Business Plan Review and Supplemental Financial Information

August 2012

Disclaimer
The enclosed preliminary financial projections have been prepared by Eastman Kodak Company (the "Company"). The Company has prepared these financial projections on a managerial basis to provide its forecast of business unit profitability based on various assumptions; the projections have not been prepared on a statutory basis. These projections should not be considered a comprehensive representation of the Companys cash generation performance. Certain income statement line items below Earnings Before Interest and Taxes ("EBIT") for 2013 and beyond have not been forecasted as they are immaterial or require additional information that is not currently available. The following below EBIT line items have not been forecasted: other operating income/expense tax benefit/expense interest expense (beyond June 2013) other income/charges extraordinary items and earnings/loss from income/expense, benefit/expense, 2013), income/charges, items, discontinued operations, net of tax. In addition, the financial projections will be further impacted by restructuring activities related to certain obligations including but not limited to domestic and foreign pension, other postretirement obligations (OPEB), and borrowings. The Company does not make any representation to how these obligations will be treated as part of the restructuring. In addition, the financial projections do not reflect the cash costs of the pension and OPEB obligations. The projections have not been compiled, audited, or examined by independent accountants and the Company makes no representations or warranties regarding the accuracy of the projections or its ability to achieve forecasted results. This presentation is not, and nothing in it should be construed as, an offer, invitation or recommendation in respect of the facilities or any of the Companys securities, or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy, the facilities or any of the Companys securities in any jurisdiction. Neither this presentation nor anything in it shall form the basis of any contract or commitment. This presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company h prepared thi presentation b Th C has d this t ti based on i f d information available t it i l di i f ti il bl to it, including information d i d f ti derived from public sources th t have not been bli that h tb independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. The 2012 historical financial information included in this presentation is preliminary, unaudited and subject to revision upon completion of the Company's closing and audit processes. All references to dollars are to United States currency unless otherwise stated. All forwardlooking statements attributable to the Company or persons acting on its behalf apply only as of the date of this document, and are expressly qualified in their entirety by the cautionary statements included in this document. The financial projections are preliminary and subject to change; the Company undertakes no obligation to update or revise these forwardlooking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Inevitably, some assumptions will not materialize, and unanticipated events and circumstances may affect the ultimate financial results. Projections are inherently subject to substantial and numerous uncertainties and to a wide variety of significant business, economic and competitive risks, and the assumptions underlying the projections may be inaccurate in any material respect. Therefore, the actual results achieved may vary significantly from the forecasts, and the variations may be material.

Cautionary Statement Regarding Forward-Looking Statements

This presentation includes forward-looking statements, as that term is defined under the Private Securities Litigation Reform Act of 1995. Forwardlooking statements include statements concerning the Companys plans, objectives, goals, strategies, future events, future revenue or performance, liquidity, cash flows, capital expenditures, financing needs, plans or business trends, and other information that is not historical information. When used in this presentation, the words estimates, expects, anticipates, projects, plans, intends, believes, forecasts, or future or conditional verbs, such as will, should, could, or may, and variations of such words or similar expressions are intended to identify forwardlooking statements. All forward looking statements including without limitation managements examination of historical operating trends and data are based upon the Company s statements, including, limitation, management s Companys expectations and various assumptions. Future events or results may differ from those anticipated or expressed in these forward-looking statements. Important factors that could cause actual events or results to differ materially from these forward-looking statements include, among others, the risks and uncertainties described under the heading Risk Factors in the Companys most recent annual report on Form 10K under Item 1A of Part 1, in the Companys most recent quarterly report on Form 10Q under Item 1A of Part II and those described in filings made by the Company with the U.S. Bankruptcy Court for the Southern District of New York and in other filings the Company makes with the Securities & Exchange Commission from time to time, as well as the following: the ability of the Company to continue as a g g concern, the Companys ability to obtain Bankruptcy Court approval with , g y p y going , p y y p y pp respect to motions in the chapter 11 cases, the ability of the Company and its subsidiaries to prosecute, develop, secure approval of and consummate one or more plans of reorganization with respect to the chapter 11 cases, the Companys ability to improve its operating structure, balance sheet and profitability following emergence from chapter 11, Bankruptcy Court rulings in the chapter 11 cases and the outcome of the cases in general, the length of time the Company will operate under the chapter 11 cases, risks associated with third party motions in the chapter 11 cases, which may interfere with the Companys ability to develop and consummate one or more plans of reorganization once such plans are developed, the potential adverse effects of the chapter 11 proceedings on the Companys liquidity, results of operations, brand or business prospects, the ability to execute the Companys business and restructuring plan, i t t i l increased l d legal costs related t th chapter 11 b k t fili and other liti ti l t l t d to the h t bankruptcy filing d th litigation, our ability t raise sufficient proceeds f bilit to i ffi i t d from the sale th l of non-core assets and the monetization of our digital imaging patent portfolios within our plan, the Companys ability to comply with the Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) covenants in its Debtor in Possession Credit Agreement, the Companys ability to generate or raise cash and maintain a cash balance sufficient to comply with the minimum liquidity covenants in its Debtor in Possession Credit Agreement and to fund continued investments, capital needs, restructuring payments and service its debt; the Companys ability to maintain contracts that are critical to its operation, to obtain and maintain normal terms with customers, suppliers and service providers, to maintain product reliability and quality, to effectively anticipate technology trends and develop and market new products, to retain key executives, managers and employees, our ability to successfully license and enforce our intellectual property rights and the ability of the Companys non-US subsidiaries to continue to operate their businesses in the normal course and without court supervision, the uncertainty in commodities and foreign exchange rates, and the impact of the global economic environment on the Company. There may be other factors that may cause the Companys actual results to differ materially from the forwardlooking statements. All forwardlooking statements attributable to the Company or persons acting on its behalf apply only as of the date of this presentation, and are expressly qualified in their entirety by the cautionary statements included in this presentation. The Company undertakes no obligation to update or revise forward looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

Contents
Page

1. Business Plan Review 2. Supplemental Financial Information

5 63

Our Strategy
Exploit competitive advantage at the intersection of materials science, digital imaging science, and deposition processes

Large analog printing and packaging markets in need of transformation offer great growth opportunities

Higher margins are driven by expanding consumables and services

It extends naturally into large and emerging markets such as functional printing and printed electronics
5

Deposition Based Businesses Include Present Large Printing Markets and New Large and Fast Growing Applications
Digital Printing & Document Imaging Mature with Growing Segments Evolving Printing Markets Large and Growing Consumables & Services

Commercial Printing Transform Analog Markets Print (Marketing Collateral) Publishing Enterprise Content Services Document Imaging Consumer Inkjet Systems Premium Photo Consumer & Office Inkjet Market Size: >$70B

Packaging Print Packaging Sustained Printing Functional Printing Printed Electronics Materials Market Size: $50B - $70B

Annuity Based Businesses (consumables & services) Business Models that have High Gross Profit Ability to Withstand Economic Cycles

Kodaks Transformation Four Key Objectives

1. 1 Restructure Fil Business (2004 t middle of 2007) R t t Film B i to iddl f 2. 2 3. 4. 13 film plants closed; only 2 plants remain 130 photo labs closed Reduced workforce by ~50,000 e p oyees worldwide in a soc a y acceptab e way a d without educed o o ce 50,000 employees o d de socially acceptable ay and t out affecting the Kodak Brand perception and value Cost of $3.4B: 50% with cash; 50% through accounting write-offs Managed film business for cash to fund film restructuring Followed industry practices by increasing employee/retiree contributions to health care coverage Since 2003 reduced OPEB liabilities from $3.5B to $1.2B and cash requirements from $245M/year to $110M/year Pension plans were overfunded significantly until equity markets collapsed in 2008 Selected the intersection of materials science, digital imaging science and deposition technologies as our strongest operating space Created product lines at this technology intersection with a differentiated value proposition and leveraged supply chain experience Started St t d aggressively monetizing IP portfolio (Pl i l ti i tf li (Plan: $250-$350M per year A t l ~$400M/year) $250 $350M Actual $400M/ ) and selling non-strategic assets to provide an additional source of funding for growth businesses and to pay for legacy costs
7

