Eastman Kodak Company 2011 Investor Meeting

Presenter bios Presentation visuals

profitable

sustainable

digital

Antonio M. Perez

Chairman and Chief Executive Officer Eastman Kodak Company

Since joining the company in April 2003, Kodaks Chairman and Chief Executive Officer, Antonio M. Perez, has led the worldwide transformation of Kodak from a business based on film to one based primarily on digital technologies. In the past seven years, Kodak introduced an array of disruptive new digital technologies and products for consumer and commercial applications that generated approximately $5.5 billion in revenue in 2010. Those include, among others, consumer inkjet printers, pocket video cameras, sensors for digital products, and dry labs for printing at retail, as well as offset-class commercial inkjet presses, highvolume digital production presses, digital controllers, workflow software solutions and digital plates for commercial printing and packaging. The result is a new Kodak a company where digital products account for 75 percent of revenue, where higher gross margin commercial businesses account for more than 50 percent of revenue, and with a portfolio of cash-generating traditional businesses. Mr. Perez brings to the task his experience from a 25-year career at Hewlett-Packard Company, where he was a corporate vice president and a member of the companys Executive Council. As President of HPs Consumer Business, Mr. Perez spearheaded the companys efforts to build a business in digital imaging and electronic publishing, generating worldwide revenue of more than $16 billion.

Prior to that assignment, Mr. Perez served as President and CEO of HPs inkjet imaging business for five years. During that time, the installed base of HPs inkjet printers grew from 17 million to 100 million worldwide, with revenue totaling more than $10 billion. After HP, Mr. Perez was President and CEO of Gemplus International, where he led the effort to take the company public. While at Gemplus, he transformed the company into the leading Smart Card-based solution provider in the fast-growing wireless and financial markets. In the first fiscal year, revenue at Gemplus grew 70 percent, from $700 million to $1.2 billion. Mr. Perez is a member of The Business Council and the Business Roundtable, where he serves as Chair of the Consumer Health and Retirement Initiative and is a member of the Executive Committee. He serves as a member of the Escuela Superior de Administracin y Direccin de Empresas (ESADE) International Advisory Board. He is also a member of the board of trustees of the George Eastman House International Museum of Photography and Film. Mr. Perez is a former member of the Board of Directors of Adobe, Freescale and ScheringPlough Corporation. He is also the former Chair of the Diversity Best Practices CEO Diversity Initiative. An American citizen born in Spain, Mr. Perez studied electronic engineering, marketing, and business in Spain and France.

Brad W. Kruchten

President, Film, Photofinishing & Entertainment Group Senior Vice President, Eastman Kodak Company

Brad Kruchten is currently the President of the Film, Photofinishing & Entertainment Group (FPEG). In this capacity, he has responsibility for Kodaks silver halide business, which includes color paper, consumer and professional film, industrial films, and motion picture products. In addition, Mr. Kruchten has responsibility for Qualex / Event Imaging Solutions, which is a wholly-owned subsidiary that provides photo services to guests at theme parks and other attractions. Mr. Kruchten was named Chief Operating Officer of FPEG in January 2009, and he was appointed President of FPEG and elected a Senior Vice President of Kodak in July 2009. Mr. Kruchtens career at Kodak began in 1982 as a Quality Engineer. Over his first five years, he expanded his engineering experience in the Copy Products Division as a Manufacturing Engineer and a Development/Research Engineer. In 1986, he moved into a sales position for Copy Products, and over the next five years held a number of sales and marketing positions within Printer Products and Business Imaging Systems. In 1993, Kruchten became a product line manager for Business Imaging Systems. In this capacity, he had profit-and-loss responsibility for Retrieval products. In 1998, he was named Strategic Business Unit Manager and a divisional vice president of the Capture and Services business within the Document Imaging unit.

In 2000, Kruchten was named Chief Operating Officer and vice president of the Document Imaging unit. As COO, he led the acquisition of the Imaging division of Bell & Howell. In 2001, Kruchten was named Site Manager, Kodak Colorado Division, and became a divisional vice president of Kodaks Global Manufacturing unit. In 2002, he was the Chief Executive Officer of Encad Inc., a wholly-owned Kodak subsidiary. The Board of Directors elected Kruchten a corporate vice president in July 2002. Since then, he has been the general manager for many consumer businesses, including paper, film, kiosks, wholesale photofinishing, and service and support. Prior to Kodak, Kruchten worked as a project engineer at Inland Steel, and as a tool designer for General Motors Corp. A native of Flint, Michigan, Kruchten has a BS in Engineering from Michigan State University, an MS in Statistics and Quality Management from the Rochester Institute of Technology, and has attended the Executive Management Development program at Penn State University.

Pradeep Jotwani

President, Consumer Digital Imaging Group Chief Marketing Officer Senior Vice President, Eastman Kodak Company

Mr. Pradeep Jotwani joined Kodak in September 2010 as President, Consumer Digital Imaging Group, Chief Marketing Officer, and Senior Vice President. As President, Consumer Digital Imaging Group, Mr. Jotwani reports to Philip J. Faraci, Kodak President and Chief Operating Officer, and is responsible for Kodaks digital cameras, picture frames, pocket video cameras, kiosks, imaging sensors, consumer inkjet printers, and Kodak Gallerythe companys online photo service. As Kodaks CMO, Mr. Jotwani reports to Kodak Chairman and Chief Executive Officer, Antonio M. Perez, and is responsible for customer relationship management, brand management, business-to-business and business-to-consumer marketing, communications and public affairs, online commerce, and the companys website, www.kodak.com. Mr. Jotwani left Hewlett-Packard Company in 2007 as Senior Vice President, Supplies, Imaging and Printing Group. Under his direction, the business was the industry-leading supplier. Prior to that assignment, he was President of HPs Consumer Business Organization, which he formed.

This organization represented HPs first formal sales and marketing organization focused specifically on the consumer market. He also served as HPs executive sponsor for Customer Relationship Management (CRM) and founded hpshopping.com, the companys e-commerce store. After 25 years at HP, and prior to joining Kodak, Mr. Jotwani served as an operating executive at a private equity firm, participated on several corporate boards, was a Leadership Fellow at Stanford Universitys Graduate School of Business, and lent his time to a series of civic and non-profit organizations. He continues to serve on the board of RealNetworks, Inc., a pioneer of streaming media and the provider of network-delivered digital media products and services worldwide. A native of India, Mr. Jotwani earned a degree in Mechanical Engineering from the Indian Institute of Technology, Kanpur, in 1975, and two years later, a Masters in Industrial Engineering from the University of Wisconsin. He received an MBA from Stanford Universitys Graduate School of Business in 1982.

