Hearing Date: August 20, 2013 at 11:00 a.m. (Eastern Time) Objection Deadline: August 9, 2013 at 4:00 p.m.

(Eastern Time)

Name Address 1 Address 2 Telephone: Fax: Eastman Kodak Shareholder

UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re: EASTMAN KODAK COMPANY, et al., Debtors. ) ) ) ) ) )

Bankruptcy Case No. 12-10202

SHAREHOLDER OBJECTION TO DEBTORS FIRST AMENDED JOINT CHAPTER 11 PLAN OF REORGANIZATION Dear Honorable Judge Allan Gropper, I respectfully request the court to deny confirmation of Debtors First Amended Joint Chapter 11 Plan of Reorganization, because this plan is not in the best interests of Kodak stakeholders and is substantially inferior to other plans that provide better recovery for all stakeholders 1. In the First Amended Plan of Reorganization (Docket 4175, Page 173), Debtors make the following statements: As of December 31, 2012, the Debtors estimate that they had approximately $2.6 billion of United States federal net operating loss carryforwards and approximately $535 million in United States federal foreign tax credit carryforwards and $19 million of federal research and development credits. (These estimates may be subject to adjustments.) The Debtors anticipate that they will experience an ownership change as a result of the Plan, in which case the availability of Reorganized Kodaks substantial pre-ownership change Tax Attributes to offset future income and taxes may be significantly limited or possibly eliminated. If the Plan is approved, the Debtors do not expect to qualify for the special rule under section 382(l) (5) of the Internal Revenue Code (section 382(l)(5) of the Internal Revenue Code materially alleviates the restrictions described above). However, section 382(l)(6) of the Internal Revenue Code may provide some relief from the limitation imposed by section 382 of the Internal Revenue 1

2. On Page 224 of the same court filing (Docket 4175), Debtors financial advisor, Lazard, provides a $23 to $30 million estimate of the value of the tax attributes, if the current plan is approved: Lazard estimates that the Distributable Value of Reorganized Kodak falls within the range of $1,487 to $1,955 million. The Distributable Value includes (a) the Enterprise Value, (b) approximately $609 million of estimated excess available cash, excluding the proceeds of the Rights Offerings, (c) $406 million of cash proceeds from the Rights Offerings, (d) $23 to $30 million of estimated value from the Residual NOLs 3. In the First Amended Disclosure Statement, Debtors did not provide an estimate for the value of the pre-emergence tax attributes if they proposed a reorganization plan that has no ownership change enabling the full use of the pre-emergence tax attributes without limitation. Kodak Shareholders have done this estimation. The residual (discounted) value of the tax attributes with a reorganization plan that has no ownership change is $760M based on the Disclosure Statement earnings projections and a 15% Kodak USA EBITDA growth after 2017 (Exhibit -1). 4. The $760M value of the tax attributes increases New Kodaks $498M reorganization value by more than 153% to $1.258B, and the unsecured creditors recovery amount of $72M under the First Amended Plan by 507% to $437M (assuming a minimum of 50% ownership of New Kodak with 30% equity holders and a minimum of 20% qualified creditors). 5. Debtors, Credit Committee and the Backstop Parties have fiduciary duty to consider the substantial value of the pre-emergence tax attributes and modify the First Amended Plan of Organization so that New Kodak does not have an ownership change and can use its full pre-emergence tax attributes without limitation. .>> Sign here

Exhibit 1

FSA income Discount rate

2,000 7.2% 2014-28

Net Operating Losses (NOL) Analysis under IRC Section 382 (1) (5) - in $M's

US EBT Starting NOL's Used NOL's Tax savings Present Value

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 -81 -46 15 120 202 232 267 307 353 405 466 536 617 709 4,039 4,120 4,166 4,151 4,031 3,830 3,598 3,331 3,024 2,672 2,266 1,800 1,264 647 0 0 15 120 202 232 267 307 353 405 466 536 617 523 0 0 5 42 71 81 93 107 123 142 163 188 216 183 760 0 0 5 34 53 57 61 66 71 76 81 87 94 74

Including $2B write-up income from fresh start accounting US EBT 1,919 -46 15 Starting NOL's 4,011 2,092 2,138 Used NOL's 1,919 0 15 Tax savings 672 0 5 Present Value 1137 672 0 5

120 2,123 120 42 34

202 2,003 202 71 53

232 1,801 232 81 57

267 1,569 267 93 61

307 1,303 307 107 66

353 996 353 123 71

405 643 405 142 76

466 238 238 83 42

536

617

709

Assumptions 1. $695M long-term debt interest rate is 7.2% until 2018, when the debt will be paid in full increasing US EBT by $55M a year. 2. Starting NOL's in 2014 = $2.6B NOL's plus NOL equivalent of $554M tax credits with 35% tax rate minus 3 years of 7% interest of $683M unsecured notes 3. Loss year NOL's are added to the Starting NOL's 4. $2B one-time write-up income from fresh start accountiing is added to the 2014 income