Dividend Reinvestment and Direct Stock Purchase Plan

Dividend Information

Shareholder Account Access

Key Features of Chesapeake’s Dividend Reinvestment and Direct Stock Purchase Plan

Chesapeake has a Dividend Reinvestment and Direct Stock Purchase Plan where interested investors can purchase their first share(s) through the Plan by making a minimum initial investment of at least $1,000 up to a maximum of $60,000 annually. Key features of the Plan include the following:

• Dividends on both shares of Chesapeake common stock held through the Plan and shares registered in the name of a participant can be fully reinvested or partially reinvested in additional shares of Chesapeake common stock.

• Plan participants may have cash dividends that are not reinvested deposited directly into a designated account with a U.S. bank or other approved financial institution.

• Plan participants and registered Chesapeake stockholders who are not Plan participants may purchase additional shares of Chesapeake common stock by making optional cash investments through the Direct Stock Purchase component of the Plan in the minimum amount of $100 per investment, up to a maximum aggregate amount of $60,000 per calendar year.

• A new investor who does not own shares of Chesapeake common stock may purchase shares through the Direct Stock Purchase component of the Plan by making an initial investment of at least $1,000, up to a maximum amount of $60,000.

• Plan participants, other registered stockholders and new investors may, at the Company’s sole discretion, make optional cash investments in excess of the maximum annual limit of $60,000, if the Company authorizes investments above this maximum amount.

• Plan participants may elect to have funds for optional cash investments automatically deducted on a one-time or a monthly basis from a designated account with a U.S. bank or other approved financial institution.

• A stockholder may deposit any or all of the certificates registered in the stockholder’s name with the Plan Administrator for safekeeping.

• Employees of the Company and its subsidiaries may participate in the Plan through payroll deductions.

To enroll in the Plan, an investor must complete and return to the Plan Administrator an Enrollment Form. A new investor must complete and submit an Initial Enrollment Form. For further enrollment information, please contact Computershare at 877.498.8865.

Click here to view a copy of the Dividend Reinvestment and Direct Stock Purchase Plan prospectus.

Enrollment Options

Enroll Online – Enroll in the Plan through Computershare and purchase your initial shares by investing a minimum of $1,000 up to a maximum of $60,000 annually.

Request an Investor Packet by Mail – Order an Investor Packet to be mailed to you. The packet will include the most recent financial information in addition to a prospectus and an Enrollment Form that can be mailed back to Computershare.

Optional Cash Investments

Initial Investments – An investor who is not a stockholder may become a participant in the Plan at any time by completing an Initial Enrollment Form, returning it to the Plan Administrator and making an initial investment of at least $1,000, up to a maximum amount of $60,000. New investors also can make initial investments in excess of the $60,000 maximum if the Company initiates a Request for Waiver. See Optional Cash Investments In Excess of $60,000 Annually below. Any amounts of less than $1,000 tendered for an initial investment will be returned to the investor. Payments for an initial investment can be made either by check or by authorizing the debiting of a designated account with a U.S bank or other approved financial institution.

The Initial Enrollment Form may be obtained at any time by contacting the Plan Administrator. A new investor also can become a participant in the Plan by enrolling online by accessing Computershare’s website and following the instructions provided.

Optional Cash Investments Under $60,000 Annually - Both Plan participants and registered stockholders of Chesapeake who are not Plan participants are permitted to purchase additional shares of Chesapeake common stock through optional cash investments. Each optional cash investment must be a minimum of $100 and, in the aggregate, cannot exceed $60,000 in any calendar year (unless the Company initiates a Request for Waiver. See section below.) Funds tendered that are less than the minimum investment amount or in excess of the maximum annual amount will be returned to the investor. There is no obligation to make an optional cash investment nor is there a requirement that the same amount be invested each time an optional cash investment is made. Payments for optional cash investments can be made by check or by online authorization of a one-time debit or automatic monthly debits from a designated account with a U.S. bank or other approved financial institution.

A registered stockholder who is not a Plan participant at the time of an optional cash investment, as a condition to the investment, must enroll in the Plan by completing an Enrollment Form and returning it to the Plan Administrator (Computershare). An Enrollment Form may be obtained by contacting Computershare. A stockholder also may enroll in the Plan online by accessing Computershare’s website, authenticating his or her online account and completing an online Enrollment Form.

Optional Cash Investments In Excess of $60,000 Annually - Optional cash investments in Chesapeake common stock in excess of $60,000, including initial investments in excess of $60,000, may be made by current stockholders (including Plan participants) and new investors only if a waiver of the $60,000 limit is granted by the Company. The Company, in its sole discretion, may elect, from time to time or on a periodic schedule as determined by the Company, to initiate the procedures by which stockholders and new investors can request a waiver of the $60,000 limit (a “Request for Waiver”). To find out if the Company is currently accepting “Requests for Waiver” please call 302.734.6019.

Employee Purchases

Employees of the Company and its subsidiaries may participate in the Plan through payroll deductions.

Safekeeping of Certificates

Shareholders may send in their unrestricted paper certificate(s) to Computershare for safekeeping, thus preventing the possibility of loss by misplacement, fire, theft, etc. These shares will become “book” shares and shareholders will receive a statement each time the balance of these shares changes (i.e., such as an optional cash investment, dividend reinvestment, etc.)

Fees Associated with the Plan

The following is a list of the principal transactions and services provided to participants in the Plan and the associated fees. Participants are responsible only for those fees not paid by the Company.