Philip J. Faraci

President and Chief Operating Officer Eastman Kodak Company

Philip Faraci was named President and Chief Operating Officer, Eastman Kodak Company, in September 2007. As President and COO, Mr. Faraci is responsible for the day-to-day management of Kodaks three major digital businesses: the Consumer Digital Imaging Group (CDG), the Graphic Communications Group (GCG) and the Film, Photofinishing and Entertainment Group (FPEG). He joined Kodak as Director, Inkjet Systems Program in December 2004. In February 2005, he was elected a Senior Vice President of the company. In June 2005, he was also named Director, Corporate Strategy & Business Development. He reports to Chairman and Chief Executive Officer, Antonio M. Perez.

Prior to Kodak, Mr. Faraci served as Chief Operating Officer of Phogenix Imaging and President and General Manager of Gemplus Corporations Telecom Business Unit. Prior to these roles, he spent 22 years at Hewlett-Packard, where he served as Vice President and General Manager of the Consumer Business Organization and Senior Vice President and General Manager for the Inkjet Imaging Solutions Group. Mr. Faraci holds a BA in applied mechanics from the University of California, San Diego and is a graduate of the Universitys Executive Program for Scientists and Engineers.

Antoinette P. McCorvey

Chief Financial Officer and Senior Vice President Eastman Kodak Company

Antoinette (Ann) McCorvey was elected Chief Financial Officer and Senior Vice President, Eastman Kodak Company, effective November 5, 2010. She reports to Kodak Chairman and Chief Executive Officer, Antonio M. Perez. Ms. McCorvey is responsible for worldwide financial operations, including Corporate Financial Planning and Analysis, Treasury, Audit, Controllership, Tax, Investor Relations, Aviation, Corporate Business Development, Worldwide Information Systems, and Global Purchasing. Ms. McCorvey joined Kodak in December 1999 as Director, Finance, Imaging Materials Manufacturing. She has held assignments of increasing responsibility including Director, Finance, Global Manufacturing and Logistics; Director, Finance, Corporate Financial Planning and Analysis; and Director, Finance and Vice President, Consumer Digital Imaging Group. In March 2007, she was appointed Director & Vice President of Investor Relations. The Board of Directors elected her a corporate vice president in December 2007.

Prior to Kodak, Ms. McCorvey had a 20-year career with Monsanto/Solutia. Her last assignment at Solutia, Inc. (the former Chemical Company of Monsanto) was Vice President/General Manager of Nylon, Plastics, Polymers and Industrial Fibers. Currently, Ms. McCorvey is a Board Member of ESL Federal Credit Union and Board Chairman for the Association for the Blind and Visually Impaired Goodwill Industries of Greater Rochester, Inc. (ABVI). In addition, Ms. McCorvey was selected as the Distinguished Co-Minett Professor for 2010-2011 at Rochester Institute of Technology (RIT). Ms. McCorvey earned a degree in Finance and Accounting and an MBA from the University of West Florida in Pensacola. She is a Certified Management Accountant and served on the Board of Directors of the Information Technology Industry Council (ITI) for 2009-2010.

Sandra E. Rowland

Director Investor Relations, Vice President, Corporate Finance Group Eastman Kodak Company

In November 2010, Sandra (Sandy) Rowland was appointed Director of Investor Relations and Vice President of the Corporate Finance Group. Ms. Rowland reports to Ann McCorvey, Chief Financial Officer. Ms. Rowland joined Kodak in August 2000 as Accounting Director, Mergers and Acquisitions. She has held assignments of increasing responsibility including Controller for both the Consumer Digital Imaging Group and the Film, Photofinishing, and Entertainment Group, and as the Director of Corporate Financial Planning and Analysis.

Prior to joining Kodak, Ms. Rowland was a Manager in the Audit and Business Advisory practice at PricewaterhouseCoopers LLP, where she worked primarily with technology companies. Ms. Rowland graduated from Lafayette College with a BA in Economics and Business, and she holds an MBA from the University of Rochesters William E. Simon Graduate School of Business.

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Investor Meeting
New York, New York February 3, 2011

CAUTIONARY STATEMENT PURSUANT TO SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Certain statements in these presentations may be forward-looking in nature, or "forward-looking statements" as defined in the United States Private Securities Litigation Reform Act of 1995. For example, references to the Company's expectations regarding the following are forward-looking statements: economic conditions; revenue; revenue growth; gross margins; earnings; earnings growth; profitability; cash generation and management; operational costs and performance improvements; new product introductions; demand for digital products; product pricing; emerging markets growth; liquidity; debt; potential revenue, earnings and cash from intellectual property licensing; patent infringement litigation; proceeds from asset and real estate sales; market growth; pension and OPEB liabilities and payments; SG&A, R&D and manufacturing costs; taxes; commodity costs and plans to mitigate the effect of such costs; restructuring payments; capital expenditures; interest payments; and technology adoption rates Actual results may differ from those expressed or implied in forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the following risks, uncertainties, assumptions and factors as described in more detail under the heading risk factors in the Companys Report on Form 10-Q for the quarters ended June 30, 2010 and September 30, 2010 and in the Companys Annual Report on Form 10-K for the year ended December 31, 2009 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2010, and June 30, 2010 and September 30, 2010 under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Cautionary Statement Pursuant to Safe Harbor Provisions the Private Litigation Reform Act of 1995" and in other filings the Company makes with the SEC from time to time: Continued weakness or worsening of economic conditions which could continue to adversely impact our financial performance and our liquidity; Whether we are successful with the strategic investment decisions we have made which could adversely affect our financial performance; Whether we effectively anticipate technology trends and develop and market new products to respond to changing customer preferences which could adversely affect our revenue and earnings; The competitive pressures we face which could adversely affect our revenue, earnings and market share; Whether our commercialization and manufacturing processes fail to prevent product reliability and quality issues which could adversely affect our revenue, earnings and market share; Whether we are successful in licensing and enforcing our intellectual property rights or in defending against alleged infringement of the intellectual property rights of others which could adversely affect our revenue, earnings, expenses and liquidity; Whether our pension and post-retirement plan costs and contribution levels are impacted by changes in actuarial assumptions, future market performance of plan Whether post retirement assets or obligations imposed by legislative or regulatory authorities which could adversely affect our financial position, results of operation and cash flow; Whether we are successful in attracting, retaining and motivating key employees which could adversely affect our revenue and earnings; Changes in currency exchange rates, interest rates and commodity costs which could adversely impact our results of operations and financial position; Whether we are able to provide competitive financing arrangements or extend credit to customers which could adversely impact our revenue and earnings; Our reliance on third party suppliers which could adversely affect our revenue, earnings and results of operations; and Whether we are required to recognize additional impairments in the value of our goodwill which could increase expenses and reduce profitability. The Company cautions readers to carefully consider such factors. Many of these factors are beyond the Companys control. In addition, any forward-looking statements represent the Companys estimates only as of the date they are made, and should not be relied upon as representing the Companys estimates as of any subsequent date. While the Company may elect to update forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, even if its estimates change. Any forward-looking statements in these presentations should be evaluated in light of the factors and uncertainties referenced above and should not be unduly relied upon.
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Eastman Kodak Company Investor Meeting

