Investor Presentation

June 2013

Forward-Looking Statement

Statements made in this presentation that are not historical facts are “forward-looking

statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements include information about the sale of our Utica Shale assets, our midstream investments, future plans and other statements which include words such as “anticipates,” “plans,” “projects,” “expects,” “intends,” “believes,” ”should,” and similar expressions of forward-looking information. Forward-looking statements are inherently uncertain and necessarily involve risks that may affect the business prospects and performance of EV Energy Partners, L.P. Actual results may differ materially from those discussed in this presentation. Such risks and uncertainties include, but are not limited to, changes in commodity prices, changes in reserve estimates, requirements and actions of purchasers of properties (including the Utica Shale), changes in the metrics and procedures used to value midstream assets, exploration and development activities in the Utica Shale and elsewhere, the availability and cost of financing, the returns on our capital investments and acquisition strategies, the availability of sufficient cash flow to pay distributions and execute our business plan and general economic conditions. Additional information on risks and uncertainties that could affect our business prospects and performance are provided in the most recent reports of EV Energy Partners with the Securities and Exchange Commission. All forward-looking statements included in this presentation are expressly qualified in their entirety by the foregoing cautionary statements.

Any forward-looking statement speaks only as of the date on which such statement is made and EVEP undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

2

EVEP Overview

Note: Current yield based on $0.768/unit 1Q13 distribution paid on May 15, 2013. Unit price as of June 19, 2013.

▶ Upstream MLP delivering solid returns since IPO September 2006

▶ GP Ownership

♦ EnerVest & Management (76.25%)

♦ Encap (23.75%)

▶ 42.6 million outstanding units

♦ $2.4 billion enterprise value $1.5 billion equity market cap

$445 million bank debt

$500 million senior notes

▶ Current yield of 9.0%

3

Why Invest in EVEP?

▶ Strong long-term performance and growth

▶ Solid, long-lived asset base

▶ Hedging strategy designed to reduce cash flow volatility

▶ Synergistic relationship with EnerVest

▶ Significant Utica Shale upside

♦ Acreage, overriding royalty interests, and midstream

4

Long-term Performance & Growth

Average Daily Production (Mmcfe/d) Capital ($ million)

Adjusted EBITDAX ($ million) Distribution Coverage

5 Note: 2013E based on 1Q13 actuals and midpoints of 2Q-4Q13 guidance.

▶ Hedges used to reduce the effects of commodity price volatility and support initial acquisition economics

▶ Hedged approximately 90% for 2013, 80% for 2014 and 70% for 2015

Active Commodity Hedging Strategy

6 Note: Percentage hedged based on the midpoint of 2Q-4Q 2013 annual production guidance.

Long-lived, Diverse Asset Base

Total Proved Reserves: 905 Bcfe Percent Developed: 76% Percent Gas: 67% Reserve-Life Index: 15 years 2013E Avg. Production: 163 MMcfe/d*

Central and East Texas Proved Reserves: 49.4 Bcfe 2012 Production: 18.1 Mmcfe/d

Michigan Proved Reserves: 24.4 Bcfe 2012 Production: 6.5 Mmcfe/d

Mid-Continent Proved Reserves: 70.0 Bcfe 2012 Production: 21.6 Mmcfe/d

San Juan Basin Proved Reserves: 53.5 Bcfe 2012 Production: 8.2 Mmcfe/d

Permian Basin Proved Reserves: 43.2 Bcfe 2012 Production: 6.1 Mmcfe/d

Monroe Field Proved Reserves: 30.7 Bcfe 2012 Production: 7.1 Mmcfe/d

Appalachian Basin Proved Reserves: 100.9 Bcfe 2012 Production: 24.9 Mmcfe/d

Barnett Shale Proved Reserves: 532.5 Bcfe 2012 Production: 70.5 Mmcfe/d

7 * Based on the midpoint of February 2013 guidance range.

