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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

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 this plan does not include the $506M residual (cash) value benefit of keeping Kodaks pre-emergence tax attributes of $2.5B net operating losses and $544M tax credits and therefore is not in the best interests of Kodak stakeholders. 1. On Page 34 of the court filing on July 31, 2013 (Docket 4504), and as shown in Exibit 2, Debtors financial advisor, Lazard, estimates that only $23 to $30 million of the value of the pre-emergence tax attributes will be utilized by New Kodak, if the Plan is approved. This is because the Plan causes an ownership change, and New Kodak will be subject to the IRC Section 382 (1) (6) tax rules. 2. Lazards estimates of New Kodak USAs earnings before tax have not been updated with the annual interest expense savings from the new exit financing with lower interest rates. Lazard also assumes that New Kodak will keep $695M exit financing in 2017, even when it has a $1.5B cash balance in 2017 and indefinitely after 2017. In addition, Lazards assumption of flat New Kodak USA earnings after 2017 is arbitrary and is not justified considering the significant improvement in New Kodak USA earnings from 2014 to 2107 and the projected 33% earnings growth rate of consolidated New Kodak. 3. In the First Amended Disclosure Statement, Debtors did not provide an estimate for the value of the pre-emergence tax attributes if they proposed a reorganization plan that has no ownership change enabling the full use of the pre-emergence tax attributes without limitation. Kodak Shareholders have done this estimation. The residual (discounted) value of the tax attributes with a reorganization plan 1

that has no ownership change is $506M as shown in Exhibit 1. This calculation uses a 12.5% discount rate (the cost of capital calculated by Lazard on August 2, 2013 in Docket 4567) and is based on the Disclosure Statement earnings projections (and Lazards estimates as provided on July 31, 2013 in Docket 4504 ) for the years from 2014 to 2017, and a 15% earnings growth after 2017. 4. The fresh start accounting is expected to increase the $498M reorganization value substantially in 2014. Then, New Kodak will record one-time write-up income and incur a substantial deferred tax liability. A $2B write-up income will increase the residual value of the pre-emergence tax attributes to $999M as shown in Exhibit 1. 5. The $506M residual value of the tax attributes increases New Kodaks $498M reorganization value by 105% to $1.004B, and the unsecured creditors recovery amount of $72M under the Plan by 353% to $254M. This calculation assumes a minimum of 50% ownership of New Kodak by the current owners of Kodak - 30% equity holders and a minimum of 20% qualified creditors. 6. Debtors, Credit Committee and the Backstop Parties have fiduciary duty to consider the substantial value of the pre-emergence tax attributes and modify the Plan by giving sufficient amount of New Kodak shares to the equity holders so that New Kodak does not have an ownership change and can use its full pre-emergence tax attributes without limitation. 7. Debtors have fiduciary duty to calculate and verify the $506M New Value provided by the preemergence tax attributes and then negotiate a win-win agreement with Credit Committe and Backstop Parties, or apply the new value exception to the Absolute Priority Rule, to formulate a new reorganization plan that benefits all Kodak stakeholders.

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Exhibit 1 - Kodak Shareholders' Calculation Of Net Operating Losses under IRC Section 382 (1) (5) - in $M's

FSA income Discount rate

2,000 12.5% (Cost of Capital as calculated by Lazard on August 2, 2013, Docket 4567) Total 2014-2028

US EBT Starting NOL's Used NOL's Tax savings Present Value

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 -101 -66 -5 105 196 225 259 297 342 393 452 520 598 688 791 4,039 4,140 4,206 4,211 4,106 3,911 3,686 3,428 3,130 2,788 2,395 1,943 1,423 825 137 0 0 -5 105 196 225 259 297 342 393 452 520 598 688 137 0 0 -2 37 68 79 90 104 120 138 158 182 209 241 48 506 0 0 -1 26 43 44 45 46 47 48 49 50 51 52 9

Including $2B write-up income from fresh start accounting US EBT 1,899 -66 -5 Starting NOL's 4,011 2,112 2,178 Used NOL's 1,899 0 -5 Tax savings 665 0 -2 Present Value 999 665 0 -1

105 2,183 105 37 26

196 2,078 196 68 43

225 1,882 225 79 44

259 1,658 259 90 45

297 1,399 297 104 46

342 1,102 342 120 47

393 760 393 138 48

452 366 366 128 39

520

598

688

791

Assumptions 1. Kodak USA EBT numbers are conservative and do not include substantial earnings from Uni-Pixel and Kingsbury joint ventures for manufacturing touch panel products. 2. 2014-2017 Kodak USA earnings numbers = Lazard's estimates plus $35M annual interest rate savings from the lower interest of the new exit financing 3. $695M long-term debt interest rate is 9.4% until 2017, when the debt is paid in full using the $1.5B cash balance. 4. 2018 earnings before tax increases by $65M interest expense savings and 15% annual earnings growth is assumed after 2017. 5. Starting NOL's in 2014 = $2.6B NOL's plus NOL equivalent of $554M tax credits with 35% tax rate minus 3 years of 7% interest of $683M unsecured notes 6. Loss year NOL's are added to the Starting NOL's 7. $2B one-time write-up income from fresh start accountiing is added to the 2014 income

Exhibit 2.1 - Lazard's Calculation Of Residual Net Operating Losses with Ownership Change under IRC Section (1) (6)

Exhibit 2.2 - Lazard's Calculation Of Residual Net Operating Losses with Ownership Change under IRC Section (1) (6)