas

Approximately 504 Bcfe of Proved Reserves (100% gas; 95% PDP); 1,488 wells (97% operated by value)

87 Mmcfe/d current production (15.9 R/P)

Upside

89,000 net acres in Anderson, Freestone, Leon, Limestone and Robertson Counties, TX (96% HBP)

15,300 net acres in Shelby County (100% HBP)

Approximately 350 low-risk, low-cost recompletions further reduce projected decline

Stacked pay across numerous horizons offers tremendous optionality in high gas price environment

Midstream

567 miles of high-pressure pipeline & low-pressure gathering

500 Mmcf/d processing plant (<25% utilization rate)

4

East Texas and Bolt-on Acquisitions Overview – Ideal MLP Assets

Limestone

Robertson

Leon

Freestone

Anderson

$3.10

$3.15

$3.20

$3.25

$3.30

$3.35

$3.40

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q4 2015 2016 2017 2018 2019

$3.19

$3.36 $3.36 $3.36$3.36

$3.10

$3.15

$3.20

$3.25

$3.30

$3.35

$3.40

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

Q4 2015 2016 2017 2018 2019

5

East Texas acquisitions hedged entirely through the use of costless, flat-price swaps

Recent HedgingVo

lum

es H

edge

d (M

mcf

/d)

% o

f Cur

rent

P

rodu

ctio

n H

edge

d

(1) Independent reserve estimate as of 12/31/14 per the 10-K. Production based on Q3 2015.(2) Anadarko acquisition reserve estimate as of 3/31/15 based on SEC benchmark pricing. Bolt-on acquisition reserve estimate as of 7/01/2015 based on SEC benchmark pricing. East Texas production is

based on September 2015 run-rate.

Pro Forma Assets

6

Standalone(1)

(89.5% PDP)Acquisitions(2)

(95% PDP)Pro Forma (92% PDP)

139.0 MMBoe 83.9 MMBoe 222.9 MMBoe

Note: Darker shading represents increased reserve concentrationProduction (Boe / d)

50% 31%

43% 27%

7% 4%

100% 38%

Permian Basin Rocky Mountain Mid-Continent East Tx

41% 25%

50%

100%

69%9%

6%

Oil Gas NGL

32,558

47,058

14,500

7

Balance Sheet

(1) Per the Q3 earnings press release dated November 4, 2015.(2) Per Fall redetermination as disclosed on the press release dated November 16, 2015.(3) Independent reserve estimate as of 12/31/14 per the 10-K. Anadarko acquisition reserve estimate as of 3/31/15 based on SEC benchmark pricing. Bolt-on acquisition reserve estimate as of 7/01/2015 based on

SEC benchmark pricing. (4) Production based on Q3 2015 actuals for all regions except East Texas where production is based on September 2015 run-rate.

($ in millions) September 30, 2015

Cash and cash equivalents $1.6

Long-term debt:Revolving credit facility due 2019 (1) $607.08% Senior Notes due 2020 300.06.625% Senior Notes due 2021 550.0

Total Debt $1,457.0

Market Capitalization $86.9

Preferred Equity 237.5

Total Enterprise Value (TEV) $1,779.8

Borrowing Base(2) $900.0

Liquidity (1) $293.0

Estimated Proved Reserves (MMBoe) (3) 222.9

Estimated PDP Reserves (MMBoe) (3) 204.1

Daily Production (Boe/d)(4) 47,058

Quarterly Distribution ($/unit) $0.15Closing Unit Price (1/11/2016) $1.25Distribution Yield 48.0%

8

TSSP initially commits $150 million with ability, subject to TSSP’s consent, to expand up to $750 million which would fund development of targeted ~6,000 net acres (<15% of Legacy’s horizontal Permian position)

Legacy will convey to TSSP 87.5% of Legacy’s working interest in the targeted area (see pg 11) subject to reversions upon specified events

Area of Mutual Interest: Legacy will offer to TSSP at least 50% of its interest in any other horizontal Permian development opportunities under the same terms

Joint Development Agreement (“JDA”) Overview and Key Deal Terms

Legacy and TSSP1 signed definitive agreements to jointly develop certain of Legacy’s Spraberry, Wolfcamp and Bone Spring rights in the Permian Basin

(1) References to TSSP throughout this presentation refer to TPG Special Situations Partners, the dedicated special situations and credit platform of TPG and entities formed by TPG Special Situations Partners.

LGCY TSSPCapital Contribution 5.0% 95.0%Initial Capital Contribution ($mm) $8.0 $150.0Initial WI 12.5% 87.5%WI upon TSSP Receiving 1.0x ROI 37.0% 63.0%WI upon TSSP Receiving 15% IRR 85.0% 15.0%

9

Accelerates Development of Premier Asset in MLP-Friendly Structure

Adds great partner in TPG Special Situations Partners

Provides Long-Term Accretion to DCF

Yields Balance Sheet Accretion

Broadens Acquisition Opportunity Set

JDA Merits

10

Target acreage includes ~6,000 net acres across 3 Blocks

AMI includes broader Permian horizontal development

JDA Acreage

Lea Unit / Hamon(2,312 Net Acres) RTF (1,413

Net Acres)

University (2,346 Net Acres)

0%10%20%30%40%50%60%70%80%90%

100%

CAPEX Reserves

% Allocation

TSSP

LGCY

$34.30

$4.52$0.91

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$40.00

MidCap Top Decile Net to LGCY

Development Cost Efficiency

0

5,000

10,000

1 5 9 13 17 21 25 29 33 37 41 45 49 53 57 61 65 69 73 77 81 85 89

TPG

LGCY

0

5,000

10,000

1 5 9 13 17 21 25 29 33 37 41 45 49 53 57 61 65 69 73 77 81 85 89

TPG

LGCY

Pro

duct

ion

(Boe

/d)

11

Efficient development of our horizontal potential with TSSP funding 95% of the development costs; through our 7.5% carried interest, Interim and Final Reversions, we are able to participate in the early part of the decline curve and greatlybenefit during the shallow decline of the well, where we thrive.