New York, February 3, 2011

In this Investor Meeting presentation and related Press Release, Eastman Kodak Company (The Company) referenced certain non-GAAP financial measures including Digital Revenue, Digital Revenue 3-Year Compound Annual Growth Rate (CAGR), Digital Gross Profit Excluding NonOperational Pension & OPEB Components as a Percent of Revenue, Digital SG&A Excluding Non-Operational Pension & OPEB Components as a Percent of Revenue, Digital R&D Excluding Non-Operational Pension & OPEB Components as a Percent of Revenue, Digital Operational Earnings Excluding Non-Operational Pension & OPEB Components as a Percent of Revenue, Operational Earnings Excluding Non-Operational Pension & OPEB Components as a Percent of Revenue, Segment Earnings, Cash Generation Before Restructuring Payments and Pension & OPEB Income (Expense). The Company believes that these non-GAAP measures represent important internal measures of performance. Accordingly, where they are provided, it is to give investors the same financial data management uses with the belief that this information will assist the investment community in properly assessing the underlying performance of the Company, its financial condition, results of operations and cash flow on a year-over-year and quarter-sequential basis. Kodak has prepared a reconciliation of these non-GAAP measures to the comparable GAAP measures. This additional information is attached as an appendix to the copy of this mornings presentation material which is posted in the Investor Center of Kodaks web site, Kodak.com.

To access this material, go to Kodak.com. From Kodaks home page click on about Kodak at the bottom left of the screen. Next, click on the Investor Center tab and choose the Financial News & Events link in the pull-down window.

Presentation materials and appendix are listed on this page

New Non-GAAP Measure

Segment Earnings
(Non-Operating Components of Pension/OPEB Expense) Operational Earnings

Operating Components*:
Service cost Amortization of prior service cost

Non-Operating Components:
Interest cost Expected return on plan assets Amortization of actuarial gains/losses Special termination benefits, curtailments, and settlements Non-major plan costs

Major Plans

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Agenda
Antonio M. Perez, Chairman and CEO Brad W. Kruchten, President, FPEG Pradeep Jotwani, President CDG and Chief Marketing Officer Philip J Faraci President and Chief Operating Officer J. Faraci, Antoinette P. McCorvey, Chief Financial Officer

Digital. Profitable. Sustainable.

2011-2013
Antonio M. Perez
Chairman & Chief Executive Officer

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Our Purpose

To generate increased shareholder value through sustainable, profitable digital growth by exploiting our strategic advantage at the intersection of materials science and digital imaging science

Key Messages

Complete the transformation to a profitable and sustainable digital company by 2012

Our strategy is unchanged and we have the resources to support it:

IP and sale of non-strategic assets fund our four digital growth initiatives FPEG cash generation funds its restructuring

Improved performance and contribution from digital cash-generating businesses

Accelerated momentum with our four digital growth initiatives

Approach $2B or greater than 25% of total revenue with positive earnings in 2013

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Our Strategy
Exploit our competitive advantage at the intersection of materials science and digital imaging science

Large markets in need of transformation offer great growth opportunities for Kodak Higher margins are driven by expanding consumables and services Our strength comes from our unmatched combination of IP, deposition processes, image quality, and brand relevance
9

A Profitable and Sustainable Digital Company

Our Technology Advantage Drives Four Growth Initiatives

Consumer and Commercial Inkjet, Workflow Software & Services, Packaging

DIGITAL IMAGING SCIENCE Multi-media processing and analysis Automated workflow Color management Image processing

MATERIALS SCIENCE Materials design and formulation Functional materials Electronic Optical

DEPOSITION PROCESSES MEMS microfluidics Laser writing Thin film Inkjet Electrophotography

It extends naturally into large and emerging markets, such as printed electronics and industrial printing
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Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Our Opportunity: Large Markets

Extending into new addressable markets and increasing market share
Enterprise IT Enterprise Branded Goods
Printing & Document Mgmt

Packaging

$75B

$205B

Small Business Markets

Consumer Digital Imaging

Consumer & Commercial graphics products & integrated solutions

Commercial

$280B

~$110B
(addressed market)

$290B

Publishing

$155B
Publishing

$155B

Consumer Printing and Self-Publishing

Enterprise Marketing Spend

11

Our Market Presence & Portfolio

Differentiated value propositions in high-growth and/or large markets
Consumer inkjet Commercial inkjet Workflow software and services Packaging

Significant scale and market share positions

Digital plates Scanners Digital still and video cameras Retail printing Entertainment Imaging films Color paper

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Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Our Portfolio
Graphic Communications Consumer Digital Film, Photofinishing & Entertainment

Digital Printing Solutions

Inkjet Printing Solutions Electrophotographic Printing Solutions

Inkjet Systems Digital Capture and Devices Retail System Solutions Kodak Gallery

Entertainment Imaging Traditional Photofinishing Industrial Materials Film Capture

Prepress Solutions
Offset Solutions Packaging Solutions

Business Solutions and Services

Document Imaging Workflow Software and Services
2010 Revenue

$2.7B

$2.7B
13

$1.8B

Our Two Business Models

Digital Business Model
(CDG/GCG) 2010 Revenue 2010 Revenue

Traditional Business Model

(FPEG)

$5.4B

CAGR 10 13

4%

$1.8B

CAGR 10 13

(16%)

30% 26% 22% 24%

27%
*Gross Profit *SG&A

16% 21% 20% 21%

5% - 6%
-3%
2011

*R&D

18%
5% 5%
3%
2012

*Operational
Earnings

6%
3%
2010

6%
2013 2010 2011 2012 2013

Growth initiatives fuel top line and drive higher-margin annuities

Manage for cash, grow in adjacent markets

* Excludes non-operational items such as restructuring charges and the non-operational component of pension and OPEB.
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Eastman Kodak Company Investor Meeting

New York, February 3, 2011

A Promising Portfolio 2011

Rationalize Cash Generation
GrowthMaximize Margins MaturityMaintain Value

Decline
Manage for Cash

Margin Growth Invest

Introduction GrowthAcquire Customers

Consumer Inkjet Office

Consumer Inkjet Home

Digital Plates Retail Systems Solutions Document Imaging Industrial Materials

Digital Capture & Devices

Entertainment Imaging Traditional Photography

PROSPER- PROSPERCommercial Packaging Printing Printed Electronics FLEXCELPackaging Workflow Software and Services