2013 E&P Capital = $90 - $110 Million

Reserves & Capital Spending

8

Estimated Proved Reserves

▶ Base business is performing well

▶ Barnett Shale ♦ Production: ~ 77 Mmcfe/d

Reached peak production rates since asset purchases

Initial production rates 11% higher

♦ Dropped from 3 to 2 rigs with same expected exit rate for 2013

Reduced refracs, lowered cost on overall drilling

Drilling and completion costs 9% lower

♦ 70 gross wells planned

18 drilled first quarter

14 brought online

▶ Austin Chalk ♦ Production: ~ 13 Mmcfe/d

♦ “Poor boy” horizontal multistage reentries looking encouraging

♦ A-zone multi stage projects – good results

2 wells drilled

3 additional wells planned by year end

Operational Performance

9

EVEP’s Appalachian Evolution

Pre-Utica Appalachia

Utica East Ohio Midstream Overriding

Royalty Interest

Conventional Production

Cardinal Gas Services

Midstream

Working Interest Acreage

Current Appalachia

Conventional Production

10

Our Position in the Utica Shale

11

▶ EVEP and EnerVest combined have one of the largest positions in Ohio ♦ > 8,000 wells operated

♦ > 900,000 HBP acres

♦ Participation in CHK/EV/Total Joint Venture

▶ EVEP’s diversified interest ♦ 177,000 net working interest

acres

♦ Overriding royalty interests

♦ Participation in midstream projects through Utica East Ohio and Cardinal Gas Services investments

CHK/EV/TOT Joint Venture

Black Oil Volatile Oil

Wet Gas

Dry Gas

Black Oil

Volatile Oil

Wet Gas

Dry Gas

EVEP WI Acreage

CHK/EV/Total JV

Recent Developments in the Utica

12

▶ Overall Utica Activity * ♦ 747 wells permitted

♦ 359 wells drilled

♦ 102 wells producing

▶ CHK/EV/Total Joint Venture ♦ ~ 235 wells drilled or drilling

♦ Currently 12 rigs running

♦ 67 producing wells

♦ 168 wells in various completion stages (75 wells waiting on pipeline capacity)

♦ Completing wells with more stages, shorter cluster spacing, fewer clusters per stage

♦ Initial production rates significantly improving

♦ Over 540 total wells projected to be drilled through 2014

▶ Midstream bottleneck disappearing ♦ Natrium plant online in May +200 MMCFED

♦ Initial Utica East Ohio capacity online end of June +200 MMCFED

♦ Other midstream capacity forthcoming

* Source: Ohio Department of Natural Resources as of June 20, 2013

Wet Gas and Volatile Oil Windows

▶ Wet Gas Window ♦ Majority of drilling has

helped to de-risk play

♦ Play expanding northeasterly into Pennsylvania and southerly into Washington County

▶ Volatile Oil Window ♦ Significant oil in place

EVEP estimates 20-30 million barrels of oil per section

♦ Limited drilling activity 6 wells drilled

Marginal results to date

Suboptimal completions

13

Primary Activity to

Date

Black Oil

Volatile Oil

Wet Gas

Dry Gas

Black Oil

Volatile Oil

Wet Gas

Dry Gas

EVEP WI Acreage

CHK/EV/Total JV

Utica Acreage Strategy

14

▶ EVEP and EnerVest began Utica acreage marketing process in 2012 with focus on sale of operated acreage ♦ Over 330,000 total EnerVest net working interest acres (~100,000 net

EVEP Acres)

▶ In second quarter of 2013, revised marketing strategy into smaller packages to better align sales process with potential purchaser focus areas

▶ Wet Gas Window ♦ Repackaged with current technical data

♦ Data room open with significant interest

▶ Volatile Oil Window ♦ De-risk through continued technical work and capital risk sharing

♦ Pursue Joint Venture(s) for a portion of the acreage

♦ In parallel, will continue to evaluate cash offers for acreage

Utica Working Interest Acreage

15 Note: The total combined EnerVest and EVEP net acreage is 769,700 in Ohio and 156,600 in Pennsylvania.

Black Oil

Volatile Oil

Wet Gas

Dry Gas

EVEP Net Acres (In thousands)

County Wet Gas Vol. Oil Other Total ASHTABULA 21 21

CARROLL 11 11 CUYAHOGA 1 1

GEAUGA 2 2 GUERNSEY 3 2 5 HARRISON 2 2 LAWRENCE 7 7 MAHONING 4 4

MUSKINGUM 6 6 NOBLE 1 1

PORTAGE 3 1 4 STARK 3 38 41

SUMMIT 2 2 TRUMBULL 2 8 2 12

TUSCARAWAS 6 18 24 WASHINGTON 5 5

Other OH 1 3 9 13

TOTAL OH 45 78 38 161

CRAWFORD, PA 1 1 ERIE, PA 3 3

MCKEAN, PA 2 2 MERCER, PA 8 8 WARREN, PA 1 1

Other PA 1 1

TOTAL PA 9 1 6 16

Total 54 79 44 177

Black Oil

Volatile Oil

Wet Gas

Dry Gas

EVEP WI Acreage

CHK/EV/Total JV

Utica Overriding Royalty Interest Acreage

▶ Overriding Royalty Interest (ORRI) acreage is mostly in wet gas and oil windows ♦ ~880,000 gross acres