Manage L M Legacy Costs C t

Create a New Company

IP Strategy

2008 2011 Challenges

Fil Business Declined Faster than Expected Film B i D li d F t th E t d Industry projected decline rate: 10%; EK Plan: 20%; Consumer Film Actual: 40%

Economic Crisis Negatively Impacted Other Businesses Lack of financing, industry overcapacity and price pressures impacted cash-generating businesses (Prepress, Digital Cameras, Retail Systems Solutions, Document Imaging, Entertainment Imaging) Increases in silver and aluminum prices reduced profitability of Entertainment Imaging and Prepress Market contraction also impacted demand and top-line of growth businesses (Consumer Inkjet, Workflow Solutions) delaying achievement of profitability objectives Poor equity performance and low interest rates caused our pension funding to reverse from positive to negative ($2B+ overfunded to $1B underfunded) Current economic climate has created a buyers market for asset sales, lowering and delaying proceeds

Jan 2011 Setback in ITC Delays Licensing Revenue IP licensing exceeded $250-350M annual plan from 2004-2010, averaging ~$400M per year However, in January 2011 an International Trade Commission (ITC) Administrative Law Judge (ALJ) ruled th t a well-tested and validated Kodak patent was invalid and not infringed in the l d that ll t t d d lid t d K d k t t i lid d t i f i d i th Apple/RIM case In June 2011 the ITC remanded the Apple/RIM case back to an ALJ for further consideration
8

Reductions in Worldwide Employment: 2003 to 2011

Kodak has Reduced Global Headcount Significantly in the Last Decade

Eastman Kodak Company

Chairman & Chief Executive Officer Antonio M. Perez

Businesses President Eastman Kodak Company Laura Quatela Consumer President Eastman Kodak Company Phil Faraci Digital Printing & Enterprise Senior Vice President Eastman Kodak Company Brad Kruchten Graphics, Entertainment & Commercial Films

WW Regional Operations

Functions Chief Financial Officer Ann McCorvey General Counsel. Secretary & Chief Admin. Officer Patrick Sheller

Europe, Africa and Middle Eastern Region

Asia Pacific Region Consumer Inkjet Systems Enterprise Services and Solutions Entertainment Imaging

Personalized Imaging

U.S. & Canada Region Digital and Functional Printing Graphics and Commercial Film

Chief Technical Officer Terry Taber

Intellectual Property

Latin America Region

Intellectual Property

Flatten Management Structure Project Focused R&D Overhead Reduction

As of 7/9/12 10

Organization & Cost Structure Actions

Flatten Management Structure Consolidate P&Ls Ali b b i Align by business model d l Increased accountability Project Focused R&D Combine research and product line R&D resources Drive focus on projects for introduction in next 36 months Corporate SG&A Reduction Corporate SG&A from todays 6% to 4% revenue by 2014 Sized for the simplified organization

11

2011A 2014E Operating Expense Reduction

($ in millions)

$1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200

4.5% 4.7% 12.7% 10.9% 10.5% 10.0% 5.3% 5.8% 5.0% 4.0%

Exited Business Corporate SGA Business Unit SGA Total R&D

4.3% 4.0%

% of Revenue

$0

2011A

2012E

2013E

2014E

Cost reduction initiatives are expected to drive a >40% reduction in operating expense during the period while revenues are expected to decline ~20% More than 2300 positions reduced in the first half 2012
* Excludes DC&D Non Essentials, CIS, ISS, & all IP (incl. corp costs allocated to IP)
12

Reporting the Operations

Retail Systems Solutions Paper & Output Systems Event Imaging Services Consumer Film Plates Output Devices Workflow Entertainment Films Aerial Films Personalized Imaging

Consumer Inkjet Systems

Consumer Businesses

Graphics

Graphics & Commercial Films

KODAK

Commercial C i l Films

Mfg. Services IPS

Packaging

Digital & Functional Printing

EPS Functional Printing Enterprise Services

Digital Printing & Enterprise

Scanner & Technical Service Professional Services

Products

Strategic Product Groups

Segments

Company

13

Business Emergence Plan g

Commercial Businesses

14

Commercial Businesses
Digital Printing & Enterprise
Digital and Functional Printing
Digital Printing Solutions Cut-sheet Cut sheet Production Presses Roll-fed Production Presses Consumables OEM

Enterprise Services & Solutions

Technical Services Document Imaging Commercial Print Retail Solutions Multi-Vendor Services Enterprise p Content Management Content & Document Management Brand Management Print Management

Graphics, Entertainment & Commercial Film

Graphics Digital Plates Optical Devices Unified Workflow

Functional Printing Flexo Solutions Display

Entertainment Imaging & Commercial Films

Winning solutions in the conversion to multi-channel communications

15

Business Emergence Plan g

Digital & Functional Printing

16

Digital and Functional Print Business

Digital Print
Inkjet Printing Solutions
Imprinting solutions, I i ti l ti high-volume color and B&W presses

Functional Print
Display
Printed l t i P i t d electronics

Electrophotographic Solutions
Color d C l and B&W production presses

Packaging
Flexcel NX S t Fl l System, Flexcel Direct, Flexo Analog

Products

Unit

Packaging, Direct Mail, Books, Displays

App plications

17

Commercial Printing: Rapidly Changing

Communications Industry Trends Multi-channel communications: Personalization Emerging markets experiencing rapid growth and expansion Developed markets experiencing industry consolidation driving production efficiencies Kodak uniquely positioned to profit from the digitalization of print

Print Market Growth

Worldwide Printed Pages
60 $180 $150 40 20 0

Digital Print Revenue

A4 pp (trillions)

USD (billions)

$120 $90 $60 $30 $0

2011

2013
Developed Emerging

2015

2005

2010

2015p

Source: Poyry 18

Source: Pira Worldwide Market for Print

We are Competing in Growth Areas of the Market

Market CAGR 11-14 Key Data Points Digital Color Page Volume Digital Plate Volume Worldwide Developed 30% 3% -1% 1% -3% 3% -3% -4% N/A N/A N/A N/A / N/A Emerging N/A 10% 5% 4% 3% 2% N/A N/A N/A N/A / Source InfoTrends & EK VSM Poyry
Zenith-Optimedia Zenith Optimedia

Packaging Substrate Volume** 3% Print Ad P i t Advertising Spend ti i S d CM Printing Paper Volume** Newsprint Volume** -2% 2% 1% -1%

Poyry Poyry IDC

InfoTrends, H. Spencer

Print D P i & Document M Mgmt S Srvcs* 8% Document Capture w/Service 4% Functional & Specialty Printing 11% Entertainment Imaging
** CAGR 2010-2013 ** CAGR 2011-2016

NPD Group Kodak

-28% %

19

Print Transforming from Mass to Personalized

Game-changing technology in the transformation of print G h i t h l i th t f ti f i t