15

A Value-Creating Portfolio 2013

Rationalize Cash Generation
GrowthMaximize Margins MaturityMaintain Value

Decline
Manage for Cash

Margin Growth Invest

Introduction GrowthAcquire Customers

Industrial Printing

Consumer InkjetOffice PROSPERPackaging Printed Electronics

Consumer InkjetHome PROSPERCommercial Printing FLEXCELPackaging Workflow Software and Services

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Digital Plates Retail Systems Solutions Document Imaging Industrial Materials

Entertainment Imaging Traditional Photography Digital Capture & Devices

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Completing the Transformation

Digital Revenue
Digital Cash Generators Digital Cash Generators w/o one-time IP
$B $7 $6 $5 $4 $3 $2 $1 $0 2010 2011 2012 Digital Cash Generators 2013 Growth Initiatives $400 $200 $0 -$200 -$400 -$600 Growth Initiatives Digital Cash Generators 2010 2011 2012 2013

(CDG/GCG)

Digital Operational Earnings*

CAGR 10-13 (4%) CAGR 10-13 1%

$M

Growth Initiatives

CAGR 10 13 35% 10- 13

$800 $600

Our four growth initiatives more than double and approach $2B Digital cash generators are stable excluding IP
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Consumer inkjet turns profitable during 2011, 2nd half positive GP Commercial inkjet turns profitable during 2012

* Excludes non-operational items such as restructuring charges and the non-operational component of pension and OPEB.

Digital Growth Initiatives

Building on Strong 2010 Momentum Consumer Inkjet Commercial Inkjet
Doubled ink gross profit dollars Increased printer shipments by 45% Launched a new and low-cost platform 1st PROSPER Press shipments: B&W in Q1, Color in Q3 Increasing capacity to meet demand Doubled FLEXCEL NX System installed base Announced wide format and direct engraving FLEXCEL Solutions

Packaging Workflow Software & Services Emerging Markets

Grew revenue 21% in the second half of 2010

Grew GCG revenues in emerging markets by 19%

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Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Digital Cash Generators

Improving our operating performance during the planning period
Launched high productivity TRILLIAN SP Plates in 2010 Grew 14% in the emerging markets Placed 1,300 Computer-to-Plate (CTP) units (22% growth)

Prepress Solutions

Digital Capture & Devices Retail Services & Solutions Document Imaging

Modest growth in gross profit dollars on lower revenues, excluding non-recurring IP Transformative strategy for digital cameras; focused on profitability Secured over 8,000 new customer touch-points Connectivity to Facebook and premium output fuel growth

Grew production scanner share 9 percentage points and distributed scanner share 1 percentage point

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Our Intellectual Property Strategy

Design Freedom
Over 11,000 worldwide Kodak patents supporting Kodak-branded products and current and future licensing portfolios World Class Productivity: One U.S. patent per year for each $1M of R&D spent during the d i th past five years t fi More than 1,000 U.S. patents issued from 2008-2010

Access to New Markets and Partnerships

Cross licenses provide access to a broad spectrum of third-party patent portfolios

Continued Income and Cash Generation

$1.9B in revenue from 2008-2010 Average revenue of $250M - $350M per year from 2011 - 2013

Consistent, demonstrated performance monetizing our Intellectual Property continues through the planning period

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Eastman Kodak Company Investor Meeting

New York, February 3, 2011

2011 Key Financial Metrics

Scale our four digital growth initiatives >40% aggregate revenue growth
Consumer Inkjet Commercial Inkjet Workflow Software and Services Packaging

Drive positive cash generation before restructuring

21

In Summary

Complete the transformation to a profitable and sustainable digital company by 2012

Our strategy is unchanged and we have the resources to support it:

IP and sale of non-strategic assets fund our four digital growth initiatives FPEG cash generation funds its restructuring

Improved performance and contribution from digital cash-generating businesses

Accelerated momentum with our four digital growth initiatives

Approach $2B or greater than 25% of total revenue with positive earnings in 2013

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Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Film, Photofinishing & Entertainment Group

Brad W. Kruchten
President, Film, Photofinishing & Entertainment Group Senior Vice President

Our Purpose

Sustainable cash generation by extending our materials science assets in traditional and new markets

Circuit Boards

Film Base Rolls

Event Imaging

New Media

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Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Key Messages
Capitalizing on Entertainment Imaging market leadership

Implementing actions to mitigate the increased silver p price p g g

Aggressively participating in new markets with existing assets Continue to variabilize costs and consolidate our manufacturing footprint

Circuit Boards

Film Base Rolls

Event Imaging

New Media

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The FPEG Businesses

Unit

Entertainment Imaging
Capture, Print & Intermediate Films Films, Post-Production Services (Cinesite)*

Traditional Photofinishing
Color Paper, Pro Output, P O t t Event Imaging*

Industrial Materials
Aerial Film, Printed Circuit Board (PCB) Film*, Components*

Film Capture
Consumer Film, One-Time-Use One Time Use Cameras, Professional Film

2010 Revenue

Products

$0.7B

$0.7B

$0.4B

A portfolio of cash-generating businesses

* FPEG Growth Businesses
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Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Entertainment Imaging: Industry Update

Industry adapting to changing market dynamics
%WW Digital Screen ns

WW Digital Adoption Rate

80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 2007 2008 2009 2010 2011 2012 2013 2014
2011 Base Case 2008 Base Case 2010 Base Case

Declining DVD sales impact studio profitability t di fit bilit Major studio releases down, films staying in theaters longer Increased number of 3D features

Digital Cinema adoption for first-run screens at year-end fi d 2010 estimated at 30%

* Source: Screen Digest

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Entertainment Imaging: Addressing the Challenge

Capitalizing on our market-leading position
Manage contracts and partnerships effectively Continue to gain share in emerging markets Introduce new innovative products Differentiate through superior quality products & services

Continue to aggressively drive costs down

Reducing manufacturing, SG&A and R&D costs

Laser Projector Technology announced

Deliver licensing revenue through a combination of upfront fees as well as per unit annuity streams

EI is a sustainable cash generator

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Eastman Kodak Company Investor Meeting

New York, February 3, 2011

The Silver Challenge & Our Response

$18 to $28/troy oz. = 6% operating margin headwind

Creating indexed price models for key p g p y products Transitioning portfolio to be less dependent on silver Continuing our hedging program

Contingencies will reduce the earnings impact of silver from $10M - $15M/troy ounce to $5M - $10M/troy ounce by 2012
* Source : Kitco.com
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FPEG Growth Businesses

$600 $500 $M Revneue $400 $300 $200 $100 $2010 100% 90% % of FPEG Business o 80% 70% 60% 50% 40% 30% 20% 10% 0% 2010 2012 2014 2016 Traditional Businesses Growth Businesses 2012 2014 2016

