Kodak Acts to Strengthen Financial Position

Details of the Transaction

KKR has committed to purchase up to $400 million aggregate principal amount of Senior Secured Notes due 2017, although the actual aggregate principal amount of the Senior Secured Notes may be reduced by a principal amount of up to $100 million, at Kodak’s discretion. The ultimate aggregate principal amount of the notes to be sold to KKR depends on the aggregate principal amount of indebtedness incurred in the separately announced private placement. The Senior Secured Notes will bear interest at a rate ranging from 10% to 10.5% per year, based on the principal amount of the notes, and the interest will be payable semiannually in arrears on October 1 and April 1 of each year, beginning April 1, 2010.