Prosper Components

Prosper Presses B&W and Color

OEM systems Timsons

Digital Print NexPress

Plus a range of WORKFLOW SOFTWARE and INTEGRATION SERVICES

Direct Mail, Inserts Corrugated, Folding Carton

Packaging - Corrugated, Folding carton, Flexible

Direct Mail, Books, Photo

20

Our Biggest Target is Digital Color Production

Total Worldwide Page Volume
Total = 68 Trillion A4 Pages*

Total Vendor Market = $167B

Production Digital,0.7

Personal, $31.6

Traditional, $33.0
Production Digital,$16.4

Traditional, 64

Workgroup, Office,3.1

Personal,0.3

Workgroup, Workgroup Office,$86.0

* excludes 7.7T pages of waste, with waste = 76T A4 pages

Source: InfoTrends, Kodak Internal Analysis, 2010 latest data available

21

Kodak participates in a $5B digital production print market

DPSworldwideAddressablemarket,M$ $6,000 $6 000

$4,574

CAGR

$5,514

4%
$4,000 $4 000

12% 8%

$2,000 $2 000

Total ota ColorIJ ColorEP B&WIJ B&WEP B&W EP

Note: Color IJ includes Components

9%
$0 $ 2012

6% 6%
2017

Source: Infotrends, IDC, Kodak internal analysis

22

Kodak has strength across the digital production printing

Cut Sheet High Volume ( (1M+) Color ) Co o KODAK Competitor A Competitor B Competitor C Competitor D Competitor E C i Competitor F Competitor G Competitor H C tit X Cut Sheet Commercial IJ Production B&W HV Print X X X X X X X Packaging & Labels X X X X X

Key: = Strong = Medium X = None / Limited

Competitors include: Canon/Oce, Fuji, HP, Konica Minolta, Ricoh, Screen, Xeikon, Xerox
23

Inkjet is transforming production print

Game-changing technology in the transformation of print G h i t h l i th t f ti f i t

Prosper Components

Prosper Presses Monochrome Press

Color Press

OEM systems Timsons

Plus a range of WORKFLOW SOFTWARE and INTEGRATION SERVICES

Direct Mail, Inserts Corrugated, Folding Carton

Packaging - Corrugated, Folding carton, Flexible

Direct Mail, Books, Photo

24

Stream is highly differentiated as evidenced by our customers and partners

Productivity Speed and Width Reliability Quality
Meets Application Needs
Up to 3000 fpm with single array 500+ kHz drop generation Width up to 49 p

Stream

Others

Most Robust
Heavy duty for 24/7 production operation Head life independent of coverage

Delivers Offset Quality

Most uniform drop formation Highest drop momentum for placement accuracy I k chemistry for glossy paper Ink h i t f l

Cost

Right Cost
Long head life yields more images per dollar Head redundancy not required Enables replacement of incumbent technologies

Kodak delivers the complete package of technology technology, hardware, software and services
25

Packaging is a $250B and growing opportunity

The Packaging Industry
Fastest growing and sustainable p print market Highly fragmented value chain Ripe for technology substitution Kodak well positioned to lead digitization and drive integration Attractive business case but case, need to accelerate to scale

Packaging Market Growth

($ in millions)

$350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 2005 Western Europe North America 2010 Latin America

$307B $237B $189B

2015 Asia-Pacific Other

Packaging Market Breakdown

Gravure 14% Offset 24% Screen 2% Digital 2% Others 19% Metal Cans 12% Rigid Plastic 8% Flexible 18% Labels 10% Corrugated Corr gated 34%

Flexography 39%

Cartons 18%

Source: PIRA, PRIMIR, EK internal analysis

26

Printed Packaging Ecosystem

Project brief

Brand Owners
Large CPG, Pharma Retail / Private Label Small / Regional CPG

Project brief Design proofs, prototypes, revisions

Package Design and Development

Design group Branding company Ad agency

Final artwork Structural design files

Trade Service Providers

Flexo / Offset house Gravure house

Printer/Converter
Plates, proofs Corrugated Flexible package Folding carton Label & tag Metal can / Rigid plastic

Structural design

Consumer and supply chain data

Printing, extrusion lamination, corrugation, slitting, die cutting, folding & gluing, pouch making

Consumer

Retailer

Fulfillment
Companyowned Contract packer

Roll (flexible package) Flat box (folding carton / corrugated) Pouch (flexible package) Cut-sheet or roll (label) In-the-round (metal, rigid plastic)

Product/Package g Consumer data

Interactive communications from QR codes and UPC codes

Supply chain data

Interactive communications from UPC codes and RFID 27

Form, fill and seal Case erection and fill Palletization / distribution

Large Sustained and Growing Market

Packaging Industry Trends Population & urbanization drive growth Fragmented value chain Ripe for Innovation Electronic substitution proof

Printed Packaging Market Growth

($ in millions)
$350,000 300,000 250,000 200,000 200 000 150,000 100,000 50,000 0 2005 Western Europe North America 2010 Latin America
28

$307B $237B $189B

2015 Asia-Pacific Other

Sources: Pira, IT Strategies, Info Sys

Kodak participates in a $2.3 billion packaging market

Printed Pi t d Packaging Market Kodaks Packaging Addressable Market
includes Flexo. Proofing systems, Letterpress, inkjet, EP, offset and enterprise solutions & services includes Flexo. Proofing systems and Letterpress

4% 22% 28%

$257B
12% %

$2.3B
2% 7% 18% 1% 6%

$1.1B

$237B

SmartPackaging CommercialInkjetSystems ElectrophotographicSystems OffsetPlateSystems y Workflow,D2L,SecurityandServices

OutputDevices FlexoPlates/Sleeves Services LetterpressPlates Letterpress Plates Proofing Systems

29

Source: PIRA, PRIMIR, EK internal analysis (2012)

Kodaks Technology Differentiation for Packaging and Functional Printing

Core Competence in High Resolution Imaging and Printing with Kodaks Laser Spot Head Technology

Highest resolution laser thermal imaging device Up to 25,600 DPI 450 lines per inch versus industry at ~ 200 lines per inch Highest resolution flexographic printing plate making process Specialized coating capability
Printing of Fine Line and Patterns by the Use of Kodak Imaging Device, Media and System

30

Functional Printing
Printing to deliver functionality beyond visual communications

Materials M t i l & Substrates

Printed Electronics

Energy

Packaging

Bio - Tech

Coatings

Display

Fuel cell

Corrugated

Anti-microbial

Conductive inks

Emi

Solar harvesting

Folding carton

Tissue regen film

Substrates

Transistors

Printed batteries

Smart packaging

Disposable sensor

Kodak Confidential 8/13/2012

31

31

Kodak has a highly competitive Packaging portfolio

Workflow Kodak Competitor A Competitor B Competitor C Competitor D Competitor E Competitor F Competitor G

Output Devices

Flexo Plates

Proofing/ Approval

X X X X X X

X X X X X X

X X X

X X X X X

Key: = Strong = Medium X = None / Limited

Main competitors include Asahi, DuPont, Esko, Flint, Fuji, Macdermid, Toray
32

Kodaks sustainable differentiation in Functional Print based on our core strengths

Scalable assets; Formulation to manufacturing Squarespot: Highest resolution laser thermal imaging p q p g g g platform (up to 25,600 DPI) Expertise in the deposition of conductive materials (silver) in rollto-roll manufacturing environment Customized substrates IP and high value know-how

33

Kodaks Technology Differentiation for Packaging and Functional Printing

Core Competence in High Resolution Imaging and Printing with Kodaks Laser Spot Head Technology

Highest resolution laser thermal imaging device Up to 25,600 DPI 450 lines per inch versus industry at ~ 200 lines per inch Highest resolution flexographic printing plate making process Specialized coating capability
Printing of Fine Line and Patterns by the Use of Kodak Imaging Device, Media and System

34

Business Emergence Plan g

Enterprise Service & Solution

35

Enterprise Services & Solutions Overview

Content & Document Management Brand & Security Management Enterprise Print Management

