Estimated Diluted Share Count(1)

Common Shares
Total Common Shares Issued 100,053,934


FMV of Common Share Class # of Warrants Exercise Price Issuable Common Shares Upon Exercise of Warrant
  A 11,091,950 $27.269 6,171,749
$61.47 B 12,313,357 $31.711 5,961,626
  C 13,710,459 $35.708 5,746,606
Total Common Shares Issuable upon Exercise of Warrants 17,879,981


Total Estimated Diluted Share Count(3) 117,933,915


(1)Calculated as of the last day of recently ended month using CHK common share fair market value (VWAP over the 10 trading days immediately preceding), warrant exercise price and outstanding common share and warrant counts as of the record date (inclusive of 1,767,203 common shares and 3,334,277 Class C warrants held in reserve for general unsecured claims) vs. the GAAP diluted share count as reported through 10-Q/K filings (CHK common share price and outstanding common share and warrant counts as an average over the reporting period and warrant exercise price as of the quarter/year end).
(2)Assumes all warrants exercised using net/costless settlement method and 1.00:1.00 ratio of warrants exercised to common shares issued
(3)Excludes 6,797,803 common shares held in reserve for employee incentive plan.