Kodak Acts to Strengthen Financial Position

The warrants are exercisable any time prior to the eighth anniversary of the date of issuance at an exercise price based on a formula tied to Kodak stock price performance prior to pricing the private placement of convertible notes, but in no event will it be greater than $5.50 per share.

Under the terms of its agreement with Kodak and subject to certain exceptions, KKR is required to hold the warrants and the shares issuable upon the exercise of the warrants for a minimum of two years. So long as KKR holds warrants to purchase a specified number of shares of Kodak common stock (or shares issued upon exercise thereof), KKR will have the right to nominate up to two members of Kodak’s board of directors.