Chesapeake Energy Corp.

Chesapeake notified holders of its 2.25% contingent convertible senior notes due 2038 that they have the option, pursuant to the terms of the notes, to require Chesapeake to purchase on December 15, 2018 all or a portion of such holders' notes. The repurchase price is equal to 100% of the aggregate principal amount of the note, together with accrued but unpaid interest thereon, up to but not including the repurchase date, provided that interest payable on December 15, 2018 will be paid to the holders in whose names the notes are registered at the close of business on December 1, 2018, the record date prior to the repurchase date. If all outstanding notes are surrendered for repurchase, the aggregate cash repurchase price will be approximately $8,830,235.