Offerings Scanning & scanner service Document protection & authenticity System design

Offerings Marketing workflow SW (D2L) Anticounterfeiting / diversion Track and trace capabilities System design

Offerings Print network management Print aggregation solutions Multi-channel communication workflow

Capture

Manage

Deliver

36

Enterprise Services & Solutions - Market Opportunity

Products Addressable Markets
$6.0 $5.0 $5.0 $5 0 CAGR = 8.3% 8 3% $1.4 $3.4 $0.6 $1.2 $0.7 $0.3 $0.6 2012 $2.1 BrandWorkflowSW

Services Potential Markets

$90.0 $80.0 $70.0 $ Billions $60.0 $50.0 $40.0 $30.0 $30 0 $20.0 $10.0 $ 2012 2017
$28.1 $35.9 CAGR = 9.1%

$77.1
$4.1 $4 1

$ Billions

$4.0 $3.0 $ $2.0 $1.0 $

CaptureSW DistributedScanners ProductionScanners Production Scanners $0.9 $0.3 $0.4 2017 ScannerService(B/F)

$50.0
$1.7

$37.1

BrandServices Document Services PrintServices

$20.1

WW Potential Market Revenue ($B) Brand Services (4) Print Services (5) Document Services (5) Total

$ $ $ $

2012 1.7 28.1 20.1 50.0

$ $ $ $

2017 CAGR 12-17 4.1 18.9% 35.9 5.0% 37.1 13.0% 77.1 9.1%

Market definitions are inconsistent and evolving Services opportunity is large and growing g y g Market is highly fragmented

Sources: (1) Forrester/Kodak

(2) HSA (3) Infotrends, InfoSource, MTC

(4) Kodak (5) IDC 37

Business Emergence Plan g

Graphics & Commercial Films

38

Graphics Products Market Opportunity

WW Graphics Products Market Size ($B)
$7.0 $6.0 $5.0 $4.0 $3.0 $2.0 $ $1.0 $ 2010 2011 2012 2013 2014 2015 2016 2017
Source: VSM and InfoTrends

$5.8
$0.5 $0 5 $0.4 $1.2

$6.1
$0.5 $0.5 $1.2

$6.0
$0.6 $0 6 $0.5 $1.1

$6.1
$0.6 $0.4 $1.1

$6.2
$0.7 $0.4 $1.0

$6.2
$0.7 $0.4 $1.0

$6.2
$0.8 $0.4 $0.9

$6.3
$0.8 $0.4 $0.8 Workflow OutputDevices Analog Plates Digital Plates

$3.7

$4.0

$3.8

$4.0

$4.1

$4.1

$4.2

$4.2

Graphics Will
Industry Objective: Kodak Focus: Industry Trend: Differentiator: Improve quality, cost & consistency of printed content Optimize operational efficiencies and control cost Enable environmentally sustainable product practices Only industry supplier to develop and manufacture full pre press solution and process free leader
39

Kodak has a highly competitive Graphics portfolio

Digital Plates Kodak 2 Competitors 1 Competitor 6 Competitors 2 Competitors 7 Competitors

Output Devices

Workflow Competitors

X X X

X X X

X X

Key: = Presence X = None / Limited

Main competitors include Agfa, Bitstream, Cron, Dalim Software, ECRM, EFI, Esko, Founder, Fujifilm, Heidelberg, HP, IBF, ipagsa, Lucky f Huaguang Graphics, Presstek, Screen, Xeikon, Xingraphics
40

Steps of the Offset Print Process

CREATIVE
Photography Photo Retouching Editorial Graphic Design Page Layout

PREPRESS
Production Workflow Proofing / Collaboration Color Management Digital Asset Management Print Layout Computer to Plate Plates / Processing

PRESS
Printing Plates Web Printing Sheet-fed Printing Ink Paper Fountain Solution Press Consumables

POSTPRESS
In-line Web Finishing Sheet Cutting Die-Cutting Folding Binding Fulfillment

Kodak Graphics Participation

41

Kodaks History of Innovation in Graphics

Industry Leader in Digital Innovation Fi t thermal i First th l imager First thermal plate
Kodak/Creo launch industrys first thermal platesetter Kodak/Creo introduce SquareSpot Imaging with launch of Trendsetter

Fi t no-preheat plate t h l First h t l t technology First process-free plate technology

Kodak launches Sword Excel no preheat/no post bake plate

Analog Plates Digital Plates Output Device Workflow

Kodak launches its first analog lithographic plate

1959

1995

1997

1999

2001

2003

2004

2006

2008

2010

Kodak launches industrys first thermal plate (Thermal 830)

Kodak launches industrys first nonpreheat thermal plate (Electra Excel)

Kodak/Creo launch Prinergy Workflow

Kodak/Creo launch Magnus Platesetter

Kodak launches Thermal Direct industrys first nonprocess digital plate

Kodak launches Sonora XP & Sonora News Process Free Plates

42

2012

Entertainment & Commercial Films Marketplace Dynamics

Digital substitution continues for both origination and distribution segments 2011 conversion f di t ib ti ahead of f i for distribution h d f forecasted pace, t d driven by stronger international conversion 2012 box office strong through May, after weak 2011 g g y, 3D titles up in 2011 by 66%, yet 3D Box office down by 9% Decline in DVD sales continues its double-digit pace putting it s double digit pace, economic pressure on studios Arri Alexa digital camera has had material impact on origination conversion rates

43

Commercial Films Product Portfolio

The Commercial Films portfolio consists of the following product families: Printed Circuit Board Films Red and Blue/Green Film & Chemicals for Photoplotters Kodak believes 90% of product demand lies in Asia Aerial and Surveillance Films B&W and Color Film, Chemicals Kodak leads in product superiority, application & processing Components Film Base polyester & tri-acetate Specialty Chemicals & Inks Commercial Silver halide films S f

44

Business Emergence Plan g

Consumer Businesses

45

Consumer Businesses Organization

Continued Operation Consumer Inkjet Systems
Desktop Inkjet Printers Inks Papers

Exited Businesses Kodak Gallery

Web Merchandise M h di and Services

Retail Systems Solutions

Retail Kiosks Dry Labs Service

Paper & Output Systems Film Capture

Consumer & Professional Film Single-Use Cameras Color Paper Chemistry Essentials

Event Imaging Solutions

Theme Park Destination Souvenir Imaging

Produc cts

Digital Capture and Accessories

Digital Still Cameras Video Cameras Sensors Frames

Unit

Personalized Imaging

46

Personalized Imaging Market Opportunity

WW Images Captured, Shared and Printed
600,000 500,000

Photo Market Opportunity (12-17 CAGR)

Consumer Images
Captured Mobile Captured Shared +3% +7% +6%

Images M s,

400,000 300,000 200,000 100,000 -

Wet to Dry Conversion

2012 2017 Shared Printed Dry Growth +6% Cell Cam Images

DSC Images

Premium market growth

Photobooks Photo Merchandise +7% +9%

WW Photo Market Size

$18,000 $18 000 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0

Pathway Shifts
Online to Home Online to Retail + 3% + 7%

$M

Emerging market growth

Emerging Asia LAR Emerging EAMER 2012 2017 + 9% +4% +3%

Growth in events photography

Event
Growth >6%

Film + prints

Wet

Dry

Premium

Source: Doug Robinson (Analyst), Infotrends, Kodak estimates

47

Photo Market Size and Trends

Retail production converting to dry technology
Sometimes driven by legislation
ProductRevenue Worldwide
$16,000 $14,000 $ , $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $2 000 $ 2012 PhotoPrinting 2013 2014 2015 Photobooks 2016 2017

