ICAHN STATEMENT ON CHESAPEAKE CEO RETIREMENT

(The following press release from the Office of Carl Icahn was received by e-mail and was reformatted. The sender verified the statement.)

FOR IMMEDIATE RELEASE

Icahn Responds to Chesapeake Announcement of Audrey K. McClendon Retirement

New York, New York, January 29, 2013: Chesapeake Energy Corporation today announced the retirement of Aubrey K. McClendon, its Co-Founder, Chief Executive Officer and President.

In response to press inquiries regarding the announcement, Carl C. Icahn stated as follows:

Aubrey has every right to be proud of the company he has built, the world class team of people at Chesapeake and the collection of assets he has assembled, which in my opinion, are the best portfolio of energy assets in the country. While it is known that some of these assets will be sold by the company in due course, I do not believe that this will in any way effect the ultimate realization of Chesapeake’s potential.

I am confident that history will prove that Aubrey has been correct about the value of natural gas in general and the value of Chesapeake in particular.

Contact: Susan Gordon (212) 702-4309

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