Growth businesses will be 30% of FPEGs revenue in 2013 Event Imaging Solutions Cinesite Industrial Materials: Gelatin, Silver, Chemicals & PCB New Media 7% Growth in 2010

11% CAGR over planning horizon

FPEGs growth businesses are cash-accretive and largely independent of silver

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Eastman Kodak Company Investor Meeting

New York, February 3, 2011

FPEG Growth Business Update

Event Imaging Solutions
Provider of digital souvenir imaging services & solutions Over 550 sites worldwide in 20 countries

Cinesite
Provider of digital visual effects, miniatures and production services Expanded services by entering into new 3D post-production conversion business

Industrial Materials
Provider of high-quality gelatins, silver, film base, PCB and specialty chemicals fil b d i lt h i l Excellent progress in developing strategic partners and distributors
Circuit Boards Film Base Rolls

Aggressively entering new markets and regions

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In Summary: Our Path to Sustainability

Capitalizing on Entertainment Imaging market leadership

Implementing actions to mitigate the increased silver p price p g g

Aggressively participating in new markets with existing assets Continue to variabilize costs and consolidate our manufacturing footprint

Circuit Boards

Film Base Rolls

Event Imaging

New Media

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Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Consumer Digital Imaging Group

Pradeep Jotwani
President, CDG & Chief Marketing Officer Senior Vice President

Our Purpose

To drive profitable revenue growth by leveraging powerful brand, le eraging a po erf l brand a deep kno ledge knowledge of the consumer, and extensive digital imaging and materials science assets

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Eastman Kodak Company Investor Meeting

New York, February 3, 2011

The CDG Businesses

Inkjet Systems
Desktop inkjet p j printers, inks, and papers

Retail System Solutions

Retail kiosks, , dry labs, service products

Kodak Gallery
Web merchandise and services

Digital Capture and Devices

Digital still and video g cameras, royalties, frames and sensors

2010 Revenue

Produc cts

Unit

$ 0.7B

$ 2.0B

35

Key Messages
Consumer Inkjet
$45 billion retail market with a big profit pool Kodak has significant and accelerating market momentum Achieving key business milestones

Retail Systems Solutions (RSS)

Capitalize on our #1 position in retail touch-points Driving growth and earnings based on premium output

Kodak Gallery
Improved product portfolio (photobooks, ease of use) in 2010 Plans include business performance improvement in 2011

Digital Capture and Devices (DC&D)

Modest increase in gross profit dollars in 2010, excluding non-recurring IP Declining digital still camera market, but growing pocket video camera market Transformative strategy for digital cameras; focused on earnings

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Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Our Consumer Digital Markets

WW Market Size ($B)
$100.0 $80.0 $2.0 $2 0 $60.0 $40.0 $1.0 $20.0 $0.0 $0.0

Kodak Revenue ($B)

$3.0

$89.1

$87.4

$2.7

$2.7

2010
Consumer Output

2013
Consumer Capture & Systems

2010
Consumer Output

2013
Consumer Capture & Systems

WW Market CAGR 10-13 10 13 Consumer Capture & Systems

(DC&D and Kodak Gallery)

Kodak CAGR 10-13 10 13 (14%) 30%

(4%) 1%

Consumer Output
(Inkjet & RSS)

Strong growth in print output creates high-margin annuity streams

Sources: see Appendix 37

Consumer Inkjet
Home & Office Printing Opportunity $45 billion retail market Big profit pool Kodak has:
Fundamental technologies
Sustainable differentiation

Breakthrough business model

Price premium on printers Premium ink at an affordable price

Momentum in the market

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Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Consumer Inkjet Momentum Accelerating in 2010

2010 Inkjet Shipments
60% 50% 40% 30% 20% 10% 0% 1H 2H

Year over year Growth

45% printer unit shipment growth year-on-year year on year 30% printer price premium Doubled ink gross profit dollars year-on-year

Premium ink at an affordable price resonates with consumers

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New Consumer Inkjet Platform

New, more compact writing system

New line-up of lower cost printers

Launched with Advent store brand for Dixons in UK Launch with Kodak brand Q1 2011

Increased Kodak ink SKUs

Greater presence, more shelf space

Will drive 50% printer unit growth in 2011

40

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Consumer Inkjet Milestones

2010
Doubled ink gross profit dollars

2011
Double ink gross profit dollars again Positive gross profit dollars in 2nd half

2012
Positive full-year operational earnings

41

The Personal Imaging Market

The number of images captured is growing exponentially and consumers are sharing images like never before All sharing is a monetization opportunity, g pp y, online, in home and at retail

4X6 digital prints continue to grow in all emerging markets p (photobooks, Premium output (p photo greeting cards, calendars) drives growth worldwide

Premium output is a big growth market for retail

42

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Well-Positioned in the Retail Systems Solutions Market

July December 2010

#1 retail installed base worldwide Secured more than 8,000 new customers touch-points

Enabled direct Facebook connectivity Photobooks and greeting cards are driving growth in select retailers

Connectivity combined with a large installed base drives growth through planning horizon
43

Digital Capture & Devices

Modest increase in gross profit dollars in 2010, excluding non-recurring IP

Transformative strategy for digital cameras; focused on profitability

Grew PVC revenue by 170% in 2010

44

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Solid Market Share Improvement

FY2010 US Pocket Video Camcorder Unit Share (NPD)

35% 30% 25% 20% 15% 10% 5% 0%

FY2010

Source: NPD

45

Digital Capture & Devices

Modest increase in gross profit dollars in 2010, excluding non-recurring IP

Transformative strategy for digital cameras; focused on profitability

Grew PVC revenue by 170% in 2010

New product introductions well-received at CES 6 products announced 4 products earned Innovations 2011 Design and Engineering awards

Single-minded focus on earnings

46

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

In Summary Our Path to Profitable Growth

Consumer Inkjet is achieving key business milestones

Capitalize on our #1 retail position to drive growth in premium output

Transformative strategy for digital cameras; focused on profitability

47

Graphic Communications Group

Philip J. Faraci
President & Chief Operating Officer

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Our Purpose

To transform large graphics markets with revolutionary technologies and customized services that grow our customers business and Kodaks business with them

49

Key Messages
Print market is transforming now Stream is game-changing technology Prepress innovation provides stable profitability Workflow Software & Services leads the change Double-digit growth in emerging markets Kodak growth outpaces the market

50

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

The GCG Businesses

Digital Printing Solutions
Inkjet Printing Solutions
Imprinting g solutions, high-volume color and B&W presses

Business Solutions and Services

Workflow Software and Services
Production workflow, portals, campaign & brand management, consultative services

