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 (The Plan), because it grossly underestimates the reorganization value and provides unfair and inequitable recovery to Kodak stakeholders. 1. Backstop Parties purchased 38.8% of the $375M secured notes less than 70% their face values, 38.9% of the $683M unsecured notes at 15% of their face values and 78.7% of the $710M settlements claims at 11% of their face values to establish a controlling position in one of the voting unsecured claims classes, a blocking position in the secured note class and close to a blocking position in the other voting unsecured claims class. These parties then negotiated with Debtors the grossly underestimated $498M reorganization value and the $406M rights offering exclusive to themselves to own close to 60% New Kodaks equity and to obtain potentially huge trading profits. Due to this, the equity holders are excluded unfairly in the distribution of New Kodak shares. 2. In the Initial Disclosure Statement, Debtors reported that they did not have sufficient time during the last 18 months to estimate the fair market value of Debtors' assets and instead used the book values to calculate a $441M reorganization value. Debtors' book value equity grossly underestimates the reorganization value, because Debtors' book values of assets are based on fully depreciated and amortized assets some real assets are over hundred years old - and do not include substantial inflation in asset prices, whereas the liabilities are accounted at current prices. 1

3. The Disclosure Statement shows that $851M pension liabilities will decline to zero by 2017. Excluding the pension liabilities, the book value based reorganization value increases to $1.292B. It is evident that the reorganization value is too low, even by using the book values of assets. 4. In the First Amended Disclosure Statement, Debtors state that the revised $498M reorganization value is now an implied valuation based on the $406M rights offering to pay off the secured notes. This implied value does not represent the fair market value of New Kodak. 5. In both Disclosure Statements, Debtors forecast $2.017B other operating income and $1.608B other income for 2013. On the other hand, the Plan and Lazards valuation do not include any deferred tax liabilities corresponding to this $3.149B one-time income gain. The Plan accounting information is incorrect. Therefore, the Plan should not be confirmed. 6. Debtors used a two page valuation report prepared by their financial adviser, Lazard, to support the implied $498M reorganization value. Lazard's valuation report does not show any valuation methodology, and does not include any details of the financial analysis used and the assumptions made. A proper and acceptable valuation includes several valuation methodologies 1. Discounted Cash Flow Analysis; 2. EBITDA Multiple Valuation; 3. Comparable Company Analysis; 4. Fair Market Valuation. 7. Discounted Cash Flow Analysis Using June 15, 2013 Kodak Lender Presentation data for 20142017 cash flows, 7.2% discount rate (weighted average of Debtors' long-term loans) and 3% long-term cash flow growth rate results in a $6.4B reorganization value. 8. EBITDA Multiple Valuation Using a 10 EBITDA multiple and 2017 EBITDA of $494M discounted at 7.2% results in a $3.7B reorganization value. 9. Comparable Company Analysis Graphic Packaging Holding Company (GPK) is a similar company to New Kodak, but has a lower earnings growth, $1.6B more debt and $800M less cash. GPK's current market value is $3B and it has EBITDA multiple of 9.4. Based on GPK's market value, New Kodak should have a $5.4B reorganization value. 10. Fair Market Valuation An independent fair market valuation of Debtors' land, buildings, plant and equipment, intellectual property, brand value, and other business goodwill will likely produce a reorganization value over $7.5B. The justification of this estimate is shown below. (a) Land Assets 2012-10K book value is $41M. Most of the land assets have been fully depreciated. Land prices have increased substantially both in the US and the rest of the world. Kodak has valuable land assets all over the world. The largest two are 1200 acre Eastman Business Park in Rochester, and 177 acre Kodak Harrows land asset in London city center. The total of the fair market values of these two land assets is likely to be close to $500M. A full appraisal and fair market valuation of Debtors' all of the US and international land assets are required. (b) Buildings The total of the initial acquisition values is $1.314B. Most of the building assets have been fully depreciated using straight line method and up to 40 years of useful life. 2012-10K book value is approximately $200M. The building replacement values have increased substantially since Debtors' purchases. The fair market values of building assets should be at least equal to the initial purchase prices and the total fair value should be above $1B. A full appraisal and a fair market 2

valuation of Debtors' US and international building assets are required. (c) Plant and Equipment The total of the initial acquisition values is $3.716B. Most of these assets have been fully depreciated using straight line method and up to 15 years of useful life. 2012-10K book value is approximately $490M. The plant and equipment replacement values have increased substantially since Debtors' purchases. The fair market value of these assets should be at least $2B as they are currently fully operational and providing manufacturing support to Debtors' Commercial Imaging business. A full appraisal and a fair market valuation of Debtors' US and international plant and equipment assets are required. (d) Intellectual Property 2012-10K book value is $113M. This includes the value of 1,100 imaging patents sold for $527M in 2013-Q1. Debtors report in the Disclosure Statement that they have 7,000 active and 2,100 pending patents. Then, the value of the remaining patents should be over $4B using a $500K per patent value. Debtors reported in 2010-10K annual report that they had 20,000 active US patents. Then, in April 18, 2012 Assets and Liabilities list, they reported 13,600 US and foreign patents. Debtors may be underestimating the size of their patent portfolio during the bankruptcy. Shareholders filed with the court a preliminary intrinsic value assessment of Debtors' 7500 active US patents by patent valuation expert, Maulin Shah of Envision IP. This valuation assigns a value between $1.6B and $2.5B to these patents. Debtors' $113M valuation of their patent portfolio is unacceptable and a transparent and accurate accounting and a fair market valuation of Debtors' US and international patent assets are required. (e) Goodwill 2012-10K book value is $165M. In the Disclosure Statement, Debtors wrote down the goodwill assets to zero for fresh start accounting reasons. Debtors' Commercial Imaging business is a very high entry cost business and requires substantial capital, time and technological know-how to innovate and develop state-of-art technologies, manufacturing capabilities, distribution systems, marketing networks and a solid commercial customer base. Graphic Packaging Holding Company (GPK) is a similar company to New Kodak. GPK reported a $1.2B goodwill asset in its 2013-Q1 balance sheet. The fair market value of New Kodak's goodwill is much higher than the current book value and should be over $1B. An independent fair market valuation of New Kodak's goodwill asset is required. (f) Brand Value 2012-10K book value is zero. A strong brand is a powerful asset for a company. Kodak brand is ranked 41st in CoreBrand's 2012 Top 100 BrandPower Rankings annual report, above the popular brands Google, Nike, Ford and Samsung. Kodak's brand ranking moved up 22 points from the 63rd rank in 2007. Reputation Institute ranked Kodak 49th in its 2012 annual report of Reputations of the 150 Largest US Companies. MPP Consulting ranked Kodak Brand 77th and valued it at $2.9B in its 2011 US Top 100 Brand Ranking and Brand Value report. Interbrand ranked Kodak brand 82nd in its 2007 Top 100 Global Brands listing and valued it at $3.9B. It is reasonable to assume that the current fair market value of Kodak brand name is at least $1B. An independent fair market valuation of New Kodak's Kodak brand value is required.

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