Area of Mutual Interest

The Area of Mutual Interest (AMI) of the Chesapeake Granite Wash Trust is limited to the Colony Granite Wash formation and consists of approximately 45,400 gross acres (28,700 net acres) held by Chesapeake Energy Corporation. The AMI is identified on the map below.

The Colony Granite Wash formation is encountered at depths between approximately 11,500 and 13,000 feet. It lies between the top of the Des Moines formation (or top of Colony Granite Wash ā€œAā€) and the top of the Prue formation (or base of Colony Granite Wash ā€œCā€).

The Colony Granite Wash is a subset of the greater Granite Wash plays of the Anadarko Basin. The Colony Granite Wash is situated at the eastern end of a series of Des Moines-age granite wash fields that extend along the southern flank of the Anadarko Basin, approximately 60 miles into the Texas Panhandle.

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This information includes forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. We caution you not to place undue reliance on our forward-looking statements. We assume no obligation to update any forward-looking statements made here as a result of new information or future events or developments. Although we believe the expectations and forecasts reflected in these and other forward-looking statements are reasonable, we can give no assurance they will prove to be correct. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Factors that could cause actual results to differ materially from expected results are described under "Risk Factors" beginning on page 20 of the final prospectus filed by the Trust with the Securities and Exchange Commission on November 14, 2011.

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