Electrophotographic Solutions
Color and B&W production presses

Unit

Document Imaging

Prepress Solutions
Plates, platesetters, packaging solutions, proofing solutions

2010 Revenue

Products

Production scanners, distributed scanners, software & packaged solutions

$0.5B

$0.6B

$ 1.6B

Winning solutions in the conversion to digital print

51

Print is a Large Market Digital Growing Rapidly

Market CAGR 2010-13

Key External Data Points

Digital Color Page Volume (InfoTrends) g g ( ) Digital Plate Volume (V.S.M.) Packaging Substrate Volume (Poyry) Print Advertising Spend (Zenith Optimedia) Commercial Printing Paper (Poyry) Newsprint Developed (Poyry) Newsprint Emerging (Poyry)

Strategic Implications PROSPER growth g Significant market Packaging participation Long-term trends: large market ready for conversion Opportunity for Prepress and cash generation ti

Well-positioned to address the growth areas of the market

Sources: InfoTrends, V.S.M, Poyry, ZenithOptimedia

52

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Kodak Growth Outpaces Market

WW Market Size ($B)
$25.0

Kodak Revenue ($B)

$4.0 $3.0 $2.0 $1.0 $0.0 $2.7 $3.5

$22.8 $20.9

$20.0 $15.0 $15 0 $10.0 $5.0 $-

2010
Commercial Output

2013

2010
Commercial Output

2013

Commercial Capture & Systems

Commercial Capture & Systems

WW Market CAGR 10-13 Commercial Capture & Systems Commercial Output 4% 3%

Kodak CAGR 10-13 8% 9%

Sources: see Appendix

53

Why PROSPER? Digital Without Compromise

PROSPER delivers:
Highest-speed inkjet printing Magazine quality Broad range of media Lowest running cost

PROSPER enables printers to personalize campaigns

PROSPER is a breakthrough for print providers

54

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

PROSPER: Expanding Solutions & Applications

FY09
PROSPER Components

Books Direct Mail

PROSPER 1000 Monochrome Press

Newsprint Magazines Catalogs

FY10
PROSPER 5000XL Color Press

Advertising Collateral Packaging

And we provide a range of workflow software and integration services

55

Digital Benefits the Customer and Kodak

Digital Color Page Volume
400 350 300 Pages (B) 250 200 150 100 CAGR 10-13 = 26% 10-

Vendor Revenue/Page
$0.0120 $0.0100 $0.0080 $0.0060 $0.0040 $0.0020

15X

50 2010 Est. 2011 Fcst 2012 Fcst 2013 Fcst

$Traditional Digital

Digital pages offer Kodak 15x more revenue opportunity than traditional

56

Sources: InfoTrends, PIRA

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

PROSPER Customer Successes

Our experience to date has been sales have increased between 80% and 120%.
Malcolm G. Miller Chief Executive Miller Distributors Ltd.

It is possible and necessary to provide the customer with exactly what they want small lot sizes, exactly whats asked for, and also personalization so that the range of options is much greater. If traditional print companies don t embrace that, greater dont that theyll have a limited future.
Kate McFarlan, Managing Director Clays Ltd.

57

Prepress Innovation Provides Stable Profitability

New premium products drive productivity and significantly lower total cost of ownership
Eliminate processing Environmentally advantaged Best-in-class quality

Adoption grows through the period

Kodak Percentage New Product

100% 80% 60% 40% 20% 0% 2010 2011 2012 2013 2014

New premium products and hedging program provide stability against p y g pricing g pressures and aluminum costs

58

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Packaging Revolutionizing a Growing Market

FLEXCEL NX technology delivers
Exceptionally high-resolution flexo print quality R d Reduced waste f d t from outstanding t t di plate durability Maximum shelf impact , which builds brand equity
Growth in FLEXCEL NX sales

>80% CAGR

Wide-format FLEXCEL NX and Direct Laser Engraving solutions expand portfolio Digital print solutions moving into short-run corrugated

2010

2013

Kodaks packaging solutions are growing in a growing market

59

Workflow Software and Services Leads the Change

Enable transformation from Print Service Provider to Marketing Service Provider
Digital conversion Drive multi-channel communications

Leverage our broad portfolio

Creative Collaboration & Asset Management

Job Submission & Management

Production Planning & Workflow

Digital, Conventional & Package Printing

Workflow Software and Services 2010-2013 revenue CAGR >15%

60

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Consultative Services Driving Our Full Portfolio

Results
Client costs cut by 33% Revenue goal exceeded by 100%

We needed to move quickly Kodaks MARKETMOVER Services helped us make this move into a marketing service provider much quicker than had we tried to do it on our own. Were working on a project right now that I believe (is) going to make a real difference for our client. I would expect that this client will go from being not much of a customer right now to maybe being my very largest client. And it will happen because of what were going to bring to him with the data analytics. Were fortunate in that were doing quite well and were doing quite well because of the help of Kodak.
61

Our Emerging Market Strategy

Expand our market participation across Asia to ride the growth wave

Develop strategic partnerships to help us grow in emerging markets

Build an Asia Solutions Center leveraged for all markets

Design products and services specific to the growth markets

62

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

In Summary: Significant Growth Ahead

Print market is transforming now
Market: Color digital pages CAGR >25% Kodak : Color digital pages CAGR >30%

Stream is game-changing technology

Commercial Inkjet turns profitable during 2012 Full-year profitable in 2013

Prepress innovation provides stable profitability

Packaging grows revenue to 15% of Prepress Solutions in 2013

Workflow Software and Services lead the change

Revenue CAGR >15%

Double-digit growth in emerging markets Kodak growth outpaces market

GCG revenue CAGR 8% - 9%
63

Financial Overview
Antoinette P. McCorvey
Chief Financial Officer & Senior Vice President
NOTE: Certain slides in this presentation have not been adjusted to reflect the March 15, 2011 private placement of Senior Secured Notes due 2019 and the related repurchase of outstanding debt.

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Agenda

2010 Financial Results

2011 - 2013 Target Business Model

2011 Priorities and Key Metrics

65

2010 Full-Year Financial Results

2010 Goals
Revenue (As a % of revenue): Gross Profit* SG&A R&D Segment Earnings* Cash Balance $7.5B - $7.7B

2010 Actual
$7.2B

26% - 27% 17% 4% - 5% $350M - $450M $1.8B - $2.0B

27% 18% 4% $369M** $1.6B

Market headwinds impact revenue; successful IP licensing program

*Excludes certain non-operational items **2010 Actual Segment Earnings revised from Feb 3rd Investor Meeting presentation to reflect the final results as reported in the Companys 2010 Form 10K. 66

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

2011 2013 Key Planning Period Imperatives

Digital growth initiatives in 2013 are:
Approaching $2B in revenue Greater than 25% of the company Profitable

Significant operational improvement in digital cash generators Asset repurposing moderates traditional decline rate

Sufficient resources to fund our strategy

67

Non-Cash Benefit Charges Impact Earnings

Pension/OPEB Income/(Expense)
In $M $125 In $M

2010 10 80 90

2011 (15) (45) (60)

