Carl Icahn Discloses 5.8% stake in Chesapeake Energy

Item 4. Purpose of Transaction

The Reporting Persons acquired the Shares in the belief that the Shares
were undervalued. The Reporting Persons have had and intend to seek to continue
to have conversations with the Issuer's management to discuss the business and
operations of the Issuer and the maximization of shareholder value.

The Reporting Persons may, from time to time and at any time, acquire
additional Shares and/or other equity, debt, notes, instruments or other
securities of the Issuer, or related to the securities of the Issuer
(collectively, "Securities"), in the open market or otherwise. They reserve the
right to dispose of any or all of their Securities in the open market or
otherwise, at any time and from time to time, and to engage in any hedging or
similar transactions with respect to the Securities.