Eastman Kodak : Q2 2023 Earnings Presentation

Second Quarter 2023 Earnings Call

August 8, 2023

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 words and 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 current expectations and assumptions. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or those expressed in or implied by such 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, 2022 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," in the corresponding sections of Kodak's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023, 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 strategic objectives, 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 obtain additional or alternate financing if and as needed, Kodak's continued ability to manage world-wide cash through inter-company loans, distributions and other mechanisms, and Kodak's ability to provide or facilitate financing for its customers; Kodak's ability to fund continued investments, capital needs, collateral requirements and restructuring payments and service its debt and Series B Preferred Stock and Series C Preferred Stock; changes in foreign currency exchange rates, commodity prices, interest rates and tariff rates; the impact of the global economic environment, including inflationary pressures, medical epidemics such as the COVID-19 pandemic,

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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 (continued)

geopolitical issues such as the war in Ukraine, and Kodak's ability to effectively mitigate the associated increased costs of aluminum and other raw materials, energy, labor, shipping, delays in shipment and production times, and fluctuations in demand; the performance by third parties of their obligations to supply products, components or services to Kodak and Kodak's ability to address supply chain disruptions and continue to obtain raw materials and components available from single or limited sources of supply, which may be adversely affected by the COVID-19 pandemic and the war in Ukraine; Kodak's ability to comply with the covenants in its various credit facilities; Kodak's ability to effectively anticipate technology and industry trends and develop and market new products, solutions and technologies, including products based on its technology and expertise that relate to industries in which it does not currently conduct material business; Kodak's ability to effectively compete with large, well-financed industry participants; Kodak's ability to effect strategic transactions, such as investments, acquisitions, strategic alliances, divestitures and similar transactions, or to achieve the benefits sought to be achieved from such strategic transactions; Kodak's ability to discontinue, sell or spin-off certain non-core businesses or operations, or otherwise monetize assets; the impact of the investigations, litigation and claims arising out of the circumstances surrounding the announcement on July 28, 2020, by the U.S. International Development Finance Corporation of the signing of a non‐binding letter of interest to provide a subsidiary of Kodak with a potential loan to support the launch of an initiative for the manufacture of pharmaceutical ingredients for essential generic drugs; and the potential impact of force majeure events, cyber‐attacks or other data security incidents that could disrupt or otherwise harm Kodak's operations.

Future events and other factors 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	Anthony Redding, Chief Compliance
		Officer
	CEO Perspective	Jim Continenza, Executive Chairman
 Second Quarter 2023 Financial	David Bullwinkle, Chief Financial Officer
	Results and Review

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CEO Perspective

• Prioritized investing in innovation, efficiency and driving smart revenue and are seeing the benefits in terms of increases in gross profit and cash generation despite ongoing external challenges which affect our operations and the markets we serve.
• Progress made reflects our commitment to the execution of our long-term strategy and staying focused on our core businesses of print and advanced materials and chemicals.
• Continued to invest in products and infrastructure that allow us to better serve our customers and always looking for ways to streamline our operations.
• As part of a controlled introduction of our new inkjet presses, we are completing the placement of two new machines: a PROSPER ULTRA 520 Press which offers offset quality at unmatched production speeds, and a PROSPER 7000 Turbo Press which is the world's fastest inkjet press.
• Expanded and strengthened our position in the digital print space with the acquisition of Graphic Systems Services, Inc. (GSS), a leading provider of a wide portfolio of web inkjet press components and other print-related products and engineering services.
• Continued to invest in previously announced long-term growth initiatives in our Advanced Materials and Chemicals group. Starting to see revenue contributions from those businesses and continue to see growing demand in our still and motion picture film businesses, as evidenced by Christopher Nolan's Oppenheimer movie, shot on Kodak large-format film, including both color film and a 65mm black and white film created by Kodak specially for this production.
• In July 2023, signed a perpetual brand licensing agreement with EssilorLuxottica, a global vision care industry leader. The agreement grants EssilorLuxottica the exclusive right to use Kodak registered trademarks for products and services in the full range of their product categories.
• In July 2023, completed transactions to strengthen our financial position by refinancing Kodak's debt. The refinancing transaction extends the maturity of our debt to as late as August 2028 and eliminates our asset-based revolving credit facility.

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