2012 (20) (145) (165)

2013 (20) (135) (155)

$50

Operating Component Non-Operating Component *Pension /OPEB Income/(Expense)

($25)

2010

2011

2012

2013

($100)

($175)

Operating Component Reflects the ongoing cost of providing benefits Includes service cost & amortization of plan amendments for major plans

Non-operating Component Pressured by 2008 market performance Lower asset return expectation Lower discount rate

Non-GAAP measure provides transparency to operating results and the impact of market forces on retirement plans
* 2011- 2013 Pension income/expense based on actuarial assessments, discount rates, market returns, etc.
Special Termination Benefits.
68

Excludes Curtailments, Settlements and

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Pension/OPEB Contributions & Benefit Payments

In $M

$300

$250

$200 $150

$100

$50

$0 2010 2011 2012 2013

Pension/OPEB payments continue to decline during the planning period and beyond
2011- 2013 Pension/OPEB contributions and benefit payments are based on actuarial assessments, discount rates, market returns, etc. Excludes Curtailments, Settlements and Special Termination Benefits.
69

2011 - 2013 Target Business Model

2010
Total Revenue Digital Revenue $7.2B $5.4B 3 Year CAGR 10 13 3 Year CAGR 10 13 <1% 4%

27% 23% -24% 20% - 21%

25% - 26%

% of Revenue*
Gross Profit SG&A R&D Operational Earnings

18%

15% -16% 18% - 19% 16% -17% 4% 4%

-2%

5%
4%

4% 3%

6%

Digital growth initiatives combined with improved digital cash generators performance drive sustainable profitability
* Excludes non-operational items such as restructuring charges and the non-operational component of pension and OPEB.
70

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Debt Maturity Schedule

In $M

$513 $50 $400 $300

$50

$50

2011

2012

2013

2014

2015

2016

2017

2018+

Debt maturity very manageable

71

2011 Key Planning Assumptions

Reflect Recent Trends & Expert Projections

Economic Growth/Inflation
GDP: - US +3% - Euro Area +1% - China +9% CPI: - US+2% - Euro Area +2% - China +4%

Foreign Exchange Rates

Euro ($/Euro) $1.25 - $1.35 British Pound ($/Pound) $1.55 - $1.60 Japanese Yen (Yen/$) 80 to 85

Commodity Impacts
Silver: $1 change per troy ounce = $10M to $15M; Improving during planning period to $5M to $10M Aluminum: $100 change per metric ton = $13M to $14M Oil: $1 change per barrel = $1M to $2M Some hedges in place, including indexing

72

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

The 2011 Financial Outlook

2010 2011

Revenue
(As a % of revenue)*:

$7.2B

$6.4B to $6.7B

Gross Profit SG&A R&D Operational Earnings O ti lE i

27% 18% 5% 4%

20% - 21% 18% - 19% 4% (2%)

Digital growth initiatives increase > 40%; Traditional declines with industry; Lower gross profit reflects IP assumptions
* Excludes non-operational items such as restructuring charges and the non-operational component of pension and OPEB.
73

The 2011 Business Model

Digital
(CDG & GCG)

Traditional
(FPEG)

Total
$6.4B - $6.7B 20% - 21% 18% - 19% 4% (2%)

Revenue
(As a % of revenue)*:

$5.0B - $5.2B 22% - 24% 20% - 21% 5% - 6% (3%)

$1.4B - $1.5B 11% - 13% 10% - 11% <1% 1%

Gross Profit SG&A R&D Operational Earnings

* Excludes non-operational items such as restructuring charges and the non-operational component of pension and OPEB.
74

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

The 2011 Operating Plan

(in $M) Operational Earnings* Non-Operational Pension/OPEB Component Other Operating Income (Expense) Restructuring/Other Earnings from Continuing Operations Before Interest, Net, Other Income (Charges), Net and Income Taxes (GAAP) Interest, Net Earnings from Continuing Operations Before Income Taxes (GAAP) Income Tax GAAP Earnings (Loss) from Continuing Operations ($200M) to $0 ($45) 300 400 (150) (170) ($50M) to $150M (150) ($200M) to $0M (110) (90) ($300M) to ($100M)

* Excludes non-operational items such as restructuring charges and the non-operational component of pension and OPEB.
75

The 2011 Tax Outlook

Effective rate for income statement
Valuation allowances and audits may impact rate Expect variation between quarters during the year Income tax provision of $90M - $110M

Cash taxes are projected to be in the range of $75M to $85M

76

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

2011 Operational Earnings to Cash

(in $M)

Operational Earnings* Depreciation & Amortization Working Capital (AR / INV / AP) Pension/OPEB Cash Contributions & Benefit Payments Cash Interest Payments, Net Tax Payments Restructuring payments Other
Net Cash Provided from Operating Activities Continuing Operations (GAAP)

($200M) to $0 275 70 (265) (110) (80) (80) 85 ($300M) to ($100M) (175) $300 - $400 ($75M) to $25M $0 to $100M

Capital Expenditures C it l E dit Proceeds from non-strategic assets Cash Generation Cash Generation before Restructuring Payments

*Excludes non-operational items, such as restructuring charges and non-operational component of pension and OPEB
77

Our Cash Position

2011
Beginning 2011 Cash Balance Cash Generation before Restructuring Restructuring Payments Debt Maturities Ending 2011 Cash Balance $1.6B $0 - $100 ($80) ($50) $1.5B - $1.6B

78

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

2011 Key Financial Metrics

Scale our four digital growth initiatives >40% aggregate revenue growth
Consumer Inkjet Commercial Inkjet Workflow Software and Services Packaging

Drive positive cash generation before restructuring

79

2011 - 2013 Key Messages

Complete the transformation to a profitable and sustainable digital company by 2012

