text: that we were less popular in the stock market in 2010 than we were in 
  2009, when our stock price increased by 60%. 
  
  We anticipated that some market unpopularity in 2010 would 
  likely be the price we would pay as we positioned Chesapeake to be 
  the leader not only in unconventional U.S. natural gas, but also in 
  unconventional U.S. liquids. However, now that we have largely com- 
  pleted the investments needed to accomplish this transition to a port- 
  folio balanced with liquids, the rebound in our stock price could be sharp 
  as investors begin to focus more clearly on Chesapeake’s three-way 
  transition from an asset gatherer to an asset harvester, from less natural 
  gas exposure to more liquids exposure and from a leveraged balance 
  sheet to one worthy of an investment grade rating. 
  
  In addition, we are the only U.S. E&P company that has attracted 
  to its stock ownership roster some of the world’s leading government- 
  sponsored investors: Temasek Holdings (Singapore), China Investment 
  Corporation, Korea Investment Corporation and Abu Dhabi Investment 
  Authority. Along with our largest shareholder, Memphis, Tennessee- 
  based Southeastern Asset Management (12%), these shareholders are 
  some of the world’s largest and most astute investors, and who also 