Premium Growing
Photobooks and Photo Merch. offset declines in prints

Online pathways growing

Consumer continuing shift to online ordering pathways Online to retail projected to grow at 7% CAGR

Enlargements

PhotoMerchandise

ProductRevenue EmergingMarkets
$6,000 $5,000 $4,000 ,

Remains more print centric than developed markets

Source:EK Photo market forecast based on Robinson/Photographic Consultants, Future Source, InfoTrends, IDC, Lyra and EK data

$M

Growth in Emerging Markets

$3,000 $2,000 $1,000 $0 2012 PhotoPrinting

48

2013

2014

2015 Photobooks

2016

2017

Enlargements

PhotoMerchandise

Retail Systems Solutions - History

Copy Print Station Picture Maker AGI KPM Gen1 KPM Gen2 KPM KPM Gen2- KPM Gen2- Model 5 Gen2Model 4 Model 6 KPM Gen2Model 7

KPM G3 Portfolio
93 94 95 96 97 98 99 00 01 02 03 04 05

Picture Kiosk G4 Portfolio

06 07 08

G4X
09

G4xe
10 11

G4XL
12

G5
13

Invented Kiosk Category

8x10 Print to Print

1st 4x6 Printer (4700)

1st Digital Media Input

1st Digital Kiosk 1st CD output 1st 25sec printer (6400) 1st Credit Card Pay

1st 4 sec 4x6 config (6850) 1st 40 sec 8x10 (8800)

1st Auto Collage 1st Photobook 1st Multi-media DVD 1st Multi-head tech 1st Rapid Scanning

1st Facebook
access Designer Greet.Cards

Blk Fade Blk Fade

UI w/swipe

WiFi Mobile Connect

07

08

09 APEX v2 4/2009: New cabinets 30,40,70 DL2100 Duplex Printer S i Finish Prints Satin Fi i h P i 7010 (backprint) 7015 (5x7 borderless) Epson 7880 Poster

10

11

12 APEX v4.1 SW 9/2010: Order Preview/Editing Pro Profiles S t System config. mods fi d

13

DPS 900 Precursor (CVS)

APEX Launch 4/2008

1ST APEX Beta install in U.K. 11/07

APEX v4.0 SW 5/2010: Net-to-Retail support Addl Premium Products Ph t ID Photo Canvas Prints D prints (3:4 aspect) Workflow Enhancements Advanced service diag.
49

P&OS: Industry Revenue (Vendor M$)

3,000 2,500 , 2,000 1,500 1,000 1 000 500 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 From Film From Dig
50

Pro

Source: Doug Robinson Annual Color Negative Paper Reports and Kodak Internal Models

Consumer Inkjet Market

Greater than a $40B market Number of printers declining low single digits

Home WiFi penetration SOHO market growing low single digits k t i l i l di it

Two-thirds of the market comes from ink

Fe er pages printed at home Fewer Print density increasing due to compounded

documents and photo

Updated third party data will be published in early August.

51

Consumer Inkjet Systems: Kodaks Competitive Advantage

CIJ Portfolio

Dual value proposition for branded and OEM business model Lowest cost of ink replacement in the industry

Cloud Printing Leading Ease-of-Use WiFi setup Smart Sensors

Quality Leadership with pigment based i k b d inks

Value Prop
INK VALUE LOW COST INKS #1 Pain Point Perfect prints every time Fast, high quality prints

Innovative Office printers + p Advanced Technology

Leading Edge
Image Science I S i

Micro-precision dot placement

Precision

Poorly controlled dot placement

EASE OF USE Design for the mobile world Smart Sensors Simple Connect

KODAK PIGMENT TECHNOLOGY

Kodak Technology

Patented Technology

IMAGE LEADERSHIP BEST OVERALL PRINTS Speed, p , permanence Creative SW/apps

Conventional Milling

52

A Value-Creating Portfolio 2012

Cash Generation
GrowthMaximize Margins

Rationalize
MaturityMaintain Value

Harvest
Manage for Cash

Margin Growth Invest

Introduction GrowthAcquire Customers

PROSPERPackaging Functional Printing

Consumer Inkjet Home PROSPERCommercial C i l Printing Workflow Software & Services S i

FLEXCELPackaging

Digital Plates Retail Systems Solutions Document Imaging Industrial Materials

Entertainment Imaging Paper & Output Systems

53

A Value-Creating Portfolio 2013

Cash Generation
GrowthMaximize Margins

Rationalize
MaturityMaintain Value

Harvest
Manage for Cash

Margin Growth Invest

Introduction GrowthAcquire Customers

Industrial Printing

PROSPERPackaging Functional printing Workflow Software & Services

Consumer InkjetHome PROSPERCommercial C i l Printing FLEXCELPackaging

Digital Plates Retail Systems Solutions Document Imaging Industrial Materials

Entertainment Imaging Paper & Output Systems

54

A Value-Creating Portfolio 2014

Cash Generation
GrowthMaximize Margins

Rationalize
MaturityMaintain Value

Harvest
Manage for Cash

Margin Growth Invest

Introduction GrowthAcquire Customers

Industrial Printing

PROSPERPackaging

Consumer InkjetHome PROSPERCommercial Printing FLEXCELPackaging Functional printing Workflow Software & Services

Digital Plates Retail Systems Solutions Document Imaging Industrial Materials

Entertainment Imaging Paper & Output Systems

55

Summary
Kodak has groundbreaking technologies in large and worldwide growing markets Digital Printing and Enterprise Segment has a broad p g g p g portfolio where we lead and can transform large markets Our Commercial Printing strategy has been endorsed enthusiastically at Drupa by partners and customers Our Graphics and Commercial Film Segment is a strong cash generator Personalized Imaging & Consumer Inkjet supported by our strong brand platform drive positive earnings and growth prospects Our corporate cost, R&D and SGA will be significantly reduced in 2013/14

IP auction proceeding as planned in early August

56

Business Emergence Plan

Corporate

Total Corporate Costs - 2012 Outlook

Region
Function Corporate Finance Group Chief Administrative Officer Corporate Research Other (Bldg Occupancy Chief (Bldg. Occupancy, Marketing Office, CEO) % of Spend
LAR, 3% Asia, 7% EAMER, 16% USC, 74%

22% 46% 17% 16%

Non-People, 40%

Category

People, 60%

2012E Total Spend - $448M COGS - $77M, R&D - $82M, SGA - $289M

Headcount (as of 6/8/12) 2,329 People Cost $271M

58

Total Corporate Costs Emergence Plan

(In Millions) Total Corporate Costs $ Reduction YOY % Reduction YOY 2011 2012 Actuals Outlook $536 $448 -$88 -16% 2013 Plan $367 -$81 -18% 2014 Plan $328 -$39 -11%

Cost Reduction Actions

Align with simplification of P d t lines exits/changes Product li it / h Sites/Country participation Organization structure Focus research projects on nearterm road map Eliminate centralized corporate engineering i i Increase span of controls Consolidate leadership Expand share services concept Reduce discretionary spend Eliminate i ti department Eli i t aviation d t t Renegotiate contracts & maintenance agreements L Lower service l i levels l

59

Chief Administrative Office 2012 Outlook

Regions

Functions InformationSystems HumanResources Legal&Comm.&PublicAffairs l& & bl ff Health,Saftey&Environment

%of Spend 58% 15%

EAMER 12% LAR 2%

Asia 5%

USC 80%

Category

23% % 4%

NonN People 40%

People 60%

2012E Projected Total Spend - $216M

Headcount (as of 6/8/12) 1,040 People Cost $129M

60

Corporate Finance Group 2012 Outlook

Regions

%of % of Spend Function Auditing 3% BusinessUnitFinance 19% FinancialPlanning&Analysis 2% Controllers 30% CorporateTax 10% Treasury&CorporateDevelopment 18% Purchasing 18%