▶ Average 2.7% ORRI on ~ 415,000 operated gross acres

▶ Average 1.3% ORRI on ~ 465,000 non-operated gross acres

▶ Significant future cash flow potential as Utica acreage is developed

16

Midstream Activity Ramping Up

~ 2.6 BCF/d proposed processing projects 4Q12-YE14

Mariner West

Deliver Ethane from SUNOCO

to SARNIA

Design: 65 MBbl/d

In Service: Mid 2013

Utica East Ohio Processing: 800 MMcf/d NGL Storage: 870 MBbl/d Frac Capacity: 135 MBbl/d Ethane: ATEX Residue: TPG, DEO In Service: 2Q13-2Q14

MarkWest Existing Frac - Houston PA Processing: 325 MMcf/d Frac Capacity: 100 MBbl/d Ethane: MARINER WEST & MARINER Residue: TETCO, DTI, TCO In Service: 1Q 2014

MarkWest/Antero/Gulfport/PDC/Rex Processing: 45; 200; 400 MMcf/d Frac Capacity: To Harrison Complex Ethane: ATEX In Service 2Q 2013; 3Q 2013; 4Q 2013

Dominion - Natrium Processing: 200 MMcf/d; 400 MMcf/d Frac Capacity: 36 MBbl/d; 59 MBbl/d Ethane: ATEX Residue: DTI In Service: 2Q2013; 3Q 2013

Caiman/Blue Racer Processing: 520 MMcf/d Frac Capacity: 43 MBbl/d Ethane: MARINER WEST Residue: TETCO In Service: 4Q 2012

ATEX Washington PA to Mont Belvieu In Service: 1Q 2014

Sunoco Delmont PA to MARINER WEST

Shell Cracker Proposed

NiSource/Hilcorp Processing: 200 MMcf/d Residue: TETCO, REX, NiSource In Service: 3Q 2013

17 Crosstex Compression & Stabilization

Utica Midstream Investments

Utica East Ohio Midstream – EVEP owns 21% ▶ Gather, process and fractionate wet gas from CHK/EV/Total

JV production ♦ 800 MMcf/d of processing & 135 MBbls/d of fractionation capacity

♦ Onsite working storage of ~870 MBbls of purity components

♦ ~ 1 million dedicated working interest acres

▶ First 200 mmcf/d online end of June

▶ Upside potential as development drilling expands

Cardinal Gas Services – EVEP owns 9% ▶ Low-pressure gathering and compression of wet gas from

JV production into Utica East Ohio infrastructure ♦ JV firm drilling schedule calls for 540 wells by year end 2014

♦ Plans for ~ 4,600 gross wells over 18 years

♦ Over 1 Bcf/d expected within 5 years

▶ Upside potential as development drilling expands

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UEO – Harrison Hub

19

16 total loading racks

(8 C3, 4 C4, 4 C5+)

CU & OH

main line

Main line

switch

10 total tracks

(4 loading tracks, 3 storage tracks,

3 inbound / outbound / runaround tracks)

Track expansion

construction underway

(20) 90,000

gallon C3 & C4

bullet tanks

(2) 60,000 barrel

floating roof natural

gasoline tanks

50,000 barrel

pressurized C4

sphere

(4) 750 barrel C5+tanks

(2) 200,000 barrel

refrigerated C3 tanks

(2) 125,000 barrel

refrigerated C4 tanks

45,000 bbl/d NGL fractionation

facility (1st train)

Utica Midstream Capital and EBITDAX

▶ Capital investment of $335-395 million, net to EVEP, over 5 years ▶ Stable, long-term cash flow stream ▶ UEO has fee structure defined by contract

♦ Fees for gathering, compression, processing, NGL transport, fractionation and storage

▶ CGS has cost-of-services arrangement with fixed IRR ♦ Gathering fee re-calculated annually to provide target IRR

♦ Operating costs are pass-through costs not subject to IRR calculation

▶ Financed to date with bank debt

20

Midstream EBITDAX Range Midstream Capital Range

Why Invest in EVEP?

