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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


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 (the Plan), because Debtors, Credit Committee, 2nd Lien Secure Note Holders Committee and Backstop Parties have breached their fiduciary duties and violated bankruptcy and security laws in formulating the Plan. I also request the court to order the disqualification of the votes of Backstop Parties and the members of the above two committees who violated the bankruptcy and security laws and a reclassification of their claims below the equity holders. 1. The members of Credit Committee and 2nd Lien Secure Note Holders Committee and Backstop Parties are fiduciaries (Fiduciaries) and temporary insiders as viewed by the SEC, as they have entered into a temporary special relationship with Debtors in the conduct of Debtors business and were given access to information solely for corporate purposes, and they are not engaged in the trading of Debtors unsecured claims as a regular part of their business. 2. Fiduciaries should be restricted in the purchase of unsecured claims, because they should not profit from their unique insider knowledge. Fiduciaries can only assert a claim against Debtors for the consideration actually paid for the purchase of the claims if they purchase the claims for 10% of their face amounts, they can only assert a claim against Debtors 10% of the face amount of the claims. 3. Bankruptcy Rule 2019 court submissions in dockets 153, 769, 1390, 1715, 2389, 3371 and several hundreds of Transfer Agreements filed with the court show that Fiduciaries purchased substantial amount of unsecured notes and claims of Debtors during post-bankruptcy for 10% to 20% of their face values. However, they asserted claims against Debtors for the full face amounts in violation of bankruptcy and security laws. 1

4. Fiduciaries have jointly formulated the Plan with Debtors and are now jointly soliciting votes for the confirmation of the Plan. However, members of these ad hoc committees have not disclosed their economic interests in Debtors secured notes and unsecured notes and claims including the date of acquisition by quarter and by year violating Bankruptcy Rule 2019. 5. Backstop Parties have acted in bad faith by purchasing a controlling position in one of the two voting classes of Debtors unsecured claims (78.7% of Settlements Claims) and blocking positions in secured notes and the other class of unsecured claims, and then by jointly formulating an unfair and inequitable plan with Debtors to own close to 60% of New Kodaks equity for huge trading profits in expense of the common share holders who are offered zero equity. These entities have violated the bad-faith provisions of Bankruptcy Code Section 1126 (e), and there are reasonable grounds to believe that there has been a violation of 18 U.S.C. Section 152, which makes it a criminal offense. 6. Debtors have violated bankruptcy laws by not following Section 363 sale procedures in implementing the Rights Offering, and Backstop Parties and other unsecured creditors who are purchasing the rights have violated the bankruptcy laws by not obtaining a finding from the Bankruptcy Court that they are good faith purchasers under section 363(m) of the Bankruptcy Code. Debtors subsidiaries outside of USA are not in bankruptcy proceedings themselves, and Debtors Rights Offering is subject to the standards for approving a 363 Sale. 7. Debtors breached their fiduciary duty by signing an exclusive Backstop Agreement for a $406M rights offering with four hedge funds, who had accumulated a controlling position in Debtors unsecured notes and claims at prices less than 15% of the face amounts, without a competitive bidding in the financial markets. Debtors have a fiduciary duty imposed under bankruptcy law to obtain the highest and best price on any sale of assets including New Kodaks equity after emergence. 8. Debtors breached their fiduciary duty when they did not analyze other superior alternative plans including offering New Common Stock or participation in the Rights Offering to the equity holders which could have prevented change of ownership and add $760M new value to New Kodak, valued by Debtors at $498M, by enabling Debtors to use the pre-emergence tax attributes without limitation. 9. $400M of the unsecured claims is convertible debt and is classified as a security under Section 3(a)(1) of the Exchange Act. All of the unsecured claims will be converted into equity of New Kodak. Therefore, all unsecured claims of Debtors are deemed to be considered as securities under the Exchange Act, and offers to buy these securities must be accompanied by filing of Section D statement with the SEC. Debtors unsecured claims have been purchased without 14D-1 filings with the SEC, therefore the purchasers have not complied with Williams Act requirements and violated Section 14(d). Considering the breaches of fiduciary duties stated above, it is reasonable to expect that the trading of Debtors unsecured claims should be subject to security laws to protect the interests of non-fiduciary claim holders and equity holders.

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