Digital growth initiatives are profitable at end of planning period

Improved performance of digital cash-generating businesses

FPEG generates cash during the entire planning period

Maintain strict cost discipline consistent with top-line realities

Sufficient resources to fund the strategy

80

Eastman Kodak Company Investor Meeting

New York, February 3, 2011

Q&A

81

82

APPENDIX Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Measures
In its February 3, 2011 Investor Meeting presentations and related Press Release, Eastman Kodak Company (The Company) referenced certain non-GAAP financial measures including Digital Revenue, Digital Revenue 3Year Compound Annual Growth Rate (CAGR), Digital Gross Profit Excluding Non-Operational Pension & OPEB Components as a Percent of Revenue, Digital SG&A Excluding Non-Operational Pension & OPEB Components as a Percent of Revenue, Digital R&D Excluding Non-Operational Pension & OPEB Components as a Percent of Revenue, Digital Operational Earnings Excluding Non-Operational Pension & OPEB Components as a Percent of Revenue, Operational Earnings Excluding Non-Operational Pension & OPEB Components as a Percent of Revenue, Segment Earnings, Cash Generation Before Restructuring Payments and Pension & OPEB Income (Expense). The Company believes that these non-GAAP measures represent important internal measures of performance. Accordingly, where they are provided, it is to give investors the same financial data management uses with the belief that this information will assist the investment community in properly assessing the underlying performance of the Company, its financial condition, results of operations and cash flow on a year-over-year and quartersequential basis. The following reconciliations are provided with respect to terms used in the February 3, 2011 presentations of Antonio M. Perez, Chairman & Chief Executive Officer, Brad W. Kruchten, President - Film, Photofinishing and Entertainment Group, Pradeep Jotwani, President - Consumer Digital Imaging Group & Chief Marketing Officer, Philip J. Faraci, President & Chief Operating Officer and Antoinette P. McCorvey, Chief Financial Officer. The following table reconciles digital revenue and digital revenue 3-year CAGR to the most directly comparable GAAP measures of consolidated revenue and consolidated revenue 3- year CAGR (dollar amounts in billions):

2010 Digital revenue, as presented Traditional revenue Consolidated revenue (GAAP basis), as presented $ $ 5.4 1.8 7.2

3-Year CAGR Target 4% -16% < 1%

The following table reconciles digital gross profit excluding non-operational pension & OPEB components as a percent of revenue to the most directly comparable GAAP measure of consolidated gross profit as a percent of revenue: % of Revenue 2011 2012 2013 2010 Target Target Target

Digital gross profit, as presented Traditional gross profit, as presented Consolidated gross profit, as presented Non-operational pension & OPEB components Consolidated gross profit (GAAP basis)

30% 16% 27% 0% 27%

22%-24% 11%-13% 20%-21% -1% 19%-20%

26% 13% 23%-24% -1% 22%-23%

27% 12% 25%-26% -1% 24%-25%

The following table reconciles digital SG&A excluding non-operational pension & OPEB components as a percent of revenue to the most directly comparable GAAP measure of consolidated SG&A as a percent of revenue:

2010 Digital SG&A, as presented Traditional SG&A, as presented Consolidated SG&A, as presented Non-operational pension & OPEB components Consolidated gross profit (GAAP basis) 21% 10% 18% 0% 18%

% of Revenue 2011 2012 Target Target 20%-21% 10%-11% 18%-19% 0% 18%-19% 18% 11% 16%-17% 1% 17%-18%

2013 Target 16% 10% 15%-16% 1% 16%-17%

The following table reconciles digital R&D excluding non-operational pension & OPEB components as a percent of revenue to the most directly comparable GAAP measure of consolidated R&D as a percent of revenue:

2010 Digital R&D, as presented Traditional R&D, as presented Consolidated R&D, as presented Non-operational pension & OPEB components Consolidated R&D (GAAP basis) 6% 0% 5% -1% 4%

% of Revenue 2011 2012 Target Target 5%-6% < 1% 4% 1% 5% 5% 1% 4% 0% 4%

2013 Target 5% 1% 4% 0% 4%

The following table reconciles digital operational earnings excluding non-operational pension & OPEB components as a percent of revenue and operational earnings excluding non-operational pension & OPEB components as a percent of revenue to the most directly comparable GAAP measure of earnings from continuing operations before interest expense, other income (expense), net and income taxes as a percent of revenue:

2010 Digital operational earnings, as presented Traditional operational earnings, as presented Operational earnings, as presented Non-operational pension & OPEB components Restructuring charges Other operating income (expense), net Earnings (loss) from continuing operations before interest expense, other income (charges), net and income taxes (GAAP basis) 3% 6% 4% 1% -1% 0%

% of Revenue 2011 2012 Target Target -3% 1% -2% -1% -2% 4% - 6% 3% 1% 3% -2% -1% 1% - 3%

2013 Target 6% 1% 6% -2% 0% 0% - 2%

4%

-1% - +1%

1% - 3%

4% - 6%

The following table reconciles segment earnings to the most directly comparable GAAP measure of earnings from continuing operations before interest expense, other income (charges), net and income taxes (amounts in millions):

2010 Actual Segment earnings, as presented Restructuring costs, rationalization and other Other operating income (expense), net Adjustments to contingencies and legal reserves/settlements (Loss) earnings from continuing operations before interest expense, other income (charges), net and income taxes (GAAP basis) $ 369 (78) (619) (8) (336)

2010 Target $350 - $450 (50) - (60) (20) 0 $275 - $375

The following table reconciles cash generation before restructuring payments to the most directly comparable GAAP measure of net cash provided by (used in) operating activities (dollar amounts in millions):

2011 Target Cash generation before restructuring payments, as presented Cash restructuring payments, as presented Cash generation, as presented Proceeds from sales of businesses/assets, as presented Free cash flow Additions to properties, as presented Net cash provided by (used in) operating activities (GAAP basis) $0 - $100 (80) (75) - 25 (400) - (300) (375) - (325) 175 $(300) - $(100)

The following table reconciles pension & OPEB income (expense) to the most directly comparable GAAP measure of pension & OPEB income (expense) (amounts in millions): 2010

Pension & OPEB income (expense), as presented Impact of special termination benefits, curtailments and settlements Pension & OPEB income (expense) (GAAP basis)

$ $

90 22 112

Information Sources, Definitions and Supporting Data for Kodak Digital Business Overview Kodak Market Sizes Commercial : InfoTrends, Vantage Strategic Market (VSM), CIPHO notary, NPES Market Data Program, Gartner, infoSource, Harvey Spencer Associates and internal Kodak research Consumer: IDC, InfoTrends, Futuresource Consulting, Consumer Electronics Association, Lyra and internal Kodak research

Market Sector Sizes Consumer Digital Imaging: NPD, GfK, InfoTrends, Lyra, CES, eMarketer and internal Kodak research Printing & Document Management: InfoTrends, Gartner, IDC and Harvey Spencer Associates Packaging, Publishing & Commercial: Pira International, Zenith Optimedia, Poyry

Figure 1: Commercial Print Market Growth, External Data

Figure 2: Offset Plate Market Growth

Figure 3: Worldwide Print Advertising Spend

Source: ZenithOptimedia December 2010

Figure 4: Worldwide Packaging Substrate Volume

Source: Poyry Forest Industry Consulting 2010

Figure 5: Worldwide Commercial Printing Paper

Source: Poyry Forest Industry Consulting 2010

Figure 6: Worldwide Newsprint

Source: Poyry Forest Industry Consulting 2010

Produced on a Kodak NexPress Digital Production Color Press using the Kodak NexPress Dimensional Printing System. Printed by Cohber Press, Rochester, NY. Kodak, 2011. Kodak and NexPress are trademarks of Kodak.