text: **4**| LETTER TO SHAREHOLDERS 
  
  DEAR FELLOW 
  SHAREHOLDERS » 
  
  2010 was a very important year of transition and achievement for Chesapeake, a year in which we 
  
  initiated three very important strategic shifts: from asset gathering to asset harvesting, from focusing 
  
  exclusively on natural gas to a balanced focus on natural gas and liquids and from having a leveraged 
  
  balance sheet to one worthy of an investment grade rating. 