X0303 4 2010-10-06 1 0001473078 Chesapeake Lodging Trust CHSP 0001326537 Porter Orlin LLC 666 FIFTH AVENUE 34TH FLOOR NEW YORK NY 10103 0 0 1 0 0001120329 PORTER A ALEX 666 FIFTH AVENUE 34TH FLOOR NEW YORK NY 10103 0 0 1 0 0001307047 HULME GEOFFREY 666 FIFTH AVENUE 34TH FLOOR NEW YORK NY 10103 0 0 1 0 0001307048 FRIEDLAND JONATHAN W 666 FIFTH AVENUE 34TH FLOOR NEW YORK NY 10103 0 0 1 0 0001221176 ORLIN PAUL E 666 FIFTH AVENUE 34TH FLOOR NEW YORK NY 10103 0 0 1 0 Common Shares 2010-10-06 4 P 0 550000 16.25 A 1600000 I See Footnote Common Shares 9350 D Porter Orlin LLC, A. Alex Porter, Geoffrey Hulme, Jonathan W. Friedland and Paul Orlin (each, a "Reporting Person" and collectively the "Reporting Persons") disclaim beneficial ownership of the reported securities except to the extent of his pecuniary interest therein. The Reporting Persons affirmatively disclaim being a "group" for purposes of Section 16 of the Securities Exchange Act of 1934, as amended. The Reporting Persons may be deemed to have beneficial ownership over these securities, which are held in the accounts of unregistered investment companies and managed accounts over which the Reporting Persons exercise investment discretion. These securities are held in an account controlled by Paul Orlin, who is a Reporting Person. Porter Orlin LLC, By: /s/ A. Alex Porter, Principal 2010-10-08 /s/ A. Alex Porter 2010-10-08 /s/ Geoffrey Hulme 2010-10-08 /s/ Jonathan W. Friedland 2010-10-08 /s/ Paul Orlin 2010-10-08