Category

2012E T t l Spend - $104M Total S d

Headcount (as of 6/8/12) 626 People Cost $64M

61

Corporate Research 2012 Outlook

Regions
Asia 5%

Segments DigitalPrinting&Enterprise g g p Graphics,Entertainment,Films Consumer

%of Spend 46% 21% 33%

US&C 95%

Category
NonPeople 21%

People 79%

2012E Projected Total Spend - $82M

Headcount (as of 6/8/12) 650 People Cost $65M

62

Supplemental Financial Information

August 2012

Contents
Page 1. 2. Financial Projections 2012 2017 (a) Reconciliation of EBITDA After Corp. Costs (per Financial Projections) to Form 10-K Net Loss 10 K N t L (b) Reconciliation of Form 10-Q Net Loss to EBITDA to EBITDA After Corp. Costs (per Financial Projections) 3. Reconciliation of Consolidated EBITDA After Corp Costs (per Financial Projections) to Adjusted EBITDA (FY 2012 Estimate) 65 76

77

78

4.

Definition of Cash Generation before Restructuring, Reorganization Costs, Pension/OPEB and Non-Recurring IP p g Reconciliation of Net Cash Used in Operating Activities to Cash Generation before Restructuring and Reorganization Payments, Pension/OPEB Contributions and Benefit Payments and Non-Recurring IP for the Six Months Ended June 30, 2012 EKC EXCEL Targets Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Measures
64

79

5.

80

6. 7.

81 82

1.

Financial Projections 2012 2017 Consolidated

ConsolidatedFinancialProjections
($inmillions)

Revenue COGS GrossProfit* BUR&D BU R&D BUSG&A EBITBeforeCorp.Allocation Depreciation** Amortization EBITDABeforeCorp.Allocation EBITDA Before Corp Allocation CorporateSG&A CorporateR&D EBITDAAfterCorp.Costs Plus:Cashprovidedby/(usedby)NWC Less:CapEx Less: CapEx TotalOperatingCashFlow

2011A $6,022 5,084 $938 193 797 $(52) 266 43 $258 $ 258 357 98 $(197) (70) (128) $(394)

1H2012 $2,042 1,786 $257 70 281 $(95) 114 18 $37 $ 37 139 48 $(150) 221 (26) $45

2H2012E $2,356 1,944 $411 64 278 $69 121 9 $199 $ 199 150 34 $14 (71) (73) $(130)

2012E $4,398 3,730 $668 134 559 $(26) 234 27 $236 $ 236 289 82 $(135) 150 (99) $(84)

2013E $4,517 3,597 $920 127 477 $316 227 20 $563 $ 563 226 66 $271 1 (126) $146

2014E $4,801 3,677 $1,124 127 481 $516 206 17 $739 $ 739 195 66 $478 15 (144) $350

2015E $5,061 3,794 $1,267 132 517 $618 203 15 $836 $ 836 199 67 $570 3 (134) $440

2016E $5,411 3,954 $1,456 131 543 $783 186 15 $983 $ 983 203 68 $712 (16) (138) $558

2017E $5,839 4,167 $1,672 137 574 $961 196 14 $1,171 $ 1 171 207 70 $894 (10) (171) $714

*Operationalgrossprofit(i.e.,notGAAP) **IncludesamortizationofcertainRSSCommercialCapitalassets Note:Immaterialroundingdifferencesmayexist Note: Immaterial rounding differences may exist

65

1.

Financial Projections 2012 2017 Consumer Segment

ConsumerSegmentFinancialInformation
($inmillions)

Revenue COGS GrossProfit BUR&D BU R&D BUSG&A EBITBeforeCorp.Allocation Depreciation** Amortization EBITDABeforeCorp.Allocation EBITDA Before Corp Allocation CorporateSG&A CorporateR&D EBITDAAfterCorp.Costs Plus:Cashprovidedby/(usedby)NWC Less:CapEx Less: CapEx TotalOperatingCashFlow

2011A $1,671 1,579 $92 50 233 $(191) 90 1 $(99) $ (99) 61 22 $(184) 12 (45) $(216)

1H2012 $687 586 $101

2H2012E $776 660 $116

2012E $1,463 1,246 $217

2013E $1,522 1,280 $242

2014E $1,561 1,292 $270

$54 $ 54

$62 $ 62

$116 $ 116

$143 $ 143

$177 $ 177

**IncludesamortizationofcertainRSSCommercialCapitalassets Note:Immaterialroundingdifferencesmayexist

66

1.

Financial Projections 2012 2017 Digital Printing & Enterprise Segment

DigitalPrinting&EnterpriseSegmentFinancialInformation
($inmillions)

Revenue COGS GrossProfit BUR&D BU R&D BUSG&A EBITBeforeCorp.Allocation Depreciation Amortization EBITDABeforeCorp.Allocation EBITDA Before Corp Allocation CorporateSG&A CorporateR&D EBITDAAfterCorp.Costs Plus:Cashprovidedby/(usedby)NWC Less:CapEx Less: CapEx TotalOperatingCashFlow

2011A $1,139 927 $212 67 201 $(57) 22 3 $(31) $ (31) 96 28 $(156) (30) (24) $(210)

1H2012 $463 370 $93

2H2012E $632 483 $149

2012E $1,095 853 $242

2013E $1,226 884 $342

2014E $1,503 1,021 $483

$(4) $ (4)

$49 $ 49

$45 $ 45

$121 $ 121

$244 $ 244

Note:Immaterialroundingdifferencesmayexist

67

1.

Financial Projections 2012 2017 Graphics & Commercial Films Segment

Graphics&CommercialFilmsSegmentFinancialInformation
($inmillions)

Revenue COGS GrossProfit BUR&D BU R&D BUSG&A EBITBeforeCorp.Allocation Depreciation Amortization EBITDABeforeCorp.Allocation EBITDA Before Corp Allocation CorporateSG&A CorporateR&D EBITDAAfterCorp.Costs Plus:Cashprovidedby/(usedby)NWC Less:CapEx Less: CapEx TotalOperatingCashFlow

2011A $2,296 1,887 $409 38 225 $145 103 39 $288 $ 288 106 22 $159 29 (35) $155

1H2012 $894 765 $129

2H2012E $944 798 $146

2012E $1,838 1,563 $275

2013E $1,756 1,466 $291

2014E $1,718 1,405 $313

$83 $ 83

$102 $ 102

$186 $ 186

$206 $ 206

$232 $ 232

Note:Immaterialroundingdifferencesmayexist

68

1.

Financial Projections 2012 2017 Exited and Other Business Units

ExitedandOtherBusinessUnits*
($inmillions)

Revenue COGS GrossProfit BUR&D BU R&D BUSG&A EBITBeforeCorp.Allocation Depreciation Amortization EBITDABeforeCorp.Allocation EBITDA Before Corp Allocation CorporateSG&A CorporateR&D EBITDAAfterCorp.Costs Plus:Cashprovidedby/(usedby)NWC Less:CapEx Less: CapEx TotalOperatingCashFlow

2011A $916 690 $225 38 137 $49 51 $100 $ 100 92 25 $(18) (81) (25) $(122)

1H2012 $(1) 65 $(66)

2H2012E $3 3 $

2012E $2 68 $(66)

2013E $13 (33) $46

2014E $17 (41) $58

$(96) $ (96)

$(15) $ (15)

$(111) $ (111)

$93 $ 93

$87 $ 87

*IncludesExitedBusinesses(DCDNonEssentials,CIS/GalleryandISS),ConsumerandCommercialOPEB,IP, OtherCommercial(GCG Other,GraphicsFilms),OtherNon OperatingBusinessUnits Other Commercial (GCGOther, Graphics Films), Other NonOperating Business Units Note:Immaterialroundingdifferencesmayexist

69

1.

