2010 ANNUAL REPORT | 3 The graphs below compare the performance of our common stock to the S&P 500 Stock Index and a group of peer companies for the past five and 10 years.  The graph on the left assumes an investment of $100 on December 31, 2004 and the reinvestment of all dividends. The graph on the right assumes an invest - ment of $100 on December 31, 1999 and the reinvestment of all dividends. The graphs show the value of the investment at the end of each year. Chesapeake’s Five-Year and Ten-Year Common Stock Performance  CHK  2010 Peer Group (1)  S&P 500 $  0 $  30 $  60 $  90  120  150 05 06 07 08 09 10  CHK  2010 Peer Group (1)  S&P 500 $  0 $  100 $  200 $  300 $  400 $  500 00 02 04 06 08 01 03 05 07 09 10 TEN-YEAR PERFORMANCE As of December 31  FIVE-YEAR PERFORMANCE As of December 31  $^{(1)$_{ }$}$ The 2010 peer group is comprised of Anadarko Petroleum Corp., Apache Corp., Devon Energy Corp., Encana Corp. and EOG Resources, Inc. XTO Energy, Inc. was not included in the 2010 peer group due to its acquisition by Exxon Mobil Corp. 500 150 150 Total Resource Base Growth Bcfe at end of year Proved Reserve Growth Bcfe at end of year Production Growth Average mmcfe per day for year 0 500 1,000 1,500 2,000 2,500 3,000 00 01 02 03 04 05 06 07 08 09 10 01 02 03 04 05 06 07 08 09 10 04 05 06 07 08 09 10 0 5,000 10,000 15,000 20,000 00 01 02 03 04 05 06 07 08 0 5,000 10,000 15,000 20,000 00 01 02 03 04 05 06 07 08 09 10 01 02 03 04 05 06 07 08 09 10 20,000 40,000 60,000 100,000 80,000 120,000 0 00 01 02 03 04 05 20,000 40,000 60,000 100,000 80,000 120,000 0 00 01 02 03 04 05 06 07 50,000 100,000 150,000 250,000 200,000 300,000 0 00 01 02 03 04 05 06 07 08 09 10 500 1000 1500 2000 2500 3000 5000 10000 15000 20000 20000 40000 60000 80000 100000 120000 5000 10000 15000 20000 20000 40000 60000 80000 100000 120000 5000 10000 15000 20000 50000 100000 150000 200000 250000 300000 $   0 $  10 $  20 $  30 $  40 $  50 $  60 $  70 DEC 00 DEC 01 DEC 02 DEC 03 DEC 04 DEC 05 DEC 06 DEC 07 DEC 08 DEC 09 DEC 10 CHK Stock Price $  0 $ 2.50 $ 5.00 $ 7.50 $  10.00 $  12.50 $  15.00 $  17.50 $/mcf Chesapeake’s Stock Price  Chesapeake’s Stock Price at Month End  Henry Hub Natural Gas Spot Price at Month End *Proved and unrisked, unproved reserves