DOUG LAWLER CAUTIONARY STATEMENTS This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements other than statements of historical fact. They include statements that give our current expectations or forecasts of future events, production and well connection forecasts, estimates of operating costs, anticipated capitalandoperationalefficiencies,planneddevelopmentdrillingandexpecteddrillingcostreductions,generalandadministrativeexpenses,capital expenditures, the timing of anticipated noncore asset sales and proceeds to be received therefrom, projected cash flow and liquidity, our ability to enhance our cash flow and financial flexibility, plans and objectives for future operations (including our ability to optimize base production and execute gas gathering agreements), the ability of our employees, portfolio strength and operational leadership to create long-term value, and the assumptions on which such statements are based. Although we believe the expectations and forecasts reflected in the forward-looking statements are reasonable, we can give no assurance theywill prove to have been correct.Theycan be affected byinaccurate or changed assumptions or by knownorunknownrisksanduncertainties. Factors that could cause actual results to differ materially from expected results include those described under “Risk Factors” in Item 1A of our annual report on Form 10-K and any updates to those factors set forth in Chesapeake’s subsequent quarterly reports on Form 10-Q or current reports on Form 8-K (available at http://www.chk.com/investors/sec-filings). These risk factors include the volatility of oil, natural gas and NGL prices; thelimitations ourlevelof indebtednessmayhaveonourfinancialflexibility;our inabilitytoaccess thecapitalmarkets onfavorable termsor at all; the availability of cash flows from operations and other funds to finance reserve replacement costs or satisfy our debt obligations; a further downgrade in our credit rating requiring us to post more collateral under certain commercial arrangements; write-downs of our oil and natural gas asset carrying values due low commodity prices; our ability to replace reserves and sustain production; uncertainties inherent in estimating quantities of oil, natural gas and NGL reserves and projecting future rates of production and the amount and timing of development expenditures; our ability to generate profits or achieve targeted results in drilling and well operations; leasehold terms expiring before production can be established; commodity derivative activities resulting in lower prices realized on oil, natural gas and NGL sales; the need to secure derivative liabilities and the inability of counterparties to satisfy their obligations; adverse developments or losses from pending or future litigation and regulatory proceedings, including royalty claims; charges incurred in response to market conditions and in connection with our ongoing actions to reducefinancialleverageandcomplexity;drillingandoperatingrisksandresulting liabilities;effects ofenvironmentalprotectionlaws andregulation on our business; legislative and regulatory initiatives further regulating hydraulic fracturing; our need to secure adequate supplies of water for our drilling operations and to dispose of or recycle the water used; impacts of potential legislative and regulatory actions addressing climate change; federal and state tax proposals affecting our industry; potential OTC derivatives regulation limiting our ability to hedge against commodity price fluctuations;competitionintheoiland gas explorationandproductionindustry;adeteriorationingeneraleconomic, businessor industryconditions; negative public perceptions of our industry; limited control over properties we do not operate; pipeline and gathering system capacity constraints and transportation interruptions; terrorist activities and cyber-attacks adversely impacting our operations; potential challenges of our spin-off of Seventy Seven Energy Inc. (SSE) in connection with SSE’s recently completed bankruptcy under Chapter 11 of the U.S. Bankruptcy Code; an interruption in operations at our headquarters due to a catastrophic event; the continuation of suspended dividend payments on our common stock andpreferredstock;certainanti-takeoverprovisionsthataffectshareholderrights;andourinabilitytoincreaseormaintainourliquiditythroughdebt repurchases,capitalexchanges,assetsales,jointventures,farmoutsorothermeans. 2016 ANALYST DAY –WELCOME AND COMPANY OVERVIEW 2 CAUTIONARY STATEMENTS (CONT.) In addition, disclosures concerning the estimated contribution of derivative contracts to our future results of operations are based upon market information as of a specific date. These market prices are subject to significant volatility. Our production forecasts are also dependent upon many assumptions, including estimates of production decline rates from existing wells and the outcome of future drilling activity. Expected asset sales maynot be completed in the timeframe anticipated or at all.We caution you not to place undue reliance on our forward-looking statements, which speak onlyas of thedateof this presentation, andwe undertake noobligationtoupdateanyof the informationprovided inthis presentation, except asrequiredbyapplicablelaw. PV10 is a non-GAAP measurement used by the industry, investors and analysts to estimate present value, discounted at 10% per annum, of estimated future cash flows of our estimated proved reserves before income tax and asset retirement obligations. The most directly comparable GAAP measure is the standard measure of discounted future net cash flows. Management believes that PV10 provides useful information to investors becauseitis widelyusedbyprofessionalanalysts andsophisticatedinvestors inevaluating oilandnaturalgas companies.Becausethere aremanyuniquefactorsthatcanimpactanindividualcompanywhenestimatingtheamountoffutureincometaxestobepaid,webelievetheuseof a pre-tax measure is valuable for evaluating our company. PV10 should not be considered as an alternative to the standardized measure of discounted future net cash flows as computed under GAAP. With respect to PV10 calculated as of an interim date, it is not practical to calculate taxesfortherelatedinterimperiodbecauseGAAPdoesnotprovidefordisclosureofstandardizedmeasureonaninterimbasis. The SEC requires oil and gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as “estimated ultimate recovery” (EUR), “oil in place” (OIP), “gross recoverable resource,” “resource potential,” “type curve” and similar phrases. These estimates are bytheir nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC guidelines strictly prohibit us from including theseestimates infilings withtheSEC.Investorsareurged toconsider closelythedisclosures and risk factors inourmost recent Form 10-Kandin otherreportsonfilewiththeSEC. 2016 ANALYST DAY –WELCOME AND COMPANY OVERVIEW 2 2016 ANALYST DAY –WELCOME AND COMPANY OVERVIEW 3 Rediscovering Chesapeake Energy… 2016 ANALYST DAY –WELCOME AND COMPANY OVERVIEW 4 FINANCIAL DISCIPLINE 2016 ANALYST DAY –WELCOME AND COMPANY OVERVIEW 5 2016 ANALYST DAY –WELCOME AND COMPANY OVERVIEW 6 (1) (1) 2016E represents 10/20 Outlook ranges 2016 ANALYST DAY –WELCOME AND COMPANY OVERVIEW 7 BUSINESS DEVELOPMENT 2016 ANALYST DAY –WELCOME AND COMPANY OVERVIEW 8 *Represents gross proceeds from asset sales 2016 ANALYST DAY –WELCOME AND COMPANY OVERVIEW 9