Financial Projections 2012 2017 Personalized Imaging

ConsumerSegment PersonalizedImagingStrategicProductGroupFinancialInformation*
($inmillions)

Revenue COGS GrossProfit BUR&D BUSG&A EBITBeforeCorp.Allocation Depreciation** Amortization EBITDABeforeCorp.Allocation EBITDA Before Corp Allocation CorporateSG&A CorporateR&D EBITDAAfterCorp.Costs Plus:Cashprovidedby/(usedby)NWC Less:CapEx Less: CapEx TotalOperatingCashFlow

2011A $1,309 1,136 $173 23 123 $27 66 1 $95 $ 95 38 10 $46 22 (20) $49

1H2012 $540 460 $81

2H2012E $592 503 $89

2012E $1,133 963 $169

2013E $1,082 907 $175

2014E $1,089 889 $201

$54 $ 54

$58 $ 58

$113 $ 113

$119 $ 119

$151 $ 151

*IncludesRSS,FilmCapture,EIS,P&OS,DCDEssentialsbusinessonly,WWManagedCDG,WWManagedFPEG **IncludesamortizationofcertainRSSCommercialCapitalassets Includes amortization of certain RSS Commercial Capital assets Note:Immaterialroundingdifferencesmayexist

70

1.

Financial Projections 2012 2017 Consumer Inkjet Systems

ConsumerSegment ConsumerInkjetSystemsStrategicProductGroupFinancialInformation
($inmillions)

Revenue COGS GrossProfit BUR&D BUSG&A EBITBeforeCorp.Allocation Depreciation Amortization EBITDABeforeCorp.Allocation EBITDA Before Corp Allocation CorporateSG&A CorporateR&D EBITDAAfterCorp.Costs Plus:Cashprovidedby/(usedby)NWC Less:CapEx Less: CapEx TotalOperatingCashFlow

2011A $362 443 $(81) 27 110 $(218) 24 $(194) $ (194) 23 12 $(230) (10) (25) $(265)

1H2012 $147 126 $21

2H2012E $184 157 $27

2012E $331 283 $48

2013E $440 373 $67

2014E $472 403 $69

$(1) $ (1)

$4 $4

$3 $3

$24 $ 24

$26 $ 26

Note:Immaterialroundingdifferencesmayexist

71

1.

Financial Projections 2012 2017 Digital & Functional Printing

DigitalPrintingandEnterpriseSegment Digital&FunctionalPrintingStrategicProductGroupFinancialInformation*
($inmillions)

Revenue COGS GrossProfit BUR&D BUSG&A EBITBeforeCorp.Allocation Depreciation Amortization EBITDABeforeCorp.Allocation EBITDA B f C All ti CorporateSG&A CorporateR&D EBITDAAfterCorp.Costs Plus:Cashprovidedby/(usedby)NWC Less:CapEx Less: CapEx TotalOperatingCashFlow

2011A $673 628 $45 43 138 $(137) 17 2 $(117) $ (117) 67 20 $(205) (36) (21) $(262)

1H2012 $267 235 $32

2H2012E $382 321 $60

2012E $649 557 $92

2013E $750 583 $167

2014E $985 698 $288

$(30) $ (30)

$3 $3

$(27) $ (27)

$42 $ 42

$154 $ 154

*IncludesIPS,Packaging,EPS,FunctionalPrinting Note:Immaterialroundingdifferencesmayexist

72

1.

Financial Projections 2012 2017 Enterprise Services & Solutions

DigitalPrintingandEnterpriseSegment EnterpriseServices&SolutionsStrategicProductGroupFinancialInformation*
($inmillions)

Revenue COGS GrossProfit BUR&D BUSG&A EBITBeforeCorp.Allocation Depreciation Amortization EBITDABeforeCorp.Allocation EBITDA B f C All ti CorporateSG&A CorporateR&D EBITDAAfterCorp.Costs Plus:Cashprovidedby/(usedby)NWC Less:CapEx Less: CapEx TotalOperatingCashFlow

2011A $466 299 $167 24 63 $80 5 1 $86 $ 86 29 8 $49 6 (3) $52

1H2012 $195 134 $61

2H2012E $250 162 $89

2012E $446 296 $150

2013E $476 301 $175

2014E $518 323 $195

$26 $ 26

$46 $ 46

$72 $ 72

$79 $ 79

$90 $ 90

*IncludesScanner&TechnicalService(DI)andProfessionalServices(KSB) Note:Immaterialroundingdifferencesmayexist

73

1.

Financial Projections 2012 - 2017 - Graphics

Graphics&CommercialFilmsSegment GraphicsStrategicProductGroupFinancialInformation*
($inmillions)

Revenue COGS GrossProfit BUR&D BUSG&A EBITBeforeCorp.Allocation Depreciation Amortization EBITDABeforeCorp.Allocation EBITDA B f C All ti CorporateSG&A CorporateR&D EBITDAAfterCorp.Costs Plus:Cashprovidedby/(usedby)NWC Less:CapEx Less: CapEx TotalOperatingCashFlow

2011A $1,597 1,305 $292 32 175 $84 50 39 $174 $ 174 81 19 $74 25 (30) $70

1H2012 $666 554 $113

2H2012E $733 605 $129

2012E $1,400 1,159 $241

2013E $1,422 1,167 $256

2014E $1,446 1,165 $281

$68 $ 68

$77 $ 77

$145 $ 145

$156 $ 156

$183 $ 183

*IncludesPrepressPlates,PrepressOutputDevices,andWorkflow/UWS Note:Immaterialroundingdifferencesmayexist

74

1.

Financial Projections 2012 2017 Commercial Films

Graphics&CommercialFilmsSegment CommercialFilmsStrategicProductGroupFinancialInformation*
($inmillions)

Revenue COGS GrossProfit BUR&D BUSG&A EBITBeforeCorp.Allocation Depreciation Amortization EBITDABeforeCorp.Allocation EBITDA B f C All ti CorporateSG&A CorporateR&D EBITDAAfterCorp.Costs Plus:Cashprovidedby/(usedby)NWC Less:CapEx Less: CapEx TotalOperatingCashFlow

2011A $699 582 $117 6 50 $61 53 $114 $ 114 25 3 $85 4 (5) $85

1H2012 $227 211 $16

2H2012E $211 193 $18

2012E $438 404 $34

2013E $334 299 $35

2014E $272 240 $32

$15 $ 15

$26 $ 26

$41 $ 41

$50 $ 50

$49 $ 49

*IncludesEntertainmentImaging,AerialandIndustrialMaterials,ManufacturingTradeSales Note:Immaterialroundingdifferencesmayexist

75

2.