▶ Strong long-term performance and growth

▶ Solid, long-lived asset base

▶ Hedging strategy designed to reduce cash flow volatility

▶ Synergistic relationship with EnerVest

▶ Significant Utica Shale upside

♦ Acreage, overriding royalty interests, and midstream

21

Investor Presentation

June 2013

APPENDIX

24

EnerVest EV Investors

EnCap (Limited Partners)

Directors & Officers of EV Management

EV Energy Partners, L.P. (Nasdaq: EVEP)

Public Unitholders

EnerVest, Ltd.

EV Management, LLC (General Partner)

EV Energy GP, L.P. 2% General Partner Interest Incentive Distribution Rights

98% Limited Partner Interest

100% Membership

Interest

EnerVest & EVEP

A Strong Strategic Partnership with EnerVest

▶ EnerVest is recognized as one of the largest and most successful managers of oil and gas assets for institutional investors

▶ Sizeable EnerVest operating base

♦ ~ 3.1 Tcfe of Proved Reserves

♦ > 550 Mmcfe daily production

♦ 5.5 million gross acres under lease

♦ Over $6.8 billion of acquisitions since inception

▶ > 800 employees

▶ EnerVest operates 93% of EVEP’s assets

▶ Closed Fund XIII with $2 billion of equity

EVEP

EnerVest Institutional

25

Source: Ohio Department of Natural Resources – 2012 Shale Production 26

27

Stark Co., OH EnerVest (1)

Harrison Co., OH Gulfport (5)

Chesapeake (2) CNX (1)

Guernsey Co., OH Anadarko (2)

PDC (2) Gulfport (1)

Crawford Co., PA Range (1)

Butler Co., PA Rex (1)

Beaver Co., PA Chesapeake (1)

Range (1)

Jefferson Co., OH Chesapeake (1)

Hess (1)

Monroe Co., OH Antero (1)

HG (1)

Tuscarawas Co, OH Chesapeake (1)

CONSOL/CNX (1)

Source: Company reports and Imperial Capital, LLC estimates as of 6/21/2013

Forest Co., PA Seneca (1)

Belmont Co., OH Gulfport (3)

Carroll Co., OH Chesapeake (11)

EnerVest (1) Rex (2)

Noble Co., OH Rex (3)

Anadarko (3) Antero (2)

Reported Utica Test Results (54 Total Wells)

Coshocton Co., OH Anadarko (1)

Mahoning Co., OH CNX (1)

Mercer Co., PA Halcon (1)

Venango Co., PA CNX (1)

Capital Structure

($ millions)

Bank Debt @3/31 $ 445

Senior Notes Due 2019 $ 500

Equity Market Capitalization $ 1,485

Enterprise Value $ 2,430

Note: Equity market capitalization based on unit price at June 19, 2013. 28

Historical Financing Strategy

▶ Since 2006, completed $1.9 billion of acquisitions, approximately 60% of which were financed with equity and free cash flow

Acquisition Financing Since IPO

Equity $1,027 53%

Free Cash Flow $94 5%

Debt Financing $808 42%

Total Acquisitions $1,928 100%

Capital Activity (1)

= Equity = Debt = Free Cash Flow

(1) Total dollar amounts represent acquisition activity by period. 29

Gas Prices Hedged ($/MMbtu) Gas Volume Hedged (MMbtu/d)

Note: Estimated NYMEX Henry Hub equivalent with basis differentials of: Dominion Appalachia $0.18, MichCon Citygate $0.27, Houston Ship Channel ($0.05) and El Paso Permian ($0.27), El Paso San Juan ($0.35), NGPL TX/OK ($0.12) and TCO $0.15.

Commodity Hedging: Natural Gas

30

$4.94 $4.93 $4.88 $5.07

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

2Q13 2H13 2014 2015

Average Swap Price

100,311 101,300 86,600 86,500

-

20,000

40,000

60,000

80,000

100,000

2q13 2h13 2014 2015

Swap Volumes

Oil Prices Hedged ($/Bbl) Oil Volume Hedged (Bbl/d)

Commodity Hedging: Oil

31

4,225 4,150 4,158

2,000

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2Q13 2H13 2014 2015

Swap Volumes

$89.11 $88.99 $91.19 $90.09

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

$70.00

$80.00

$90.00

$100.00

2Q13 2H13 2014 2015

Average Swap Price