Why is the JDA so powerful?

(1) Assumptions based on initial tranche drilling program. (Strip pricing as of 6/15/15)(2) Based on F&D Cost ($/Boe – excluding revisions) per Capital IQ for the year-ended 12/31/2014. Mid Cap: Companies with Mkt Cap between $2 and $10bn; Incl: BCEI, CHK, CRC, EGN, FANG, MRD, MTDR, MUR, NFX, OAS, PE, QEP, RICE, RRC, RSPP, SM, SWN, SYRG, UPL, WLLTop Decile: Lowest 10% of F&D Costs among the following subset; Mid Cap (above), APA, APC, AR, AREX, BBG, CLR, COG, COP, CRK, CWEI, CXO, DVN, ECA, EOG, EOX, EQT, GDP, GST, HK, MCF, MHR, MRO, NBL, NOG, OXY, PQ, PVA, PXD, REN, REXX, SD, SFY, SN, TPLM, WRES, WTI, XCO, XEC

Sample Reversion Examples (1)

(2) (2)

Efficiencies and ResultsMonths

Pro

duct

ion

(Boe

/d)

Months

June ‘15 Strip Pricing $75 / $4.00

(1)

(1)

TSSP

LGCY

TSSP

LGCY

12

High-quality, geographically diversified, low-decline asset portfolio31% Liquids, 69% Gas

11.9 PDP R/P

Experienced, aligned, and incentivized Insiders15% of outstanding units held by Insiders

Strong financial footingNo near-term debt maturities

67% drawn on $900 million borrowing base

Significant rebound potential to oil price recovery

Attractive Long-Term Investment Opportunity

13

Appendix

Natural Gas Hedging Summary(2)

14

Oil and Natural Gas Hedging Summary

(1) Oil hedge prices reflect a weighted average of swap prices.(2) Natural gas hedge prices reflect a weighted average of NYMEX and Waha index swap prices (excluding basis swaps).(3) Current production of approximately 47,000 Boe/d (26% oil, 6% NGL, 68% natural gas) per the Q3 2015 earnings call which occurred on November 5, 2015.

Oil Hedging Summary(1)

Natural Gas Hedge Coverage(3) and Pricing SummaryOil Hedge Coverage(3) and Realized Pricing

$90.49

$68.37

$84.75 –

200

400

600

800

1,000

1,200

1,400

1,600

Q4 2015 2016 2017 2018

Swaps 3W Collars Enhanced Swaps

$3.96

$3.40 $3.36 $3.36 $3.36

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Q4 2015 2016 2017 2018 2019

Swaps 3W Collars

$65.52 $66.66

$73.60

$74.06

$71.10

$75.25

$65.50

$82.60

$75.93$78.16

$68.50

–

10%

20%

30%

40%

50%

60%

70%

$60.00

$65.00

$70.00

$75.00

$80.00

$85.00

Q4 2015 2016 2017 2018

% Hedged at $40 WTI at $50 WTI at $60 WTI

$3.76

$3.34 $3.30

$3.87

$3.42$3.38

$3.97

$3.50

$3.46

$3.36 $3.36

–

10%

20%

30%

40%

50%

60%

$3.20

$3.30

$3.40

$3.50

$3.60

$3.70

$3.80

$3.90

$4.00

Q4 2015 2016 2017 2018 2019

% Hedged at $2.50 HH at $3.00 HH at $3.50 HH

15

Hedging Commodity Basis Exposure

Currently seeing meaningful pricing improvement due to recent pipeline completions

We are opportunistically layering on trades and to-date have added the following position:

Q4’15: 9,000 barrels a day at $(1.78)

2016: 8,000 barrels a day at $(1.60)

2017: 6,000 barrels a day at $(0.30)

% o

f Exi

stin

g H

edge

s (1

)

Natural Gas Crude Oil

NWPL ($0.13)

NGPL ($0.15)

SoCal $0.19

San Juan

($0.12)

WAHA ($0.10)

(1) % of existing swaps, collars and enhanced swaps

Hedged at Basis NYMEX Exposure

Volu

mes

Hed

ged

(Mbb

l/d)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q4 2015 2016

$(1.78)$(1.60)

$(0.30)

–

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

Q4 2015 2016 2017

16

Estimated Production Range and D&C Capital (1)

380

1,040

1,920

460

1,270

2,350

$0

$2,000

$4,000

$6,000

$8,000

$10,000

0

500

1,000

1,500

2,000

2,500

Q4 2015 2016 2017

Production Range Capex (Right Axis)

Pro

duct

ion

(Boe

/d)

Net C

apital to Legacy ($000’s)

(1) Assumes successive tranches within the drilling program and strip pricing as of 6/15/15, and includes production related to certain ORRI’s retained by Legacy in the subject properties.