(a) Reconciliation of EBITDA After Corp. Costs (per Financial Projections) to Form 10-K Net Loss ($ in millions)
2011OperationalGrossProfit 2011 Operational Gross Profit Less: OtherCOGSCorporatePensionCosts RestructuringCostsAcc.Depreciation&InventoryWritedowns 2011GAAPGrossProfit 2011EBITDAaftercorporatecosts Less: Depreciationandamortizationexpense
(2) (1)

$938 $ 39 12 $ 887 $(197) 309 (506) 133 29 (69) (600) 156 2 (758) 9 (3) $(764)

2011OperationalEBIT(SegmentlossfromcontinuingOperationsbeforeinterestexpense, otherincome(charges)net,andincometaxes(Note25SegmentInformation) Less: Restructuringcosts,rationalizationandother Nonopspension(income)/cost Otheroperating(income)expenses,net 2011GAAPlossfromcontinuingoperationsbeforeinterestexpense,otherincome(charges), 2011 GAA l f i i i b f i h i ( h ) netandincometaxes Less: Interestexpense Other(income)/charges,net 2011LossfromContinuingOperationsbeforeIncomeTaxes 2011 Loss from Continuing Operations before Income Taxes Provisionforincometaxes ExtraordinaryItems,netoftax (Earnings)/lossfromdiscontinuedoperations,netofincometax 2011NetIncome(Loss)AttributabletoEKCper10Kfiling
(1)

Notes: 1. Duringthefirstquarterof2011,theCompanychangeditssegmentmeasureofprofitandlosstoexcludecertaincomponents ofpensionandotherpostretirementobligations(OPEB).Asaresultofthischange,theoperatingsegmentresultsexcludethe interestcost,expectedreturnonplanassets,amortizationofactuarialgainsandlosses,andspecialterminationbenefit, curtailmentandsettlementcomponentsofpensionandOPEBexpense.Theservicecostandamortizationofpriorservicecost componentswillcontinuetobereportedaspartofoperatingsegmentresults. 2. IncludesamortizationofcertainRSSCommercialCapitalassets Note:Immaterialroundingdifferencesmayexist 76

2.

(b) Reconciliation of Form 10-Q Net Loss to EBITDA to EBITDA After Corp. Costs (per Financial Projections)

ReconciliationofForm10QNetLosstoEBITDAtoEBITDAAfter Reconciliation of Form 10 Q Net Loss to EBITDA to EBITDA After Corp.CostsperFinancialProjections

($inmillions) June2012 YTD $(665) 77 (111) 106 18 $(575) $ (575) 116 65 (20) 7 2 2 248 $(157) 7 $(150)

Netloss,asreportedintheJune30,2012Form10Q Interestexpense (Benefit)forincometaxes Depreciation Amortization EBITDA Restructuringcostsandother CorporateComponentsofPensionandOPEBExpense (Gains)onassetsales Lossonearlyextinguishmentofdebt Other(income)charges,net Other (income) charges, net Reorganizationitems,net EBITDAAfterCorp.Costs AmortizationofRSSCommercialCapitalAssets EBITDAAfterCorp.CostsperFinancialExhibits

Note: Immaterial rounding differences may exist

77

3.

Reconciliation of Consolidated EBITDA After Corp Costs (per Financial Projections) to Adjusted EBITDA (FY 2012 Estimate)

ReconciliationofEBITDAAfterCorp.CoststoAdjustedEBITDA: R ili i f EBITDA Af C C Adj d EBITDA FY2012Estimate($millions)

EBITDAAfterCorp.Costs

$(135) 20 20

Gainsonassetsales Gains on asset sales OtherNonCashchargesthatwillnot resultincashpayment(Exceptnoncash RestructuringChgs)plusIPSG&A NonRecurringIPRevenue Pension&OPEBIncome (Ops) Othernoncashincomethatwillnot resultincashreceipts j AdjustedEBITDA

82 61 (12) (9) 6

Note: Immaterial rounding differences may exist

78

4.

Definition of Cash Generation before Restructuring, Reorganization Costs, Pension/OPEB and Non-Recurring IP Cash Generation before Restructuring, Reorganization Costs, Pension/OPEB and NonRecurring IP: Net cash flow provided by (used in) operating activities from continuing operations as determined under US GAAP, excluding: Restructuring/rationalization payments; Payments of reorganization costs related to the Chapter 11 filing; Net cash flow from the operating results of acquisitions or new strategic alliances having an annualized revenue of greater than $100M; Share issuance, share repurchases, including associated costs, expenses and fees; Debt actions, including costs, expenses and fees associated with amendments, revisions or other actions related to the companys debt portfolio, including revolving credit agreements; Cash consideration paid for acquisitions or new strategic alliances along with the associated deal and integration costs; Investments in unconsolidated entities; Movements or transfers of cash to marketable securities or other interest-bearing investments or accounts; Dividend payments; Pension/OPEB cash contributions and benefit payments; IP asset sale proceeds and li t l d d licensing t i transactions; ti Including: Net cash flow generated by any business divested in the year, through the date of divestiture, including business divestitures categorized as continuing operations or discontinued g g g p operations; Proceeds from asset sales, agreements, settlements and divestitures; Capital expenditures.
79

5.

Reconciliation of Net Cash Used in Operating Activities to Cash Generation before Restructuring and Reorganization Payments, Pension/OPEB Contributions and Benefit Payments and Non-Recurring IP for the Six Months Ended June 30, 2012

ReconciliationofNetCashUsedinOperatingActivitiestoCashGeneration Reconciliation of Net Cash Used in Operating Activities to Cash Generation BeforeRestructuringandReorganizationPayments,Pension/OPEB ContributionsandBenefitPayments,andNonRecurringIP
($inmillions) June2012 YTD $(152) (26) 26 41 50 43 78 $60

NetCashUsedinOperatingActivities,asreported CapitalExpenditures Proceedsfromsalesofbusinesses/assets Proceedsfromsaleandleasebacktransaction Restructuringpayments Reorganizationpayments Pensioncontributions/OPEBbenefitpayments CashGenerationBeforeRestructuringandReorganization Payments,Pension/OPEBContributionsandBenefitPayments, andNonRecurringIP and NonRecurring IP

Note: Immaterial rounding differences may exist

80

6.

EKC EXCEL Targets ($ in millions)

81

7.

Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Measures

In its August 13, 2012 Form 8-K filing, Eastman Kodak Company (The Company) referenced certain non-GAAP financial measures including operational gross profit and operating cash flow. The Company believes that these non-GAAP measures represent important internal measures of performance. Accordingly, where they are provided, i is to give investors the same financial data management uses with the A di l h h id d it i i i h fi i ld ih h 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 August 13 2012 Form 8 K filing 13, 8-K filing. The following table reconciles operational gross profit to the most directly comparable GAAP measures of consolidated gross profit (amounts in millions):

Six Months Ended June 30, 2012 Operational gross profit, as presented Corporate pension costs Restructuring R t t i costs and other t d th Other items Consolidated gross profit (GAAP basis) $ 257 (40) (3) (1) 213

Note: Immaterial rounding differences may exist

82

7.

Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Measures

The following table reconciles operating cash flow to the most directly comparable GAAP measure of net cash used in operating activities (amounts in millions):
2011 Operating cash flow, as presented Cash (provided by) used by net working capital Capital expenditures Interest expense (Provision) b (P i i ) benefit for income taxes fit f i t Restructuring costs and other Corporate components of pension and OPEB expense Other operating income (expenses), net Other (income) charges, net Reorganization items, net Amortization of RSS commercial capital assets Loss from disontinued operations, net of income taxes Gains on sales of businesses/assets Non-cash restructuring costs , asset impairments and other charges Non-cash and financing related reorganization items, net Provision for deferred income taxes Decrease in receivables Decrease (increase) in inventories Decrease in liabilities excluding borrowings Other items, net Net cash used in discontinued operations Net cash used in operating activities (GAAP basis)
Note: Immaterial rounding differences may exist

Six Months Ended June 30 2012 30, (394) 70 128 (156) (9) (133) (28) 67 2 (15) (3) (80) 17 12 96 131 (729) 36 (10) (998) $ 45 (221) 26 (77) 111 (116) (65) 20 1 (248) (7) (20) 5 205 16 269 (38) (92) 34 (152)

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