Eastman Kodak : View Presentation

Fourth Quarter 2018 Earnings Call

April 1, 2019

Cautionary Statement Regarding Forward-looking Statements Pursuant to Safe Harbor Provisions of The Private Securities Litigation Reform Act of 1995

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. Forward-looking statements include statements concerning Kodak's plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, liquidity, investments, financing needs and business trends and other information that is not historical information. When used in this presentation, the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "predicts," "forecasts," "strategy," "continues," "goals," "targets" or future or conditional verbs, such as "will," "should," "could," or "may," and similar expressions, as well as statements that do not relate strictly to historical or current facts, are intended to identify forward-looking statements. All forward-looking statements, including management's examination of historical operating trends and data, are based upon Kodak's expectations and various assumptions.

Future events or results may differ from those anticipated or expressed in the forward-looking statements. Important factors that could cause actual events or results to differ materially from the forward-looking statements include, among others, the risks and uncertainties described in more detail in Kodak's Annual Report on Form 10-K for the year ended December 31, 2018 under the headings "Business," "Risk Factors," "Legal Proceedings" and/or "Management's Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources," and in other filings Kodak makes with the U.S. Securities and Exchange Commission from time to time, as well as the following: Kodak's ability to improve and sustain its operating structure, cash flow, profitability and other financial results; Kodak's ability to achieve cash forecasts, financial projections and projected growth; Kodak's ability to achieve the financial and operational results contained in its business plans; Kodak's ability to comply with the covenants in its various credit facilities; Kodak's ability to repay, refinance or extend the maturity of its outstanding first lien term loans prior to their maturity date of September 3, 2019 or prior to June 5, 2019, the date on which Kodak's revolving credit facility will terminate unless such repayment, refinancing or extension has occurred or the revolving credit facility has been amended; Kodak's ability to consummate the sale of its Flexographic Packaging segment when expected and to discontinue, sell or spin-off certain other businesses or operations or otherwise monetize other assets; Kodak's ability to fund continued investments, capital needs and restructuring payments and service its debt and Series A Preferred Stock; changes in foreign currency exchange rates, commodity prices and interest rates; Kodak's ability to effectively anticipate technology trends and develop and market new products, solutions and technologies; Kodak's ability to effectively compete with large, well-financed industry participants; continued sufficient availability of borrowings and letters of credit under Kodak's revolving credit facility, Kodak's ability to obtain additional financing if and as needed and Kodak's ability to provide or facilitate financing for its customers; the performance by third parties of their obligations to supply products, components or services to Kodak; and the impact of the global economic environment on Kodak.

There may be other factors that may cause Kodak's actual results to differ materially from the forward-looking statements. All forward-looking statements attributable to Kodak 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 or referenced in this presentation. Kodak 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, except as required by law.

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Agenda

	Introduction	Bill Love, Treasurer and Investor
		Relations
	Opening Comments	Jim Continenza, Executive Chairman
2018 Full Year Results and		David Bullwinkle, Chief Financial Officer
	Financial Review
	Concluding Remarks	Jim Continenza and David Bullwinkle

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2018 Full Year Net Earnings

($ millions)

Loss from continuing operations before income taxes Benefit from income taxes

Equity in loss of equity method investment, net of income taxes (Loss) Earnings from continuing operations

(Loss) Earnings from discontinued operations, net of income taxes Net (Loss) Earnings

Twelve Months Ended December 31,

	2018		2017
$	(13)	$	(26)
	(4)		(120)
	-		1
	(9)		93
	(7)		1
$	(16)	$	94

The 2018 full year results include a benefit of $16 million related to the Korean withholding tax refund and $11 million of non-cash changes in workers compensation and legal reserves. The 2018 full year results also include expense of $13 million related to trade name impairment. The full year 2017 results include a benefit of $101 million associated with the release of a valuation allowance on deferred tax assets outside the U.S, $58 million of expense related to goodwill and trade name impairments, $47 million of income related to changes in value for the derivative embedded in the Series A Preferred Stock and $12 million of depreciation and amortization expense related to PROSPER asset remeasurement.

This document should be read in conjunction with Eastman Kodak Company's Annual Report on Form 10-K for the year ended December 31, 2018 (the "2018 Form 10-K").

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2018 Full Year Results

					(Decline) /
	FY 2018		FY 2017		Improvement -
($ millions)	Actual		Actual		%
Revenue	$1,325		$1,386		-4%
Less: Favorable Impact of Foreign Exchange 2	($19)
Revenue on a Constant Currency Basis	$1,306		$1,386		-6%
Operational EBITDA 1	$1		$10
Add Back: Unfavorable Impact of Foreign Exchange 2	$2
Add Back: Year-Over-Year Unfavorable Impact of Aluminum Costs	$23
Less: Reduction in Workers Compensation Reserves	($5)
Operational EBITDA on a Constant Currency Basis Excluding Impact of Aluminum Costs
and Reduction in Workers Compensation Reserves	$21		$10		110%
Less: Consumer Inkjet Operational EBITDA	$5		$11
Adjusted Operational EBITDA	$16		($1)

Strong performance in key growth engines:

Volume for KODAK SONORAProcess-Free Plates grew by 19 percent

Annuities revenue for KODAK PROSPER grew by 8 percent

Continued investment in ULTRASTREAM, light blocking materials and printed electronics

This document should be read in conjunction with Eastman Kodak Company's Annual Report on Form 10-K for the year ended December 31, 2018 (the "2018 Form 10-K").

(1)Operational EBITDA is equivalent to "Segment Operational EBITDA" as presented in Note 26. Segment Information to the financial statements included in the 2018 Form10-K.

(2)Refer to page 12, footnote 5 of this presentation for the explanation on the calculation of constant currency.

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